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MORETON RESOURCES LTD (MRV)

Delisted from ASX 28/08/2020

SHARE PRICES

(updated at weekends)

Former (or subsequent) names

 FROMTO
MORETON RESOURCES LTD11/10/2013
COUGAR ENERGY LIMITED16/02/200711/10/2013
PINNACLE VRB LIMITED05/06/199816/02/2007
PINNACLE MINING NL05/06/1998

Shareholder links

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

 

REGISTRY:
Link Market Services, Rhodes Corporate Park, 1A Homebush Bay Drive, Rhodes NSW 2138
Tel : +61 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MRV8
Address: 29 High Street Texas QLD 4385
Tel:  07 3831 6088 Fax: 

Date first listed: 08/02/1994
Company Secretary: John Haley
Sector: Energy
Industry Group: XEJ
Activities: Development of Underground Coal Gasification (UCG) technology projects using to provide cost effective and environmentally friendly solutions suited to both the Australian and international energy markets

delisted from the close of trading on Friday, 28 August 2020, pursuant to Listing rule 17.15.

28/08/2020

we understand this company failed to pay its annual listing fee on due date and ASX has accordingly removed it from the official list

28/08/2020

The following entity has not paid their annual listing fees in respect of the year ending 30 June 2021 but their securities are already suspended from official quotation.

24/08/2020

Jadar to acquire Moreton Resources Limited's metals portfolio comprising 5 exploration tenements, 1 mining lease and in-situ crushing, screening, stacking, treatment and refining facilities, located in the highly prospective Silver Spur Basin of Southern Queensland. Moreton Resources sold 32,582 troy ounces of silver for the six months to 31 December 2019. Historical exploration has identified ~16 areas of interest on 190km2 tenure containing indications of high grade silver and copper, with additional indications of zinc, lead and with walk up targets ready for testing with little recent exploration completed. Jadar to pay total consideration of AU$500,000 cash. Transaction subject to Jadar completing satisfactory due diligence within the next month, together with necessary consents and approvals.

03/08/2020

The Panel has received an application from Alexander Jason Elks seeking the President's consent to a review of the Panel's decision to decline to conduct proceedings in Moreton Resources Limited. The President of the Panel has declined to grant consent under section 657EA(2) of the Corporations Act 2001 (Cth) to a review.

17/07/2020

At the 15 July 2020, creditors of the MRL and its subsidiaries resolved to place the group in liquidation, appointing Grant Sparks and David Orr of Deloitte Financial Advisory as Joint and Several Liquidators of the Group.

16/07/2020

The Panel has declined to conduct proceedings on an application dated 10 July 2020 from Alexander Jason Elks in relation to the affairs of Moreton Resources Limited. The Panel considered, among other things, that the applicant did not provide the Panel with a sufficient body of material: for the Panel to examine whether the administration was a device for any person to gain control of Moreton or subvert the operation of Chapter 6 of the Corporations Act 2001 (Cth) or to otherwise justify the Panel making further enquiries, including as to whether an association exists or existed between the relevant shareholders. The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances.

15/07/2020

The panel has received an application from Alexander Jason Elks in relation to the affairs of Moreton Resources. The applicant submits, among other things, that: the appointment of the administrators was invalid; significant potential financial benefits that may accrue to the Moreton Group have not been disclosed by the administrators in their report; Mr Feitelson and First Samuel, who are both substantial shareholders of Moreton, have been associated since March 2020; and Mr Feitelson and First Samuel, have contrived the appointment of the administrators to move the assets and interests of Moreton, "thereby failing to allow a free, transparent and open market to operate". The applicant seeks interim orders that, in effect, all processes relating to the administration be put on hold and "all controlling mechanisms, including all debt arrangements are frozen and cease to take effect".

