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27 July 2024
| Name: | PASMINCO LIMITED (PAS) |
| Date of Delisting: | 17 March 2006 |
Stock Exchange Status:
This entity was delisted from the Australian Securities Exchange on 17 March 2006.Legal Status:
ACN: 004 368 674
This entity is in liquidation.Capital Gains Tax (CGT) Status:
An administrator or liquidator has declared during tax year 2004-05 that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution for their securities. You are therefore entitled to crystallise a capital loss in that tax year. If you did not do so, you may seek to re-open that year’s assessment but anyway should seek professional advice as to how best to proceed.
Updates, corrections, disagreements please email to admin@delisted.com.au
Further information: deListed and InvestoGain are operated by Investogain Pty Limited which is licensed by ASIC as an Australian Financial Services Licensee (AFSL 334036). deListed acquires only securities that it deems to be of little or no value, in circumstances where the holder is unable to sell their securities on-market in the normal manner. This service has been provided online via the company’s website www.delisted.com.au since 2004.
Getting advice: Information provided in this section is of a general nature and applicable only to Australian tax residents who hold their investments on capital account (ie for long-term investment purposes). It has been prepared without taking into account your financial needs or tax situation. Before acting on the information, deListed suggests that you consider whether it is appropriate for your circumstances and recommends that you seek independent legal, financial, or taxation advice.
Disclaimer: The information provided above is to the best of our knowledge accurate as of today. But you should bear in mind that it is of a general nature and does not constitute financial or tax advice. Investogain Pty Limited accepts no liability for any loss arising from reliance on this information, including reliance on information that is no longer current.
lodges with ASIC a Notice Under S.446a Of Special Resolution To Wind Up Company | 13/06/2024 |
INVITATION TO EX-PASMINCO EMPLOYEES You are invited to the 10th Anniversary of the Cockle Creek Site Closure. When - 14th September 2013 Where - Club Macquarie Time - From 2-00pm - Full details | 28/05/2013 |
deed administrators warn unsecured creditors and prospective acquirers of unsecured debt, not to place reliance upon the dividend estimates provided in previous reports | 05/02/2009 |
the resolution to approve the Kemper settlement is passed by creditors | 20/05/2008 |
the Deed Administrators recommend a settlement in the Kemper matter involving a payment of AUD25.5 million to Kemper - Kemper will return the dividends received to date (1st and 2nd dividends only) amounting to AUD4.6 million - the settlement therefore provides a net further sum to Kemper of AUD20.9 million - a meeting of creditors is to be held at the offices of Ferrier Hodgson at 10.00am on Tuesday, 20 May 2008 at which a resolution will be proposed to approve the settlement between Pasminco and Kemper | 09/05/2008 |
administrators estimate further dividends that may be payable to creditors on a "mid case scenario" at 6.4 cents, which would bring the final total dividend to unsecured creditors to 24.1 cents in the dollar (to date, dividends have been paid to unsecured creditors of 12.5 cents, 1.3 cents, 2.4 and 1.5 cents totalling 17.7 cents in the dollar) | 28/02/2008 |
in a circular to creditors, the administrators estimate further dividends that may be payable to creditors on a mid case scenario at 8.2 cents, which would bring the final total dividend to unsecured creditors to 24.4 cents in the dollar | 10/07/2007 |
the mediation of Aquila's actions ordered by the Federal Court was held in Melbourne over two days on 26 and 27 April 2006 (if Aquila was ultimately successful to the extent claimed, ie $424 million, it would increase the creditor pool from $2.61 billion to $3.03 billion and reduce the dividend return to existing creditors) - subject to creditor approval, it is proposed that the litigation commenced by Aquila against Pasminco will be settled by a once only dividend of $14,000,000 in full and final settlement of Aquila's claims and costs | 05/05/2006 |
in their report to creditors, administrators estimate further distributions of 11 cents in the dollar which would bring the total return to unsecured creditors to 24.8 cents in the dollar | 19/04/2006 |
the administrators are currently drafting a report to creditors regarding the status of the administration - this should be released within the next couple of weeks | 27/03/2006 |
