MEDIA WORLD COMMUNICATIONS LIMITED (ASX.MWC)

company deregistered 9/09/2011

Class Action - this action against MWC and directors has apparently been settled - claimants will not receive any funds due to legal costs

liquidator advises shareholders that, among other things:- the Class action against MWC and directors has been settled (claimants will not receive any funds due to legal costs owed), he would not be proceeding with any further legal action against MWC and directors, there would be no returns to creditors and shareholders (see declaration in note of 6/12/2010 below), he would seek approval to destroy company books and records because of the cost of storing them

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

Class Action - judgment has been entered against 4 of the defendants, Adam Clark (who was declared bankrupt in December 2007), Graeme Clark, the World of Adams Platform and Adam 12 Holdings Pty Ltd with damages to be assessed - evidence, including expert reports, has been filed on behalf of all of the remaining parties - on 22 May 2009 the court heard the plaintiff's argument that the proportionate liability regime does not apply to this action - Justice Hansen found that the regime does not apply to the claims for misleading and deceptive conduct under federal law - this means that if the defendants are found liable under any of the federal claims for misleading and deceptive conduct, they will be jointly and severally liable for any damages ordered to be paid - the plaintiff anticipates that the matter will be set down for trial in the near future

Class Action - a fourth amended statement of claim is filed - the allegations made by the plaintiff are set out in this claim - it alleges that various representations made in relation to the technology were misleading or deceptive, or had not been prepared with sufficient care, in breach of the Corporations Act, the ASIC Act, the Trade Practices Act and other legal duties - the plaintiff claims damages and other relief, for itself and for each of the group members

Class Action - the action was before the court today for further directions - the court established a timetable for parties to exchange statements of evidence and ordered mediation to be completed by April 2008 - the next directions hearing will be held in May 2008 when Maurice Blackburn Cashman expect the Court to set a trial date if the matter does not settle by then

Class Action - we understand that there have been no significant developments since the decision of 20 September 2006 - the case is still progressing

Class Action - the Court hands down a decision on the defendants' applications to strike out the class action - the plaintiff was successful in dismissing the defendants' attacks - the class action can now continue to proceed on behalf the plaintiff and all persons who bought shares in Media World Communications Limited between 26 October 2000 and 1 September 2004

Class Action - there are no new developments to report - the solicitors are still waiting on the Court's judgment

Class Action - at the hearing on 3 March 2006, his Honour Justice Hansen indicated that he will make a decision on the plaintiff's application to open the class together with the outstanding issues raised at the strike out hearing in October last year - in this regard the solicitors await the Court's further judgment

Class Action - if you bought shares in Media World Communications Limited between 26 October 2000 and 1 September 2004 and consider you have suffered loss by reason of the conduct of any of the defendants in this action (see details below) and wish to participate in the proceeding, please contact Maurice Blackburn Cashman on 02 9261 1488

the liquidator advises he is not in a position to issue a declaration pursuant to s 104-145 of the ITAA 1997 because there is pending litigation against various parties which if successful, could enable a distribution to be made to both creditors and/or shareholders

Class Action - the plaintiff has made an application to remove a requirement that class action members must retain the plaintiff's solicitors - the application will be heard before the Court on 3 March 2006 - if the application is granted, the proceedings will be conducted on behalf of all shareholders who bought Media World shares between 26 October 2000 and 1 September 2004 and suffered a compensable loss

Class Action - Court holds that it was not permissible for a proceeding under Part 4A to be confined to a group of persons whose only common link was retention of Maurice Blackburn Cashman (MBC) as at a specified date - the Court has not yet made orders as a consequence of this decision - the plaintiff is presently considering the effect of the Court's ruling - once the plaintiff has come to a view as to its preferred future course in the litigation, MBC will inform group members

delisted because of failure to pay its listing fees for 2005/06

C Crosbie of PPB is appointed liquidator following the failure of Adam Clark to procure the $4m payable pursuant to the Deed of Company Arrangement - Mr Crosbie will be pursuing, subject to securing adequate funding, a number of legal actions to recover money for creditors

