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ASX Announcements (courtesy of ASX)


ASX, Legal & CGT Status


(updated at weekends)
Former (or subsequent) names
FEDERATION RESOURCES NL20/10/198823/10/2000
OIL AND MINERALS QUEST NL23/08/195421/01/1982
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Company details

company is deregistered


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


the liquidators are currently reviewing the affairs of the company in more detail with a view to commencing various recovery actions, available to them as liquidators, for the benefit of the general body of unsecured creditors


at a re-convened creditors meeting today, the Deed of Company Arrangement is terminated and the company goes into liquidation - Bryan Hughes and Vincent Smith of Pitcher Partners are appointed the liquidators


the Deed Administrators are now progressing the company's external administration - they have issued a notice to reconvene the meeting of creditors, to consider and pass a resolution to terminate the company's Deed of Company Arrangement and place the company into liquidation - the reconvened meeting is to be held, tomorrow, Wednesday 27 April 2005 in Melbourne


the Plaintiffs in the Victorian Supreme Court matter evidently issued a Notice of Discontinuance today, choosing to end the Court proceedings, just over one business day before the matter was due to go to trial - they are obliged under the rules of Court to pay the costs of the Defendants


Deed Administrators' Report to Creditors


administrator advises that at a directions hearing in late November 2004 the Court set trial dates for this matter to be heard - the trial has been set down for four days in April 2005 (11 April through to 15 April)


there has been little development recently - no substantive proposal has been received from the directors and the matter has been listed back with the Supreme Court for further directions at a date yet to be advised


delisted following failure to pay annual listing fee


mediation was unsuccessful and the matter returns to the court for a directions hearing on 30 July


the third ranking secured creditor is also now a defendant - the Court ordered that the parties exchange pleadings in order to define the issues in dispute - the plaintiffs have filed a statement of claim and each of the defendants have filed defences - the parties' respective affidavit evidence is anticipated to be filed by 19 May 2004 - a mediation is anticipated to occur before 11 June 2004 - then back before the Court for further directions, possibly proceedings will be programmed through to trial


the Deed Administrators are busy preparing the required affidavit evidence and submissions to be lodged with the Supreme Court of Victoria


at the reconvened meeting of creditors, a resolution is passed to further adjourn the meeting for a period of up to four months, or within two weeks of the occurrence of one of the following events, whichever occurs sooner: 1) the receipt of a judgment in the Victorian Supreme Court for matter number CEQ 4502 of 2004; or 2) at any time during the adjournment should the Deed Administrators believe the meeting should be reconvened to consider any matter that may arise


Court requires the Deed Administrators refrain from conducting a meeting to vote upon and approve any resolution for the winding up of the company until at least 5.00pm, 30 April 2004


Deed Administrators agree to adjourn the creditors meeting for a period of up to four weeks to allow time for the Court to hear the applications (per note of 10 Feb below) etc. - a resolution was then passed at the creditors' meeting to this effect


solicitors acting on behalf of directors or former directors notify the Deed Administrators of their intention to apply to the Supreme Court of Victoria for various orders - in summary they seek to have the administration of the company brought to an end and, as an interim order, seek an injunction restraining the Deed Administrators from conducting the creditors' meeting scheduled for 12 Feb'04


the Deed Administrators issue a report to creditors for the purposes of providing creditors with an update on the progress of the investigations undertaken and to outline the reasons why the Deed Administrators recommend that the DOCA be terminated and the company be placed into liquidation (so as to maximise the pool of assets available to be recovered for the benefit of all creditors) - the termination of the DOCA requires a resolution to be passed at a meeting of the creditors - a meeting is to be convened in Melbourne on 12 February 2004 to pass such a resolution


deed administrators advise the purpose of the Deed of Company Arrangement is to allow the administrators time to conclude their investigations into the company's affairs and conclude their dealings in relation to the restructure of the company's share capital with a view to relisting the company on ASX, or to provide time to finalise a sale of the company's assets - to date, the administrators' investigations and dealings with interested parties are ongoing


Deed of Company Arrangement executed


the debt of $3m which triggered the appointment of administrators does not appear to be in the company's balance sheet - at a creditors meeting on Thursday Nov 6 all should be revealed


shares suspended from quotation following the appointment of B Hughes and V Smith of Norgard Clohessy as administrators


annual report lodged with ASX is qualified by the auditor who notes the company lost $12m in 2002/3 and without additional funding there was considerable uncertainty about its future


shares reinstated to quotation


shares suspended from quotation


name changed from Federation Resources NL

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