delisted from the close of trading today at the request of the Company in accordance with listing rule 17.11 | 17/03/2006 |
a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued | 01/04/2005 |
creditors meeting today received an update in relation to the status of the Administration, considered a proposal from Halcyon Management Company LLC, considered a variation of the Deed of Company Arrangement and sought creditors' approval for administrators' fees | 05/10/2004 |
lodges preliminary final report | 31/08/2004 |
Aquila updates shareholders regarding its legal claim against Pasminco and others | 13/04/2004 |
Zinifex debuts on ASX having raised $960 million (well short of target) much of which will flow through to Pasminco creditors - shareholders will not see any of it | 05/04/2004 |
Zinifex, which will operate the zinc and lead assets formerly known as Pasminco, said it will raise between $1.05 billion and $1.35 billion through its long-awaited initial public offering | 01/03/2004 |
a new version of Pasminco will float on 1 Mar 04 - the float is expected to value Zinifex (the name is a play on zinc and spinifex) at between $1.2 billion and $1.5 billion and is the mechanism by which 39 banks get to recover part of their losses from Pasminco's $3 billion collapse | 26/02/2004 |
administrators announce that the failed company will be reborn with a new identity as Zinifex after its creditors approved plans for a $1.5billion float of the company - it looks as if existing shareholders will have to apply to acquire shares under a prospectus just like everyone else | 30/01/2004 |
the banks have extended the company's credit facilities in anticipation of a refloat of the group, with the timing dependent on market conditions | 09/01/2004 |
second creditors meeting called for 9 Dec'03 | 01/12/2003 |
administrators knock back an offer from OntZinc to buy Pasminco assets for $1.7 billion - instead they will proceed with plans to float the company next year | 28/11/2003 |
financiers renew the company's current banking facilities | 05/08/2003 |
the company calls on state governments for concessions in taxes and charges as it battles with a 28% decrease in Australian dollar metal prices | 31/07/2003 |
directors Mark Rayner, Geoff Allen and Andrew Guy resign | 01/04/2003 |
announces strong production performance in second quarter and further work on the ASX listing of the restructured entity Pasminco Resources Ltd through a public offering - the float is expected to occur when market conditions are considered appropriate | 31/01/2003 |
we (deListed) make a submission to the Parliamentary Joint Committee on Corporations and Financial Services (which is currently enquiring into Australia's corporate insolvency laws) seeking, among other things, that administrators and receivers be empowered to issue a declaration (this can presently only be issued by a liquidator), pursuant to Sec 104-145 of the Income Tax Assessment Act 1997 - if appropriate amendments are made this would enable the Pasminco administrators to issue a declaration and shareholders could then claim their capital loss | 28/01/2003 |
the company is expected to remain subject to a Deed of Company Arrangement for some time (perhaps years) - during this period a liquidator cannot be appointed and nor can a liquidators declaration be issued - possibly the best opportunity shareholders have for claiming their loss is for the Government to change the legislation allowing an administrator to issue a similar declaration - again if this occurs it is likely to take some time. Administrators also confirm that shareholders could benefit from actions brought by the company except that it would be necessary for creditors to be paid in full in the first instance and they doubt that sufficient funds could be recovered to enable this to occur | 19/12/2002 |
following the AGM, deListed has put a number of questions to the administrator regarding the crystallisation of the tax loss and the position of shareholders in relation to possible legal actions mounted by the administrator on behalf of the company - we will report the outcomes here as soon as we get a response | 15/12/2002 |
directors not present at today's AGM - it is no wonder as administrator states the companies downfall was attributable not just to falling zinc prices but to the debt burden, the hedge book, underperforming assets and inadequate management information systems | 12/12/2002 |
if proceedings were to be commenced by the administrator, they would be made on behalf of the company - as such, any amounts recovered would be available for creditors in the first instance - shareholders would need to obtain their own advice about mounting any legal action | 12/12/2002 |
