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INDAGO RESOURCES LTD (IDG)

Delisted from ASX 29/08/2011

SHARE PRICES

(updated weekly)

2009 2010 2011   ALL

Former (or subsequent) names

 FROMTO
INDAGO RESOURCES LTD12/05/2009
WESTERN METALS LIMITED31/05/199512/05/2009
WESTERN METALS NL30/06/199431/05/1995
AUSGOLD NL21/12/199330/06/1994
CENTURY METALS AND MINING NL21/12/1993

Shareholder links

Our website ranking of IDG: rating 1
(1 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Security Transfer Australia Pty Ltd, 770 Canning Highway Applecross WA 6153
Tel : +61 3 9628 2200
Fax : +61 8 9315 2233
RegistryWebsite RegistryEmail

Company details

Address: Level 1, 248 Hay Street, SUBIACO WA 6008
Tel:  +61 (08) 6380 2066 Fax: +61 (08) 6380 2088

Date first listed: 13/11/1986
Company Secretary: Mr Damien Kelly; Ms Amanda Burgess
Sector: Materials Industry Group: XMJ
Activities: Mineral exploration

directors are proposing a selective capital reduction (effectively yielding $6 a share) - given that this company is now delisted, we recommend remaining shareholders vote in favour of the proposal at the shareholders' meeting to be held on 1 November 2011

07/10/2011

delisted following the request from the company to be removed from the official list of ASX

29/08/2011

we understand the primary reasons given by the board for the delisting of this company were (a) the lack of liquidity in trading in the Company's shares on ASX, (b) the disproportionate impact on price as only small numbers of the Company's shares are being traded, this has on occasion had a disproportionate impact on the Share price (c) limited operations as an alternative investment company and therefore, there is little benefit from being listed in terms of raising funds and (d) ASX and related costs where maintaining an ASX listing adds additional costs to the Company's business

29/08/2011

we note that directors Tim Kestell and Peter Pynes reported that as at 30 April 2011, net of the company's estimated tax liability and other known obligations at 30 April 2011, the NTA per Indago share was $7.06 - given that the average price subsequently paid in the share buy-back was significantly below that, the company's NTA should now be substantially more than that, all other things being equal

29/08/2011

securities suspended on Monday August 22 pending removal

19/08/2011

Indago Resources Limited (ASX: IDG) announces that, as a result of the consolidation of shares approved by shareholders at last week's AGM, the ASX codes for Indago's fully paid ordinary shares and listed options will temporarily be (respectively) IDGDC and IDGDD. The ASX codes will revert back to IDG and IDGOA the day after despatch of new holding statements, which will occur on or before 13 December 2010

30/11/2010

securities to be reinstated to quotation on 16 July

15/07/2010

issues an Information Memorandum which is not a prospectus and has been prepared for the purposes of satisfying Chapters 1 and 2 of the ASX Listing Rules following a change to the nature of the Company's activities

08/07/2010

announce the completion of a $15,000,000 Secured Loan Facility Agreement with Crescent Gold Limited ("rescent") (ASX:CRE). The funds will be used by Crescent for the development of the Laverton Gold Project in Western Australia as well as for general working capital requirements. The Final Repayment Date of the loan is 30 June 2011

01/07/2010

a general meeting of shareholders of Indago was held on Friday 25 June 2010 in Perth, Western Australia at 10.00 am (AWST) - the resolutions voted on (and passed on a show of hands) were in accordance with the Notice of General Meeting previously released to the ASX and mailed to shareholders

25/06/2010

provides notice of General Meeting of the Shareholders to be held at 10:00 am (WST) on 25 June 2010 at: Level 1 248 Hay Street SUBIACO WA 6008

24/05/2010

Indago advises that 8,583,346 listed options exercisable at $3.50 per share on or before 30 April 2010 (ASX:IDGO) have lapsed, unexercised

04/05/2010

Indago will receive $54,000,000 for the sale of its 67.5% stake in Tusker. Following a review of the company's activities up until 31 March 2010, Indago's tax advisors, Ernst and Young have provided the board with an estimated tax liability position for the 2009/2010 tax year of approximately $5,032,000.00. The final tax assessment for Indago may differ from this estimate as a result of the company's continued activities between the period 31 March 2010 and 30 June 2010. Based on the above tax liability estimate and on a fully diluted basis (after allowing for the exercise of all outstanding options), Indago will have a NTA backing of approximately $0.60 per share. The board expects to release an information memorandum to shareholders in coming weeks and relist shortly after

03/05/2010

releases Quarterly Report - March 2010 Quarter

29/04/2010

the relisting of Indago Resources Limited ("Indago") has been delayed as a result of the takeover bid by Barrick Gold Corporation ("Barrick"), for Indago's subsidiary company, Tusker Gold Limited ("Tusker"), and unexpected delays to the dispatch of Barrick's bidder's statement. Indago does not foresee any issues with respect to its relisting and, with the both the bidder's statement and the target statement having now been dispatched, Indago expects to be able to release an information memorandum to shareholders and relist shortly after