Class Action - the Statement of Claim is filed with the court

Class Action - a timetable for the class action is established by the court

company executes a Deed of Company Arrangement

creditors resolve that the company accept a Deed of Company Arrangement proposed by Mr Adam Clark - the company has 21 days to execute it

administrator indicates that, after consideration of the alternatives, the DOCA proposal by Adam Clark "has sufficient merit to be capable of carrying my recommendation for approval by creditors"

administrator receives from Adam Clark proposals for a Deed of Company Arrangement - the key term is that Mr Clark will come up with $4m to acquire the technology

Court holds that shareholders who acquired shares under the prospectus could not bring an action against the company based on any false statement in the prospectus - such shareholders could not therefore be treated as creditors of the company

Class Action - Bernard Murphy, senior partner of Maurice Blackburn Cashman, (notable for having orchestrated the successful shareholder class action against GIO), files a $35 million class action against Adam Clark, his father, various companies associated with him, various directors of Media World, Terrain Capital and the independent international testing group that verified the technology, The Tolly Group, for misleading and deceptive representations - Media World predicted it would achieve 14 per cent penetration of Australian TV households within five years of starting video-on-demand services and would derive annual operating income from those services in Australia of $145 million before launching into international markets worth more than $127 billion - Mr Murphy said that "after collecting approximately $35 million from investors between 2000 and 2004, Media World announced that the technology did not work even as well as already existing commercially available technology and went into administration"

administrator confirms he has filed a claim (in proceedings against Adam Clark and a number of entities associated with him) for damages in excess of $12m quantified to date - this figure is likely to increase - the claim alleges loss or damage as a result of misleading and deceptive conduct following the payment of substantial amounts to firstly licence and then ultimately purchase the AP Technology - the defendants are required to file their defences by 8 February 2005 and the matter is currently listed for a directions hearing on 15 February 2005

reports of todays creditors meeting quote the administrator as saying he needed more time to consider whether Adam Clark's proposed deed was workable, and how it would cover the emergence of two new creditors - Media World Broadcasting and a former consultant to Media World - which had increased the amount owed to creditors by $1.7 million, to $6.6 million - shareholders are also launching a $35 million class action against Media World and its current and former directors through law firms Goldman Partners and Maurice Blackburn Cashman for losses suffered from their investment in the company

reports that John Anderson, a former MWC director and chief executive of the international division at Village Roadshow, believes the MWC technology, which claims to compress and send digital data down regular phone lines at high speeds, works - he said a report to creditors by administrator Craig Crosbie "attempted to discredit Mr Clark and the technolog" - he claimed Clark had not been given an opportunity to demonstrate or retest the technology

administrator provides an amended proposal for a Deed of Company Arrangement from Adam Clark

administrator provides a comprehensive report to creditors and to the market

administrator commences legal proceedings against Adam Clark and companies associated with him and has been granted a Mareva injunction `freezing' the assets of Mr Clark and various associated companies - Mr Clark is the developer and inventor of Adams Platform Technology (APT) and a director of MWC - the administrator alleges breaches of director's duties and misleading and deceptive conduct

administrator advises that the Court has given him until 14 December 2004 to hold the second meeting of creditors - this time is needed because of the complications of the AP Technology

board advises of the appointment of an administrator (C Crosbie of PPB) to the company - this should help to resolve the impasse at board level and provide an independent review of the issues concerning the Adams Platform Technology

advises of problems with the Adams Platform Technology

announces that the date on which the suspension of trading on MWC shares will be lifted has been deferred to allow the company to finalise matters necessary for the suspension to be lifted

advises that lifting of suspension has been deferred from 2 September to a date early next week

lodges preliminary final report

advises that suspension on quotation is expected to be lifted on 2 September 2004

see Werrie Gold for background - given this company is not in administration and appears to be keeping the market informed we will no longer monitor its activities unless requested to do so by shareholders

name changed from Werrie Gold Limited, (the company is not delisted but its shares are suspended from quotation - details can be found at www.asx.com.au)