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HUGHES DRILLING LIMITED (HDX)

Delisted from ASX 27/06/2019

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(updated at weekends)

Former (or subsequent) names

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Our website ranking of HDX: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Computershare, Level 3, 60 Carrington Street, Sydney NSW 2000
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 2 8235 8150
RegistryWebsite RegistryEmail

Company details

Address: C/- Trident Capital Level 24, 44 St George's Terrace Perth WA 6000
Tel:  +61 8 6211 5099 Fax: +61 8 9218 8875

Date first listed: 29/06/2007
Company Secretary: Stephen Hewitt-Dutton
Sector: Capital Goods
Industry Group: XNJ
Activities: Mining Services and Drilling
OFX Transferring Money Internationally to Free

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

delisted from the commencement of trading on Thursday, 27 June 2019 pursuant to Listing rule 17.12.

27/06/2019

we understand this company failed and ASX removed the company from listing because its securities have not been quoted for more than three years

27/06/2019

The company expects to be removed from the official list of ASX Limited on 27 June 2019 due to being suspended from quotation for a continuous period of 3 years.

26/06/2019

The company lodges its Half Year Accounts.

14/06/2019

The company releases its Security Trading Policy.

13/05/2019

The company releases an Appendix 4G.

10/05/2019

The company lodges an Annual Report to shareholders 30 June 2018.

10/05/2019

The company lodges its Half Yearly Report 31 December 2017.

10/05/2019

The company lodges its Annual Report to shareholders 30 June 2017.

10/05/2019

The company lodges its Half Yearly Report 31 December 2016.

10/05/2019

The company lodges its Annual Report 30 June 2016.

10/05/2019

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

06/08/2018

ASX has granted the company a waiver from Listing Rule 14.7. The waiver allows the Company to issue securities, as approved by shareholders in the General Meeting held on 19 February 2018, by no later than 15 August 2018.

24/05/2018

The final tranche of funds have been paid in accordance with the terms of the DOCA. The DOCA was wholly effectuated on 1 March 2018. The Company has complied with the terms of the DOCA and control of the Company has reverted to its Board of Directors.

02/03/2018

we understand that on or about this date the company consolidated its shares 1 for 35

01/03/2018

The company provides an update on the consolidation of its securities. The consolidation has been completed. Please note that the Company's securities will remain suspended during and following the consolidation.

23/02/2018

The company provides an update on the consolidation of its securities. The resolution approving the consolidation was passed at the general meeting. The company's securities, however, will remain suspended during and following the consolidation.

19/02/2018

The company releases the results of its meeting. All resolutions were passed on a show of hands.

19/02/2018

The company amended the notice of consolidation. The correct record date is 22 February 2018.

06/02/2018

The company releases a notification of consolidation of its securities. Shareholders get 1 share for every 35 presently owned.

02/02/2018

The company's General Meeting will be held at Trident Capital, Level 24, 44 St Georges Terrace Perth WA 6000 on Monday, 19 February 2018, commencing at 10:00am (WST).

15/01/2018

The administrators provide an update in relation to the company's administration. On 27 November 2017, the Deed Administrators and the Proponent entered into an Extension Deed to document an extension of the End Date of the Deed to 1 March 2018, or such later date as agreed in writing by the Deed Administrators and the Proponent.

15/01/2018

Under listing rule 17.6, any entity (if not already suspended) that had not paid its annual listing fees by close of business on Monday 21 August 2017 will have its securities suspended from official quotation before the commencement of trading on Tuesday 22 August 2017. The company has failed to pay to ASX Limited the annual listing fees in respect of the year ending 30 June 2018 and consequently will have its securities suspended from quotation immediately.

22/08/2017

At the meeting of creditors last 7 June 2017, the creditors resolved that: the current holding DOCA be extended for a period of 6 months; and the holding DOCA be varied by a deed of amendment and accession to document variations in accordance with the signed term sheet in respect of the proposed sale and recapitalisation of the listed corporate entity. The deed was executed by the administrators and Trident Capital on 20 June 2017. The Administrators will now assist the Proponent in the steps necessary to convene a meeting of HDX shareholders, which is anticipated to be held in September 2017.

