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ECTEC LIMITED (ECT)

Delisted from ASX 30/08/2001

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company is deregistered

20/03/2004

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued

15/10/2003

liquidator advises he does not anticipate being able to make a distribution to any class of creditor - and he shall not be able to recover his direct costs, the administration itself being totally unfunded - it would appear therefore that there will be no return to shareholders - we have asked the liquidator to issue a declaration to this effect so that shareholders can claim their tax loss

14/10/2003

seeking update

25/09/2003

liquidator advises that some investors and former directors met last week to look for a way forward - it is likely to be six months before liquidators are able to provide further advice to shareholders

18/03/2003

shareholders are able to claim their loss as a liquidators declaration has now been issued (see 15/10/2003 below)

05/12/2002

shareholders wishing to know what action, if any, is being taken by the liquidators should phone Daniel Civil at Rodgers Reidy on 02 9262 1944

05/12/2002

liquidator informs us that there will be no return to shareholders and a liquidators declaration will be issued - subsequently (see 5 Dec 02 above) there appears to have been a change in the position

04/11/2002

from Continental Venture Capital's 2002 annual report - during the year CVC made significant progress in the reduction of its exposure to Ectec Limited - as part of the facility provided to the Ectec Group in 2000, CVC was assigned security over a number of trade receivables of Ectec Limited in relation to contracting claims it had incurred in the development of a number of major building projects. The claims principally related to valid variations incurred by Ectec which were disputed by the main contractor or in turn the developer. CVC has been required to fund the litigation to recover these claims - Ectec validly did the work to its financial detriment and larger development companies took advantage of Ectec's financial position to delay payment for the variations. Ultimately these delays caused the demise of Ectec. During the year CVC settled a number of these claims and during 2003 will continue to pursue all avenues to recover the outstanding receivables

27/09/2002

liquidators are currently awaiting information from directors

31/07/2002

company is not trading, has no assets and a deficiency of about $12m during period up to about

30/06/2002

Peter Rodgers of Rodgers Reidy appointed liquidator

06/06/2002

no one is looking after the company and ATO is about to appoint a liquidator

05/06/2002

delisted due to failure to pay annual listing fee

30/08/2001

five ECTEC operating subsidiaries placed into liquidation

15/02/2001

Computershare assume responsibility for register - tel: 8236 2300

03/01/2001

regd office now c/- Continental Venture Capital - tel: 02 9223 8800

18/12/2000

T McGrath of KPMG appointed administrator of ECTEC operating subsidiaries

08/12/2000

company experienced financial difficulties during period up to about

06/12/2000

shares suspended - bankers withdraw support

06/12/2000

name changed from Electruck Cascade Technology Limited

01/10/1987

ASX Announcements (courtesy of ASX)

 

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