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company deregistered today


a loss declaration has been issued - if you are still a shareholder, the capital loss can be claimed in the financial year the declaration is issued - in this case 2012-13


the outcome of the litigation was confidential but there will not be any additional funds for unsecured creditors - the company is still in receivership but receivers are looking to resign in the coming weeks - once that occurs, responsibility will then likely revert to the sole remaining office holder until a liquidator is appointed


receivers advise the litigation was recently settled and accordingly they are now in the process of finalising the receivership


no change


Receivers inform us that the litigation is continuing - it is still not possible to determine when this will be resolved


we understand there have been no significant developments over the last 3 to 4 months - the only material issue still outstanding is the ongoing litigation - it is not possible to estimate a date for completion of the litigation


Receivers advise they have received a favourable judgement in respect of their application for leave to amend a claim against a certain party - they are progressing the claim


Receivers confirm there is no longer an intention to realise the shell - litigation already underway is continuing - there is no timeframe of when this will be concluded - Receivers and Managers will remain until the litigation has been concluded - it is also unlikely that a Liquidator will be appointed until the outcome of the litigation is known


delisted following failure to pay annual listing fees


further to our note below of 4 May 2004, the Receivers now inform us that any attempts to market the shell will have to be put on hold until towards the end of 2005 - by this time the outcome in relation to litigation should also be known


we are now informed by the Receiver and Manager that they are currently investigating the ability to transfer the Tassal Limited "shell" to a third party - in these circumstances the existing shareholders might become entitled to a modest return


a receiver and manager is still appointed to the company - it is likely, however, that a liquidator will be appointed in the future (more likely during the 2004/05 tax year) - at that point, the liquidator would formally notify shareholders advising as to the distribution, if any, from the proceeds of the sale of Tassal's business and assets - the Receiver believes a distribution to shareholders is unlikely


a new company (Tassal Group Limited) lists on ASX


receivers advise that the prospectus lodged on 9 October 2003 is to raise money for a new company Tassal Group Limited - the new company will acquire the assets of Tassal Limited and shares will not be issued to shareholders (unless they apply for them separately) - funds raised by the sale of the assets will not meet creditors claims and shareholders will also not get a return


we understand Mariner will issue of a prospectus to refloat Tassal (for which they are supposed to have paid $45m)


company announces it has signed an exclusive agreement in relation to the sale of its business with Mariner Corporate Finance Pty Ltd - it will provided Mariner with preferred bidder status on the sale of Tassal until 1 October 2003


seeking update


receivers short list three bidders for the company including Helmsman Capital Fund, Webster Limited and present management (a management buy-out proposal)


about 80 potential buyers have expressed an interest in looking at the Tassal business - receiver indicates he is working to a mid-year sale date


receivers place advertisements seeking expressions of interest in acquiring the business of the company


receivers buy one of Tassal's largest competitors Nortas as part of a plan to stabilise and rationalise the salmon industry in Tasmania (very unusual for a Receiver to be acquiring a business)


administrator believes company should be looking to make an EBIT (before interest and tax) profit of between $6 million and $7 million a year in the long run and predicts a more modest $4 to $5 million profit at the end of this financial year


administrator Mark Ryan is confident of selling the company next year and has predicted it could fetch up to $45 million


receivers indicate possibilities of issuing an information memorandum in the near future and seeking an appropriate buyer of the business of the company


receivers continue to trade the company while undertaking an internal restructuring and possible preparation for the sale of the business


Korda Mentha & Colleagues (KMC) partners Mark Ryan and Mark Mentha appointed receivers and managers


securities suspended from quotation


company served with demand by ANZ Bank for the repayment of all monies owing to the bank by 26 June and because it cannot meet the demand resolves to request that ANZ appoint receivers


we understand that on or about this date the company consolidated its shares 1 for 5

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We received a letter from Barry Hamilton & Assocs (New appointees) as at 31/01/2015 - same date as wind up.  But no dividends will be paid to unsecured creditors.

28/08/2015 13:42:55
I am in the same boat, waiting for over 10 years. Why is nothing happening? It is now 3 years since it reads like a liquidator should be able to be appointed. 18/08/2014 16:55:12
As an investor in this company I have been waiting for over 10 years to hear from the liquidators as to when this company will be finally liquidated and I can claim a capital loss on my shares. 25/07/2014 15:03:17
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