10/07/2020

The expected timeframe for the potential sale or recapitalisation of the group is approximately 3 "“ 4 weeks, with the key milestones in the sale process as follows. Non-Binding Indicative Offers (NBIOs) for the recapitalisation of the group or acquisition of its assets were due by 5pm on 29 June 2020. Interested parties are provided access to information for the purpose of due diligence. Qualified parties will be shortlisted by the Administrators and provided with an opportunity to submit a final binding offer. Final binding offers are due by interested parties by 3 July 2020. A meeting of creditors to vote on any relevant proposals for the future of the Group will be held on 15 July 2020. The target completion date of the sale process is 27 July 2020.

01/07/2020

The Administrators have commenced a process to sell or recapitalise the Group and are seeking urgent expressions of interested parties. The transaction is likely to be executed via a deed of company arrangement proposal. Non-Binding Indicative Offers for the recapitalisation of the Group or acquisition of its assets are requested by 5pm 29 June 2020.

26/06/2020

The Company's board of directors have appointed Grant Sparks and David Orr of Deloitte Financial Advisory Pty Ltd as administrators of the Group.

10/06/2020

MRV Metals is continuing to pursue a resolution of the Financial Assistance dispute with the Department of Environment and Science with a further Case Management hearing scheduled to occur in June 2020. MRV's management and appointed experts have begun a review of the substantial amount of previous work undertaken by MRV, with a view to confirming MRV's previous calculation of the appropriate level of FA. MRV is also in discussions with the DES with a view to narrowing issues in dispute and endeavouring to resolve the matter amicably.

28/05/2020

The company's securities will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 16 March 2020, following their failure to lodge the relevant periodic report by the due date.

16/03/2020

The suspension of trading in the securities of Moreton Resources Ltd will be lifted immediately, following the release by MRV of the Company's response to the ASX Query Letter.

13/03/2020

The suspension of trading in the securities of Moreton Resources Ltd will be lifted immediately, following the release by MRV of the Company's response to the ASX Query Letter.

13/03/2020

The company issues a response to ASX Query Letter.

12/03/2020

The Company, Tony Feitelson and associated parties, Alexander Jason Elks, and First Samuel Limited, being the Company's financiers, have executed an Agreement whereby: Tony Feitelson and associated parties will provide funds of up to $205,000 in weekly instalments of $15,000, commencing 24 February 2020, for the lesser of 13 weeks or until either the Department of Environment and Science or the Innovation and Science Australia legal matters are financially resolved in favour of the Company; The funds (up to the $205,000) provided by Tony Feitelson and associated parties will be repaid first from any financial outcomes in relation to the above legal matters; Alexander Jason Elks will then receive the next $750,000 plus outstanding interest as repayment of secured debentures; The Company will then repay any other secured debentures (currently being $1,500,000 plus outstanding interest) held by Tony Feitelson and associated parties, as a priority to any other debts of the Company.

06/03/2020

A judgment has been made in The Land Court of Queensland on 4 March 2020 in favour of MRV's wholly owned subsidiary, MRV Metals Pty Ltd, that found it is not liable for previous pre-existing environmental harm at the Texas silver project site. The parties have agreed within 2 weeks to nominate the independent experts who will each carry out a review and report their opinions on the adjusted financial assurance required, excluding amounts relating to prior pre-existing environmental harm. If the experts cannot agree a FA amount, or the FA cannot be otherwise agreed between MRV Metals Pty Ltd and DES, then a further hearing in The Land Court of Queensland will occur commencing 17 August 2020, resulting in determination of the appropriate amount of FA.

06/03/2020

The securities of Moreton Resources Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRV, pending a response to ASX's queries.

20/02/2020

The suspension of trading in the securities of Moreton Resources Ltd will be lifted immediately, following the lodgement of its Annual Report for the year ended 30 June 2019.

11/10/2019

The company lodges its 2019 Annual Financial Report.

10/10/2019

The company's securities will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 1 October 2019, following failure to lodge the relevant periodic report by the due date.

01/10/2019

The suspension of trading in the securities of Moreton Resources Ltd will be lifted immediately, following the release by MRV of an announcement regarding material updates to operations, legal proceedings and governance.

30/08/2019

The company provides an update on the following matters with significant implication upon the company's forward direction: financial assurance legal process; federal court ruling; and board structure.

30/08/2019

The securities of Moreton Resources Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRV, pending the release of an announcement regarding a material update to operations and governance.