07/04/2010

Indago Resources Limited ("Indago") (ASX:IDG) advises that ASX has granted the Company a waiver (subject to certain conditions) from ASX listing rule 6.24 to the extent necessary to permit the Company not to send the notices required by paragraph 6.1 of Appendix 6A in relation to the Company's quoted options (IDGO) exercisable at $3.50 each on or before 30 April 2010. An option expiry notice will therefore not be sent to IDGO option holders

29/03/2010

releases Half Year Accounts

17/03/2010

releases Bidder`s Statement

17/03/2010

at the Indago Resources Limited 2009 Extraordinary General Meeting held on Wednesday, 10 February 2010, the one (1) Resolution (Change in Nature of Activities) as set out in the Notice of Meeting was passed on a show of hands

11/02/2010

securities suspended pending an announcement

10/02/2010

securities reinstated to quotation

08/02/2010

securities suspended pending an announcement

02/02/2010

securities reinstated to quotation

05/01/2010

securities suspended from quotation following the announcement of a change of activities

04/01/2010

the ex-offer market securities of Indago Resources Limited (IDGE) will be suspended from quotation immediately, following the withdrawal of the proportional takeover bid by Blue Capital Limited for 10% of the Company's share capital

21/08/2009

name changed from Western Metals Limited

12/05/2009

ASX Announcements (courtesy of ASX)

 

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Directors are proposing to have Neon Capital Ltd de-listed from ASX. Similar reasons they gave for de-listing Indago Resources. Similar outcomes to be expected ?

\n\n

Aren\'t we fortunate to have our Consumer Watchdogs, although they do appear to do what dogs do : sleep.

27/12/2016 10:23:50

Evoworld has specifically stated that it will seek to reduce corporate overheads. However, this does not seem consistent with what occurred in relation to Indago Resources Limited, one of the companies Evoworld cites as an example of a recent successful transaction its directors have been involved in. To quote a report in the WA Business News in 2010 on cash and equity  remuneration paid to directors of WA companies:

Messrs [Timothy] Kestell and [Peter] Pynes each received just less than $6.05 million for the year [FY2010], notwithstanding Indago’s negative one-year TSR of 25 per cent.

The report also noted that Messrs Kestell and Pynes were the fourth and fifth highest paid executives in the survey done by the WA Business News.

The total remuneration (including equity payments) paid by Indago to Messrs Kestell and Pynes during the financial year ended 30 June 2010 was almost $12.1 million, when Indago’s market capitalisation as at 30 June 2010 was $40.28 million

15/12/2014 16:10:46
Both Kestell and Pynes now Directors of Evoworld Corporation Pty Ltd ACN 601 545 742. They recently have nominated for Directorships of Neon Energy Limited ACN 002 796 974. Note the way in which Option holders in Indago were ignored and the difficulty they had in locating any contact with the de-listed company.
15/12/2014 14:54:55
you can take an injunction to freeze funds - would need a significant number of shareholders
21/05/2014 12:46:22
Is anyone taking legal opinions on actions to be taken to recover funds invested?
21/05/2014 12:42:58
looks like they're doing the same with Emerald capital????????????????17/04/2013 10:20:42
I believe ASIC should be made aware of this company's governance and director obligations insofar as option holders sending payment to the company in order to exercise ones' option rights and not having the payment acted upon in both drawing down on the payment and the issuing of the respective shares. Please can we hear from the sitting directors!!!
04/03/2013 10:55:13
Executive Tim Kestell was Chairman of Tusker Gold Limited, taken over by a Barrick subsidiary.See also Blina Minerals NL.05/01/2013 12:08:54
ASIC website shows Indago, ABN 69 009 150 618, as Registered, Registered Office Subiaco WA 6008.Current address may be Unit 7, 100 Railway Road, Subiaco WA 6008, with phone no. 08 6380 3600. Telstra told me yesterday that the phone number is unavailabl.Good luck to all.05/01/2013 11:41:23
I mailed a cheque to Indago Resources Ltd in November 2012 together with a complteted Exercise of Options form. Cheque unpresented so far.03/01/2013 11:48:38
We are holders of options in Indago (JDGOA) that have a number of years yet to be exercised. We too are interested in the present status of the company, in order that we may make a decision to exercise or not.
The company is not advising stakeholders in the company as to its status. Surely there are legal obligations to minority stakeholders.
Where are the officers of this company???
19/12/2012 05:25:33
I have left numerous messages for either Peter Pynes or Amana Burgess to contact me.
What has happenned to the company shell ... who now owns the company ... who is going to benefit in the shell which has a value value attribured to it .... were there financials prepared detaililng assets of the company
18/11/2012 10:38:36

Company Updates

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    Directors' on-market share transactions (last 5)

     

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Paul HardieNon Exec Director
    Matthew FitzgeraldNon Exec Director
    Tim KestellExecutive
    Peter PynesExecutive

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION

    Date of first appointment, title may have changed.