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VECTOR RESOURCES LIMITED (VEC)

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ASX, Legal & CGT Status

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(updated at weekends)

Former (or subsequent) names

 

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

 

REGISTRY:
Link Market Services, Level 12 QV1 Building 250 St Georges Terrace Perth WA 6000
Tel : +61 8 9211 6670 or 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000VEC7
Address: Suite 4, Henry James Building, 8 Alvan Street, Subiaco, WA 6008
Tel:  +61 8 6 188 7800 Fax: 08 9381 9888

Date first listed: 17/12/2007
Company Secretary: Mike Hendriks
Sector: Materials
Industry Group: XMJ
Activities: Iron ore exploration in central Western Australia

delisted from the commencement of trading on Friday, 28 May 2021, pursuant to Listing rule 17.12.

28/05/2021

we understand this company failed and ASX removed the company from listing because its securities have been suspended from quotation for a continuous period of two years

28/05/2021

As outlined in section 3.4 of ASX Listing Rules Guidance Note 33, it is ASX policy to remove from the official list "an entity whose securities have been suspended from quotation for a continuous period of 2 years". It is anticipated that the Company will be delisted by the ASX on or around 27 May 2021, pursuant to Listing Rule 17.12. Despite the expected delisting, the Company will remain a reporting entity for the purposes of the Corporations Act.

25/05/2021

The Orders made on 16 April 2021 extended the Convening Period to now end on 19 October 2021. The second meeting of creditors of the Company must now be held on or before 26 October 2021, being five business days after the end of the Convening Period. As for the dispute between the Company and MGI, a timeline has recently been set for the arbitration process. The matter continues to progress under the direction of the International Chamber of Commerce. The Administrators made two applications on 17 March 2021 in the ECSC to protect the shares from being transferred in a manner inconsistent wtih the Federal Court of Australia orders. Both of the above proceedings are being pursued to protect the Company's shares in MGIH6. These proceedings have been set down for a full hearing on 6 May 2021. The ECSC has also restrained any release of documents under the Escrow Deed until that time. The Administrators continue to work with potentially interested parties in the recapitalisation of the Company.

30/04/2021

The injunction brought against HCSL in the Eastern Caribbean Supreme Court in the British Virgin Islands was discharged on 22 January 2021. The court subsequently granted a stay of execution on the release of the escrow documents until 25 February 2021. Following this decision Vector commenced an action in the Federal Court of Australia and a further action for a stop notice in the BVI. On 24 February 2021, Vector was successful in obtaining orders in the Federal Court of Australia including that MGI is prohibited from enforcing the escrow arrangement (concerning HCSL holding Vector's shares in MGIH6) to effect a transfer of shares to MGI during Vector's voluntary administration. Importantly, the court also found that the Administrators were justified in seeking the intervention of the court in this matter for the benefit of all creditors in the administration of the Company. On 24 February 2021, Vector also made an application in the Eastern Caribbean Supreme Court in the BVI for a stop notice to be issued to MGIH6 and HCSL. The first tranche of arbitration costs have now been paid to the ICC and tribunal members have been allocated to the dispute. The Administrators continue to work with a number of parties interested in the recapitalisation of Vector. On 19 December 2020, MGI purported to terminate the SSPA on the basis of Vector entering into voluntary administration. The Administrators have rejected MGI's purported termination and have reserved all rights in respect of MGI's assertion.

26/02/2021

Under Listing Rule 17.6, any entity (if not already suspended) that has not paid its annual listing fees by close of business on Friday, 19 February 2021 will have its securities suspended from official quotation before the commencement of trading on Monday, 22 February 2021. The company has not paid the second instalment of its annual listing fees in respect of the year ending 30 June 2021 but the securities are already suspended from official quotation.