shareholders should take particular note of the announcement to ASX dated 12 December 2002 | 12/12/2002 |
company announces there will be an Annual General Meeting in Melbourne on 12 December 2002 - no resolutions are proposed | 08/11/2002 |
2002 annual report lodged with ASIC today - features a loss of $411 million - in the second half the company was cash positive despite extremely low metal prices | 01/11/2002 |
company announces decision that the Cockle Creek smelter will ultimately be closed - expected between 2006 and 2008 | 24/10/2002 |
administrators advise they are currently liaising with their solicitors in regard to the shareholders' tax position, and will notify shareholders once the position becomes clear | 09/10/2002 |
administrators announce that Deeds of Company Arrangement have been executed, enabling the company to move into the implementation phase of the planned restructure - under the restructuring plan, creditors of the old Pasminco will exchange their debt for equity in Pasminco Resources and subsequently sell down part of that equity - Pasminco Resources is expected to be in a position to float when market conditions are considered appropriate | 07/10/2002 |
administrators issue a letter, indicating, among other things, that the company's shares are of no value - shareholders should note that the letter is not a liquidator's declaration and as the administrators say "shareholders should seek their own tax advice regarding their ability to claim a tax write off" | 04/09/2002 |
a prospectus for the new Pasminco should be released about mid October with relisting anticipated by year end | 31/08/2002 |
creditors approve restructuring proposal allowing company to proceed with a float - this will allow creditors to claw back about $1 billion by floating off half their new shares | 30/08/2002 |
administrators send second creditors' report detailing the progress on the finalisation of the proposal to restructure the company | 16/08/2002 |
creditors to vote on the equity and float option on 30 August that involves an issue of shares in lieu of debt to creditors | 16/08/2002 |
administrators seek further adjournment of second meeting of creditors to 30 Aug 02 | 07/08/2002 |
creditors expected to vote on restructure proposal at adjourned meeting on 16 August 2002 | 15/07/2002 |
second meeting of creditors | 15/07/2002 |
Broken Hill mine sale at $90m to Perilya completed | 31/05/2002 |
Aquila Resources lodges potential damages claim of $128m | 23/05/2002 |
Takeover Panel grants conditional relief allowing creditors to acquire shares in PAS | 22/04/2002 |
KPMG partner asserts the negative economic value inherent in poorly designed cash flow hedging strategies (as well as the impact of falling commodity prices on unhedged cash flow) have been important factors in the demise of the company | 07/11/2001 |
first meeting of creditors | 26/09/2001 |
trading in Pasminco shares suspended | 20/09/2001 |
company placed in voluntary administration | 19/09/2001 |
Ferrier Hodgson appointed administrators | 19/09/2001 |
lodges with ASIC a Notice Under S.446a Of Special Resolution To Wind Up Company | 13/06/2024 |
INVITATION TO EX-PASMINCO EMPLOYEES You are invited to the 10th Anniversary of the Cockle Creek Site Closure. When - 14th September 2013 Where - Club Macquarie Time - From 2-00pm - Full details | 28/05/2013 |
deed administrators warn unsecured creditors and prospective acquirers of unsecured debt, not to place reliance upon the dividend estimates provided in previous reports | 05/02/2009 |
the resolution to approve the Kemper settlement is passed by creditors | 20/05/2008 |
the Deed Administrators recommend a settlement in the Kemper matter involving a payment of AUD25.5 million to Kemper - Kemper will return the dividends received to date (1st and 2nd dividends only) amounting to AUD4.6 million - the settlement therefore provides a net further sum to Kemper of AUD20.9 million - a meeting of creditors is to be held at the offices of Ferrier Hodgson at 10.00am on Tuesday, 20 May 2008 at which a resolution will be proposed to approve the settlement between Pasminco and Kemper | 09/05/2008 |
administrators estimate further dividends that may be payable to creditors on a "mid case scenario" at 6.4 cents, which would bring the final total dividend to unsecured creditors to 24.1 cents in the dollar (to date, dividends have been paid to unsecured creditors of 12.5 cents, 1.3 cents, 2.4 and 1.5 cents totalling 17.7 cents in the dollar) | 28/02/2008 |