26/06/2017

A meeting of creditors of HDX has been convened under section 445F of the Corporations Act 2001, for Wednesday 7 June 2017. At this meeting, the Deed Administrators will recommend that creditors vote in favour of varying the HDX DOCA in order to facilitate a sale and recapitalisation of HDX.

05/06/2017

The company releases the outcome of second meeting of creditors. The relevant DOCA documentation has been executed and the completion of the DOCA for the HD1 and JSW businesses is anticipated to occur shortly.

09/12/2016

Following approval at the second meeting of creditors, NRW expects to complete the acquisition of Hughes' East COast coal production drilling operations later today.

09/12/2016

The second meetings of creditors of the Hughes Drilling Group and its Australian subsidiaries have been convened for Thursday, 8 December 2016 at 1:00pm AEST / 11:00am AWST at two locations, being: Cliftons Brisbane, Level 24, 288 Edward Street, Brisbane QLD 4000; and Cliftons Perth, Level 4, Parmelia House, 191 St Georges Terrace, Perth WA 6000 (via video conference).

06/12/2016

NRW Holdings Ltd is pleased to announce that it has today provided a proposal to the administrators of Hughes Drilling Limited to acquire Hughes' East Coast coal production drilling operations, including contracts with a number of major mine operators and owners. The proposal is part of a larger proposed deed of company arrangement for certain entities of Hughes. Completion of the transaction is subject to, amongst other customary conditions, approval at the second meetings of creditors of the relevant Hughes' companies to be held on Thursday 8 December 2016, with the consideration to be funded from existing cash reserves.

01/12/2016

The Administrators entered into a funding arrangement with the group's secured creditor to obtain a short term overdraft facility to enable the businesses operated by the Hughes Drilling Group to meet immediate cash flow needs. Orders were made in the Federal Court of Australia on 26 September 2016 in relation to the proposed loan facility. The Administrators intend to make an application to the Federal Court of Australia (Sydney District Registry) as soon as possible for orders extending the convening period for the second meeting of creditors by six weeks (to 2 December 2016), in order to maximise the prospects of a sale or Deed of Company Arrangement for some or all of the business of the Hughes Drilling Group being achieved.

14/10/2016

On 22 September 2016 Jason Preston, Shaun Fraser and Jamie Harris, all Partners of McGrathNicol were appointed Joint and Several Voluntary Administrators of Hughes Drilling Limited and each of its controlled entities by a resolution of directors, with the exception of its US subsidiary, Reichdrill Inc. The Administrators intend to continue to operate all business units while they undertake an urgent financial and operational assessment of the business. The objective of the Administrators is to work closely with management, employees, suppliers and customers to quickly stabilise operations and to determine the appropriate strategy for the business. A first statutory meeting of creditors must be held within eight business days of the appointment of administrators. The purpose of the first meeting is to allow creditors to determine whether a committee of creditors should be appointed and to consider the appointment of an alternative administrator. Meeting notices setting out the time and location for the first meeting of creditors will be distributed to Hughes Drilling Group's creditors over coming days.

22/09/2016

The Company has been informed by its auditors that steps have been taken to provide notice under section 311 of the Corporations Act 2001 and Regulatory Guide 34 to the Australian Securities and Investments Commission (s311 Notice) as they have reasonable grounds to suspect a potential contravention of the provisions of the Corporations Act by the Company and its directors. The directors of the Company hold a contrary view to that of the auditors expressed in the s311 Notice. The Company will remain in voluntary suspension from the ASX until such time as the Company is in a position to provide a comprehensive update as to its finance facilities and statutory debts to ensure the market is able to trade on a fully informed basis.

21/09/2016

Hughes has commenced a plan to strengthen its balance sheet and to provide working capital for growth. To assist with this strategy, the Company has engaged Vantage Performance, a financial advisory firm, to assist with restructuring the Group's banking facilities. Vantage Performance have also been engaged to review the business improvement program that the Board has commenced. The Company has requested a continuation of its voluntary suspension from the ASX until such time as the Company is in a position to provide a comprehensive update as to its banking facilities to ensure the market is able to trade on a fully informed basis.

08/08/2016

The company advises that it remains in discussions with its senior financier and that these discussions are advancing. The bank continues to maintain its lending facilities and is working with the company to restructure these facilities. Accordingly, the company has requested a continuation of its voluntary suspension for a further period of 14 days to ensure that the market is able to trade on a fully informed basis. A further update will be provided to shareholders before the commencement of trade on Monday 8 August, 2016.