22/02/2021

The Administrators applied to the Supreme Court of Western Australia on 8 January 2021, seeking orders to extend the convening period in which we are required to convene the second meeting of creditors of the Company. The Orders made on 12 January 2021 extended the Convening Period to now end on 19 April 2021. The second meeting of creditors of the Company must now be held any time prior to 27 April 2021, being five business days after the end of the Convening Period.

15/01/2021

Notice is hereby given that Richard Tucker and Benjamin Carruthers of KordaMentha were appointed as Voluntary Administrators of the Company on 10 December 2020 by a resolution of the Company's directors pursuant to Section 436A of the Corporations Act 2001 (Cth).

10/12/2020

The High Court of the Virgin Islands has extended the interim injunction. The Court has ordered that the injunction that prevents the BVI Escrow Agent from releasing the Mongbwalu Goldfield Investment Holding 6 shares held for Vector Resources Ltd under the Share Sale and Purchase agreement between MGI and the Company be continued until a further hearing of the Court. These shares represent the majority controlling stake in the Adidi Kanga Gold Project.

23/11/2020

The company lodges its Quarterly Cashflow Report - Amended.

09/11/2020

The company lodges its Quarterly Cashflow Report.

30/10/2020

The company lodges its Quarterly Activities Report.

30/10/2020

On 17 October 2020, Vector received notification from the escrow agent holding the Escrowed Shares that the escrow agent intended to release the Escrowed Shares on Tuesday 20th October unless they received a court order preventing this. This intention was contrary to the advice previously given by the escrow agent to the Company and as advised to the market on 5th October 2020. Vector has now filed an injunctive court action in the appropriate jurisdiction. Vector has received notification from the escrow agent that until the court injunction application has been determined the escrow shares will remain in escrow.

20/10/2020

The escrow agent for the escrow agreement between Mongbwalu Goldfields Investments Limited, Mongbwalu Goldfields Investments Holdings 6 Limited has notified the Company that the Escrowed Documents will NOT be released from escrow until such time as there is an agreement between Vector and Mongbwalu or the escrow agent is provided with a court order.

05/10/2020

The company releases its Corporate Governance Statement 2020.

30/09/2020

The company lodges its Full Year Statutory Accounts.

30/09/2020

The company releases an Appendix 4G.

30/09/2020

The company has received notice of breach by the company of the Adidi Kanga Share Sale and Purchase Agreement from Mongbwalu Goldfields Investment. The notice alleges that the company is in breach of an obligation under the SSPA to make available to Mongbwalu Goldfields Investments Holdings 6 Limited a US$10 million shareholder loan facility as part of the terms of payment of the purchase prior to MGI for the company's shareholding interest in MGIH6. The company is not in a positio to provide such a facility to MGIH6 at this time. The company disputes the notice and is considering its legal position. The company will be writing to MGI to request withdrawal of the notice of breach and will reserve its legal rights.

21/09/2020

Vector's annual listing fees have been paid effective 24 August 2020.

24/08/2020

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

The company lodges its Quarterly Activities Report.

03/08/2020

The company lodges its Quarterly Cashflow Report.

03/08/2020

The company lodges its Quarterly Cashflow Report.

01/05/2020

The company lodges its Quarterly Activities Report.

01/05/2020

The company will remain in suspension until the audited 30 June 2019 accounts and the 31 December 2019 six monthly accounts are released. The company auditors are finalising the 30 June 2019 audit and once signed off these will be released to the market.

15/04/2020

The worldwide COVID-19 crisis is causing delays to finalise the company's recapitalisation. The company anticipates the suspension to remain in place until the commencement of trading on Monday, 11 May 2020 or when the announcements in relation to the company's capital raising and its debt restructuring activities are released to the market.

26/03/2020

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 23 March 2020 or when the announcements in relation to the capital raising and debt restructuring activities are released to the market.

09/03/2020

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 9 March 2020 or when the announcements in relation to the company's capital raising and debt restructuring activities are released to the market.

24/02/2020

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 24 February 2020 or when the announcements in relation to the company's capital raising and debt restructuring activities are released to the market.