in a circular to creditors, the administrators estimate further dividends that may be payable to creditors on a mid case scenario at 8.2 cents, which would bring the final total dividend to unsecured creditors to 24.4 cents in the dollar | 10/07/2007 |
the mediation of Aquila's actions ordered by the Federal Court was held in Melbourne over two days on 26 and 27 April 2006 (if Aquila was ultimately successful to the extent claimed, ie $424 million, it would increase the creditor pool from $2.61 billion to $3.03 billion and reduce the dividend return to existing creditors) - subject to creditor approval, it is proposed that the litigation commenced by Aquila against Pasminco will be settled by a once only dividend of $14,000,000 in full and final settlement of Aquila's claims and costs | 05/05/2006 |
in their report to creditors, administrators estimate further distributions of 11 cents in the dollar which would bring the total return to unsecured creditors to 24.8 cents in the dollar | 19/04/2006 |
the administrators are currently drafting a report to creditors regarding the status of the administration - this should be released within the next couple of weeks | 27/03/2006 |
delisted from the close of trading today at the request of the Company in accordance with listing rule 17.11 | 17/03/2006 |
a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued | 01/04/2005 |
creditors meeting today received an update in relation to the status of the Administration, considered a proposal from Halcyon Management Company LLC, considered a variation of the Deed of Company Arrangement and sought creditors' approval for administrators' fees | 05/10/2004 |
lodges preliminary final report | 31/08/2004 |
Aquila updates shareholders regarding its legal claim against Pasminco and others | 13/04/2004 |
Zinifex debuts on ASX having raised $960 million (well short of target) much of which will flow through to Pasminco creditors - shareholders will not see any of it | 05/04/2004 |
Zinifex, which will operate the zinc and lead assets formerly known as Pasminco, said it will raise between $1.05 billion and $1.35 billion through its long-awaited initial public offering | 01/03/2004 |
a new version of Pasminco will float on 1 Mar 04 - the float is expected to value Zinifex (the name is a play on zinc and spinifex) at between $1.2 billion and $1.5 billion and is the mechanism by which 39 banks get to recover part of their losses from Pasminco's $3 billion collapse | 26/02/2004 |
administrators announce that the failed company will be reborn with a new identity as Zinifex after its creditors approved plans for a $1.5billion float of the company - it looks as if existing shareholders will have to apply to acquire shares under a prospectus just like everyone else | 30/01/2004 |
the banks have extended the company's credit facilities in anticipation of a refloat of the group, with the timing dependent on market conditions | 09/01/2004 |
second creditors meeting called for 9 Dec'03 | 01/12/2003 |
administrators knock back an offer from OntZinc to buy Pasminco assets for $1.7 billion - instead they will proceed with plans to float the company next year | 28/11/2003 |
financiers renew the company's current banking facilities | 05/08/2003 |
the company calls on state governments for concessions in taxes and charges as it battles with a 28% decrease in Australian dollar metal prices | 31/07/2003 |
directors Mark Rayner, Geoff Allen and Andrew Guy resign | 01/04/2003 |
announces strong production performance in second quarter and further work on the ASX listing of the restructured entity Pasminco Resources Ltd through a public offering - the float is expected to occur when market conditions are considered appropriate | 31/01/2003 |
we (deListed) make a submission to the Parliamentary Joint Committee on Corporations and Financial Services (which is currently enquiring into Australia's corporate insolvency laws) seeking, among other things, that administrators and receivers be empowered to issue a declaration (this can presently only be issued by a liquidator), pursuant to Sec 104-145 of the Income Tax Assessment Act 1997 - if appropriate amendments are made this would enable the Pasminco administrators to issue a declaration and shareholders could then claim their capital loss | 28/01/2003 |
the company is expected to remain subject to a Deed of Company Arrangement for some time (perhaps years) - during this period a liquidator cannot be appointed and nor can a liquidators declaration be issued - possibly the best opportunity shareholders have for claiming their loss is for the Government to change the legislation allowing an administrator to issue a similar declaration - again if this occurs it is likely to take some time. Administrators also confirm that shareholders could benefit from actions brought by the company except that it would be necessary for creditors to be paid in full in the first instance and they doubt that sufficient funds could be recovered to enable this to occur | 19/12/2002 |