25/07/2016

The Company advises that it remains in discussions with its senior financier (Bank). The Bank continues to maintain its lending facilities and is working with the Company to restructure these facilities. Also, Hughes Drilling's Western Australian division JSW has been awarded new water well drilling contracts for the West Australian Water Corporation for the drilling of new production water bores at Laverton in the North Eastern Goldfields region and also at Capel in WA's South West. These new water bores are being completed to increase domestic water supply and will utilise two of JSW's specialist water well drill rigs. Given continuing negotiations with the Company's senior financer, the Company has requested a continuation of its voluntary suspension from the ASX for a further period of 14 days to ensure that the market is able to trade on a fully informed basis.

11/07/2016

The company provides the following update: The Company advises that it has breached certain banking covenants in place with its senior financier. It's working with its senior financier to restructure the Company's current lending facilities to ensure it is able to meet its ongoing payment obligations and the senior financier is supportive of those discussions. A review of asset classifications under accounting standards and of the carrying values of assets is being undertaken as part of the annual audit process. This review could result in the impairment of the values of some of assets. At this point the quantum of impairment is not known. A strategic review of the multiple accounting systems being used across the group is being undertaken.

04/07/2016

The securities of Hughes Drilling Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement in relation to material corporate and financial matters which could impact the Company's financial restructuring.

27/06/2016

The suspension of trading in the securities of Hughes Drilling Limited (the Company) will be lifted immediately, following receipt of the Company's audited financial statements for the financial year ended 30 June 2015. Security Code: HDX

02/11/2015

The 2015 Annual General Meeting of Hughes Drilling Limited will be held at Level 23, 123 Eagle Street, Brisbane, Queensland on 30 November 2015 at 10:00am (Brisbane time).

30/10/2015

Hughes Drilling Limited (Company) was suspended from Official Quotation on 1 October 2015 following its failure to lodge its Full Year Accounts for the period ended 30 June 2015 (Accounts). The Company is in the process of finalising a number of disclosure items in the Accounts with a view to lodging the Accounts early next week.

09/10/2015

The securities of the company will be suspended from Official Quotation from the commencement of trading today 1 October 2015 following failure to lodge their Full Year Accounts for the period ended 30 June 2015 in accordance with ASX Listing Rules.

01/10/2015

we understand that on or about this date the company consolidated its shares 1 for 10

18/12/2012

The suspension of trading in the securities of Hughes Drilling Limited (the "Company") will be lifted on the commencement of trading on Friday, 5 October 2012, following receipt of the Company" Full Year Accounts for the period ended 30 June 2012, in accordance with listing rule 17.8. Security Code: HDX

04/10/2012

releases Annual Report FY12

04/10/2012

securities suspended following failure to lodge full year accounts to 30 June 2012

01/10/2012

name changed from Every Day Mine Services Limited

24/04/2012

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    10/10/2014John SilverthorneOn market6,508,026$0.135$878,923
    03/12/2013John SilverthorneOn market35,763$0.320$11,444
    30/10/2013Andrew WebbOn market316,930$0.304$96,249
    21/11/2012Barry O'ConnorOn market1,500,000$0.037$55,858

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Paul BrentonCFO11/08/2010
    Sean Brendan McCormickDirector16/08/2017
    Stephen Hewitt-DuttonDirector16/08/2017
    Robert InnocentDirector05/12/2017

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Jeffrey BransonExecutive Director03/10/201323/02/2018
    Andrew DrakeExecutive Director, CEO19/03/201217/08/2017
    Doug GrewarDirector04/07/201617/08/2017
    John SilverthorneNon Exec Director03/10/201306/07/2016
    Robert HughesChairman, Managing Director19/03/201201/07/2016
    Barry O'ConnorNon Exec Director03/12/201230/06/2016
    Gary BelcherNon Exec Director11/08/201429/04/2016
    Robert HackettChairman, Managing Director04/07/201109/05/2014
    Andrew WebbDirector19/07/201316/12/2013
    Geoff BruceDirector29/06/201219/07/2013
    Craig BurtonDirector23/09/200906/11/2012
    Thomas HendersonDirector23/09/200929/06/2012

    Date of first appointment, title may have changed.