NATIONAL FORGE LIMITED (ASX.NFG)

company deregistered 24/04/2012

delisted following failure to pay its annual listing fee

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

the meeting on 30 April 2004 was adjourned to 19 May 2004 to consider a revised proposal

administrators report that it is unlikely there will be a return to ordinary unsecured creditors which means of course that shareholders also miss out - there is a possibility that action may be taken against directors for trading while insolvent - the administrators have recommended liquidation but the outcome will be determined at a creditors meeting on 30 April 2004

administrators report that they have continued with their examinations of the Receivers and are getting closer to a resolution - they expect to report to creditors very shortly (currently preparing the report) and this will be made available to shareholders also - a meeting to resolve the future of the company will take place during April on the proviso nothing changes dramatically before then

the examinations of the receivers were adjourned - they were required to provide all information requested by the administrators and to also provide a timeframe on all outstanding matters under their receivership and a date by which they would retire - their expected retirement date was 19 January 2004 - this did not occur - the receivers now have a Directions Hearing scheduled for some time early March - irrespective of this the examination will proceed on 23 February 2004

administrator receives, about this time, a proposal for a Deed of Company Arrangement for the group from an investment syndicate which provides for the re-capitalisation and re-listing of the company - the proposal in its current form is unable to be pursued due to the continuing appointment of the Receivers and Managers

the company remains in receivership and under voluntary administration - directors of the company are keen to put forward a Deed of Company Arrangement - they are unable to do so until they know what funds will flow through from the receivership of the company - due to the lack of information flowing from the receivers office, administrators are examining the receivers in the Federal Court on 3 November

seeking update

administrator announces that he is being constrained from performing his role by the receivers and managers who maintain the issues are complex and they it will be necessary for them in turn to seek Court direction

administrators advise there has been little, if any, progress since our note of 3 Feb 2003 below

administrators advise that receivers will probably take another two months to deal with residual issues - the property of the company is being tendered for sale with possible completion as early as mid-March - administrators believe it is unlikely there will be a return to shareholders - there is a possibility of selling the shell for a back door listing - this would need shareholder approval and would anyway preserve little, if any, value - at least shareholders would then be able to crystallise their loss by selling on the market

receivers announce "the business model in the turbine and golf divisions is simply not sustainable" and confirms necessity for some redundancies

receivers announce that CMI Limited was the preferred purchaser of the company's automotive business - this "deal will ensure the automotive business of National Forge continues and 170 jobs will be saved."

D Lofthouse and R Cauchi of CJL Partners Pty Ltd appointed Joint and Several Administrators

GE Capital Finance Pty Ltd appoint Receivers and Managers to the company (D McEvoy and N Brooke from PriceWaterhouseCoopers)

securities of the company suspended from quotation