HASTIE GROUP LIMITED (ASX.HST)

delisted following non-payment of annual listing fees in respect of the year ending 30 June 2014

we understand this company failed and has finally been delisted by ASX following non-payment of annual listing fees

The company has not paid its annual fees in respect of the year ending 30 June 2014 but are already suspended from official quotation. In accordance with listing rule 16.5, entities that pay their annual listing fees on or after 23 August 2013must pay by bank cheque only. Under listing rule 17.15, any entity that has not paid its annual listing fees as required by listing rule 16.5 by 5.00 pm EST on Thursday 29 August 2013 will be removed from the official list with effect from the close of trading on Thursday 29 August 2013.

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

liquidators appointed

In an article in today's Herald, Adele Ferguson says: "The problem is most directors involved in company collapses walk away scot-free. Few are banned as company directors regardless of whether they have a string of collapses against their name. Of the few company directors who have been found guilty of breaches, most have faced the punishment of being hit with a wet lettuce. In the case of Centro, shame was deemed an appropriate punishment, despite the billions of dollars that shareholders lost, while the non-executive directors of ABC Learning walked away, despite the havoc wreaked, as did directors of Babcock & Brown and others."

Hastie Group failed due to poor strategic, operational and financial management, and its directors may have breached their duties, a second creditors's report into the collapsed company by administrator PPB says. They do not expect any surplus funds from the receiverships will be available for distribution to ordinary unsecured creditors. Therefore also nothing for shareholders.

The Administrators of the Hastie Group" Australian operations were informed today that Chad Griffin and Simon Kirkhope of FTI Consulting were appointed Administrators of the following UK subsidiary companies: "¢ On 1 August 2012, Rotary Northern Ltd, Rotary Services Ltd, Rotary Firematic Ltd, A McFarlane & Co Ltd and Rotary Facilities Management Ltd; and "¢ On 2 August 2012, Rotary Ltd, Rotary (International) Ltd, Rotary (Scotland) Ltd and Hastie UK Ltd.

THE collapsed Hastie Group owes about $100 million to thousands of suppliers and household investors, administrators have revealed. Hastie owes the funds to its smaller creditors along with $500 million owing to banks and other major lenders, the Herald Sun reports. But administrators have warned most creditors are likely to be left empty-handed, with any proceeds from the plumbing and electrical group's assets expected to be spread thinly.

administrators advise that transfers of shares can only occur with the consent of the Administrators or the court. While that may be true, it also conveys the impression that shareholders have no means of crystallising their capital loss. Since 2003, deListed has executed many thousands of transactions for investors in accordance with a Tax Office ruling and not one claim has ever been disallowed by the ATO to our knowledge. It often makes good economic sense to crystallise the capital loss but you should get independent financial advice before doing so. The transaction can be initiated at our sister website here.

administrators PPB and receiver McGrathNicol appointed - this never augurs well for shareholders - almost invariably their shares end up being of little, if any value - if you are a shareholder you should consider disposing of your "worthless shares" to crystallise a capital loss

both Lindsay Phillips and Harry Boon have today resigned as non-executive directors of Hastie Group

Company advises that it has discovered accounting irregularities in respect of its Services Group - Northern Region business. Based on limited investigations, these accounting irregularities will give rise to a charge to profits for the current financial year in the order of $20 million. These irregularities date from the financial year 2009 and appear to have resulted from the deliberate actions of a current employee (on suspension) and that potentially some current and former senior management may have participated in the irregularities and failed to apply the required standards of financial supervision and review

Hastie Group Limited announced on 15 May 2012 that the Company had submitted two separate comprehensive recapitalisation proposals from two international groups to its banking syndicate. These proposals received in principle support from four banks representing 70% of the total facility. The remaining three banks presented a counter proposal to the Company. The Company has discussed the counter proposal with the two international groups to see if the differences between the parties can be bridged. Both groups have submitted updated written responses to the counter proposals. Either updated proposal, if accepted, would result in the Company having, without any asset divestments, minimal debt post recapitalisation and a substantially improved capital structure. Unanimous agreement of the Banking Syndicate is required for either proposal to progress. In view of the uncertainties surrounding these proposals, the directors consider that the Company" shares should remain suspended from quotation so that they are not traded on an uninformed basis or in an unfair or disorderly market.

Hastie Group Limited advises further to its ASX release of 7 May 2012 that the Company remains in detailed discussions with its banking syndicate in relation to options. The Company will update the market on the outcome of these discussions next week

As advised previously, a dispute arose with Dutco Balfour Beatty LLC ("DBB") in relation to the Al Ali Multiuse Complex - Novotel at Al Bashra, Dubai (Project). DBB purported to terminate the contract on the Project and called for payment of performance guarantees and advance payment bonds (the Guarantees) issued by Hastie Group's lenders on behalf of Rotary Humm (M&E) Services UAE LLC. Although proceedings to prevent the Guarantees being paid have not been heard by the Dubai court and notwithstanding that an injunction was granted by the NSW Supreme Court restraining the payment of the Guarantees (Local Injunction), the Company has been advised that DBB has been paid $7.4 million under the Guarantees. The amount paid to DBB exceeds the agreed value of $6.2 million of the Guarantees. The Local Injunction will be further considered by the NSW Supreme Court on 11 May 2012

company previously reported that DBB purported to terminate the contract and had called for payment of performance bank guarantees (issued by Hastie Group on behalf of Rotary Humm (M&E) Services UAE LLC ("RH") totalling AED23.5 million (A$6.2 million approximately). Hastie Group" application to the Dubai court for an injunction to prevent the guarantees being paid, initiated on 12 March 2012, was before the court again yesterday. The court further adjourned the matter to a date yet to be advised

The securities of Hastie Group Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement in relation to the outcome of court proceedings

completes a share consolidation of 1 for 10

the suspension of trading in the securities of Hastie Group Limited will be lifted from the commencement of trading on Tuesday, 12 April 2011 in accordance with listing rule 17.8 following receipt of the Company's Appendix 4D and half year report and an announcement in respect of its debt facilities

Hastie Group announced today that it is continuing to have productive discussions with its lenders. Mr David Harris, Group Managing Director and CEO, said the lending group had been very supportive of the company and its strategy to strengthen its balance sheet

the securities of Hastie Group Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending an announcement regarding its financial performance and capital structure

AMP Ltd bought a net 2,636,806 Hastie Group Ltd shares from April 16, 2010 to March 30, 2011, increasing from 13,168,248 shares (5.58%) to 15,805,054 shares (6.59%)