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Date first listed: 01/11/2000

according to a media release by the Australian Securities & Investments Commission today, the Companies Auditors and Liquidators Disciplinary Board has found that Richard Albarran of Hall Chadwick had failed to carry out or perform adequately and properly the duties or functions of a liquidator as required under Australian law


name changed to Rocklands Richfield PCI Limited


all resolutions passed at today's general meeting (see 31/1/2005 below for details)


lodges half yearly report


company finalises its acquisition of a 60% interest in HLM Coal Pty Ltd ("HLM Coal") by HLM Coal allotting 60% of its shares to AVC


company reports on its interests in the Rocklands Coal Tenements


company gives notice of AGM on Monday 28 February 2005 to consider approving the allotment of 8,396,667 ordinary shares issued between 21 October and 31 December 2004 for 3 to 5.25 cents per share, changing the nature and scale of its activities from residential satellite telephony & microwave installation services to general financial activities (including acquisitions in the resources & property areas) and changing its name to Rocklands Richfield PCI Limited etc


both resolutions passed at today's meeting and the company now has new auditors, Gould Ralph & Company, Sydney


calls General Meeting for January 24 to remove its auditors - the removal of the auditor does not suggest there is any dispute between management and the current auditor and "no such dispute exists"


advises that the signed Term Sheet Agreement (presently being turned into a Deed), see 30/11/04 below, allows AVC to become a large leaseholder in the Bowen Coal Basin, further to its acquisition of 60% of HLM Coal Pty Ltd which holds interests in 50 sub-blocks of Coal Exploration leases (EPC 890) covering over 130 square kilometres in Queensland's Bowen Basin


approval has been obtained for the Company to hold its 2004 Annual Meeting on or before 28 February 2005 and the Board of AVC is contemplating a Pro Rata issue of options to which all shareholders of AVC will receive entitlements


the new board of AVC, advises the company has entered into a Term Sheet agreement with a Queensland based coal company to acquire a conditional 60% interest in substantial Coal Exploration Leases covering over 100 square kilometres in the Bowen Basin in North Eastern Queensland


company to emerge from administration (when??) and it will then be back in the hands of "new directors" - they intend managing the company as a listed (but not quoted) company offering services "in the corporate consulting area" - they will be looking for acquisitions to grow AVC to a size where it can seek requotation of its shares


shareholders will vote on a proposal to utilise the shell at a meeting on 13 September


administrators are still progressing the sale of the shell


administrators are currently organising a meeting of the shareholders of the company to consider a proposal to sell the shell - we will be advised when they have confirmed the date and time of the meeting with the prospective purchasers


tenders for the shell closed on Friday 19 March 2004 - the Deed Administrators are reviewing all offers and will be liaising with the potential purchasers in the next few days


the Deed Administrator has received numerous expressions of interest in acquiring the shell of the company but none of these have materialised into firm offers - in this regard, it was resolved by creditors at a meeting on 23 January 2004 that the terms of the Deed be amended to "the amount payable shall be the maximum offered to the Deed Administrator within 8 weeks of the date of this meeting to acquire the corporate shell of the company" - this does not set a minimum amount but does set a time limit within which the shell may be sold - it is expected that an offer would be tabled at a meeting of shareholders to be convened in due course to ratify the sale of the company shell - accordingly a public announcement will be made shortly


the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29


company holds meeting without passing any resolutions - it seeks an investor with at least $250,000 and a business to vend into the company


company executes a deed of company arrangement the purpose of which is to "provide a return to creditors greater than they would receive should the company be placed into liquidation"


meeting held on 30 May 2003 has been adjourned again until 11 August 2003 - no explanation provided as to why


administrator advises that the EGM originally scheduled for 4 March 2003, then adjourned to 5 May 03 has again been adjourned until 26 May 2003, the same day as a meeting of creditors - it is understood that creditors will be considering a Deed of Company Arrangement - the original purpose of the EGM would appear to have been overtaken by subsequent events - apparently shareholders have been told nothing and are due an explanation anyway


company releases half-yearly report stating that adjustments would need to be made to the carrying value of assets and liabilities and in addition, new liabilities would arise from the administration, including redundancy costs and administrator fees


meeting of shareholders which was convened for the company on 4th March, 2003 was adjourned until 5 May, 2003, at the same time and place


company's securities suspended from quotation


following the withdrawal of funding available to the company board appoints G McDonald and R Albarran of Hall Chadwick as administrators


securities placed in pre-open at the request of the Company

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