following the AGM, deListed has put a number of questions to the administrator regarding the crystallisation of the tax loss and the position of shareholders in relation to possible legal actions mounted by the administrator on behalf of the company - we will report the outcomes here as soon as we get a response | 15/12/2002 |
directors not present at today's AGM - it is no wonder as administrator states the companies downfall was attributable not just to falling zinc prices but to the debt burden, the hedge book, underperforming assets and inadequate management information systems | 12/12/2002 |
if proceedings were to be commenced by the administrator, they would be made on behalf of the company - as such, any amounts recovered would be available for creditors in the first instance - shareholders would need to obtain their own advice about mounting any legal action | 12/12/2002 |
shareholders should take particular note of the announcement to ASX dated 12 December 2002 | 12/12/2002 |
company announces there will be an Annual General Meeting in Melbourne on 12 December 2002 - no resolutions are proposed | 08/11/2002 |
2002 annual report lodged with ASIC today - features a loss of $411 million - in the second half the company was cash positive despite extremely low metal prices | 01/11/2002 |
company announces decision that the Cockle Creek smelter will ultimately be closed - expected between 2006 and 2008 | 24/10/2002 |
administrators advise they are currently liaising with their solicitors in regard to the shareholders' tax position, and will notify shareholders once the position becomes clear | 09/10/2002 |
administrators announce that Deeds of Company Arrangement have been executed, enabling the company to move into the implementation phase of the planned restructure - under the restructuring plan, creditors of the old Pasminco will exchange their debt for equity in Pasminco Resources and subsequently sell down part of that equity - Pasminco Resources is expected to be in a position to float when market conditions are considered appropriate | 07/10/2002 |
administrators issue a letter, indicating, among other things, that the company's shares are of no value - shareholders should note that the letter is not a liquidator's declaration and as the administrators say "shareholders should seek their own tax advice regarding their ability to claim a tax write off" | 04/09/2002 |
a prospectus for the new Pasminco should be released about mid October with relisting anticipated by year end | 31/08/2002 |
creditors approve restructuring proposal allowing company to proceed with a float - this will allow creditors to claw back about $1 billion by floating off half their new shares | 30/08/2002 |
administrators send second creditors' report detailing the progress on the finalisation of the proposal to restructure the company | 16/08/2002 |
creditors to vote on the equity and float option on 30 August that involves an issue of shares in lieu of debt to creditors | 16/08/2002 |
administrators seek further adjournment of second meeting of creditors to 30 Aug 02 | 07/08/2002 |
creditors expected to vote on restructure proposal at adjourned meeting on 16 August 2002 | 15/07/2002 |
second meeting of creditors | 15/07/2002 |
Broken Hill mine sale at $90m to Perilya completed | 31/05/2002 |
Aquila Resources lodges potential damages claim of $128m | 23/05/2002 |
Takeover Panel grants conditional relief allowing creditors to acquire shares in PAS | 22/04/2002 |
KPMG partner asserts the negative economic value inherent in poorly designed cash flow hedging strategies (as well as the impact of falling commodity prices on unhedged cash flow) have been important factors in the demise of the company | 07/11/2001 |
first meeting of creditors | 26/09/2001 |
trading in Pasminco shares suspended | 20/09/2001 |
company placed in voluntary administration | 19/09/2001 |
Ferrier Hodgson appointed administrators | 19/09/2001 |
Your browser may reflect a date of printing in American format.
Date of first appointment, title may have changed.
| NAME | TITLE | DATE OF APPOINTMENT | DATE OF RESIGNATION |
|---|---|---|---|
| Greig Gailey | CEO | 06/08/2001 | 01/04/2004 |
| Mark Rayner | Non Exec Chairman | 01/01/1989 | 01/04/2003 |
| Geoffrey Allen | Non Exec Director | 01/08/1994 | 01/04/2003 |
| Andrew Guy | Non Exec Director | 01/08/1994 | 01/04/2003 |
Date of first appointment, title may have changed.
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