23/08/2019

The suspension of trading in the securities of Moreton Resources Ltd will be lifted immediately, following receipt of an announcement regarding its restart strategy for the Granite Belt project.

03/05/2017

Fully owned subsidiary, MRV Metals has completed the Re-start Strategy for its Granite Belt project, near the township of Texas in Southern Queensland, demonstrating a financially robust operation capable of producing over a million ounces of silver a year for an initial period of eight years.

03/05/2017

The company has accepted an approach to offer bridging finance, should the company require it, whilst negotiations continue in regard to future funding requirements.

03/05/2017

The company lodges its Quarterly Activities Report.

28/04/2017

The company lodges its Quarterly Cashflow Report.

28/04/2017

The securities of Moreton Resources Ltd will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding its Granite Belt Project's proposed restart.

28/04/2017

The suspension of trading in the securities of Moreton Resources Limited (the "Company") will be lifted immediately, following an announcement made by the Company in relation to its consideration of the financial impact of developments concerning the secured loan from Twinkle Woods Ltd

28/10/2013

Twinkle Woods  Ltd  as secured  lender has notified the Company that  it  views the receipt of the  purported notice under s.249D of the Corporations Act (C'th) (refer to ASX Announcement of 16  October 2013) as a material and adverse event in the Company under the secured loan agreement  between it and the Company.    Twinkle Woods Ltd reserved its rights to take further action to secure  repayment of all monies due to it from the Company

24/10/2013

the Annual General Meeting of the Company  will now be held at 9 am on 28 November 2013 at the Institute of Chartered Accountants, Level 3,  600 Bourke Street, Melbourne, Victoria (not as previously advised on 14 November 2013)

24/10/2013

releases a letter to Shareholders from the Directors

24/10/2013

The securities of Moreton Resources Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement. Security Code: MRV

22/10/2013

name changed from Cougar Energy Limited

11/10/2013

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    23/05/2018Tony Feitelson3,481,000$0.009$31,329
    07/05/2018Valeri Melik200,000$0.007$1,400
    30/04/2018Tony Feitelson1,250,000$0.008$10,000
    09/04/2018Tony Feitelson994,681$0.008$7,957
    12/02/2018Tony Feitelson1,225,000$0.011$13,230

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Brett GarlandChairman22/07/2019
    Nigel SlonkerCEO23/01/2017
    Phillip BryantCEO11/03/2019
    Lee HorobinCFO14/07/2017
    John HaleyNon Exec Director06/11/2018
    Robin LonerganDirector22/07/2019
    Robert Canning-UreDirector28/11/2013
    Brent Van StadenDirector11/02/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Tristan GartheNon Exec Director16/10/201920/05/2020
    Wayne PenningNon Exec Director12/08/201411/02/2020
    Alexander ElksChairman28/11/201316/10/2019
    Gary HarradineChairman11/02/201920/08/2019
    Kalman SalgoDirector10/12/201810/04/2019
    Valeri MelikChairman26/08/201617/12/2018
    Terry BourkeCEO27/08/201802/11/2018
    Tony FeitelsonNon Exec Director26/08/201602/11/2018
    Ewan StoddartCFO13/03/201714/07/2017
    Brett FletcherNon Exec Chairman28/04/201526/08/2016
    Arthur HoodChairman28/11/201322/10/2015
    Bret LeisemannNon Exec Director12/08/201413/03/2015
    John ThomasDirector28/11/201319/09/2014
    Rajeev ChandraCFO03/09/201003/01/2014
    Andrew MathesonChairman08/03/201328/11/2013
    Andrew PurcellNon Exec Director08/03/201328/11/2013
    Eva Armila DjauhariNon Exec Director24/09/201328/11/2013
    Rob NeillCEO, Managing Director06/08/201210/09/2013
    Malcolm McAullyNon Exec Chairman10/12/200208/03/2013
    Sarah ChristensenNon Exec Director22/09/201008/03/2013
    Len WalkerExecutive Director12/10/200608/03/2013

    Date of first appointment, title may have changed.