14/02/2020

The company is pleased to advise that it has received confirmation from the local Congolese Bank, Trust Merchant Bank SA, who have security over the Addi-Kanga Gold Project, have agreed to extend their US$20m debt facility to 31 December 2020. Subject to the signed extension agreement with TMB, the company's convertible noteholders have also confirmed standstill arrangement and acceptance to extend their facilities to 31 December 2020. The company is also negotiating amendments to the shareholder agreement with MGI to accommodate the agreed extensions. Key elements of the proposed changes are required to be agreed to enable the proposed entitlement capital raising to proceed.

04/02/2020

The company lodges its Quarterly Cashflow Report.

31/01/2020

The company lodges its Quarterly Activities Report.

31/01/2020

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 10 February 2020 or when the announcements in relation to the company's capital raising and debt restructuring activities are released to the market.

28/01/2020

The company has previously advised that it had been negotiating with several key parties in relation to its capital restructuring. The nature of these discussions requires agreement from all three of these parties, which will allow Vector to restructure its capital position and to raise appropriate capital funding to progress the Adidi-Kanga Gold Project. Whilst all parties have and continue to work with the company to find a suitable solution, the process has extended beyond the expectations of the parties involved. The company believes that the restructuring activities will be finalised imminently and documented. In relation to the previously announced capital raising consideration through an entitlements offer, further details on this will follow the restructure announcements.

17/01/2020

The company anticipates the suspension to remain in place until the commencement of trading on 27 January 2020 or when the announcement in relation to the company's capital raising and debt restructuring activities are released to the market.

13/01/2020

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 13 January 2020 or when the announcements in relation to a capital raising and the company's debt restructuring activities are released to the market.

23/12/2019

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 23 December 2019 or when the announcements in relation to a capital raising and the company's debt restructuring activities are released to the market.

09/12/2019

The company anticipates the suspension of its securitites to remain in place until the commencement of trading on Monday, 9 December 2019 or when the announcements in relation to a capital raising and debt restructuring activities are released to the market.

25/11/2019

The company anticipates the suspension of its securities to remain in place until the commencement of trading on 25 November 2019 or when the announcements in relation to a capital raising and the company's debt restructuring activities are released to the market.

11/11/2019

The company lodges its Quarterly Activities Report.

30/10/2019

The company lodges its Quarterly Cashflow Report.

30/10/2019

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 11 November 2019 or when the announcements in relation to a capital raising and debt restructuring activities are released to the market.

28/10/2019

The company anticipates the suspension of its securities to remain in place until the commencement of trading on Monday, 28 October 2019 or when the announcements in relation to the capital raising and debt restructuring activities are released to the market.

14/10/2019

The capital restructuring work the company has been negotiating is now nearing completion. The company has been in ongoing negotiations with several key parties, including the convertible note holders, the vendor for the Adidi-Kanga Gold Project and the local Congolese bank that currently holds security over the Project in relation to a previous debt of US$20m on the Project. The company and the parties above have been working collaboratively to ensure that all relevant agreements are consistent and so that they allow the company to proceed to raise new capital through a proposed Entitlements Offer to shareholders.

30/09/2019

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 14 October 2019 or when the announcements in relation to a capital raising and debt restructuring activities are released to the market.

30/09/2019

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 30 September 2019 or when the announcements in relation to the capital raising and debt restructuring activities are released to the market.

16/09/2019

The Company anticipates the suspension to remain in place until the commencement of trading on Monday, 16 September 2019 or when the announcements regarding the capital raising and its debt restructuring activities are released to the market.

02/09/2019

The company requests an extension of the voluntary suspension of its securities pending an announcement in relation to a capital raising. The suspension is anticipated to remain in place until the commencement of trading on 2 September 2019 or when the announcements are released.

19/08/2019

The company anticipates the suspension to remain in place until the commencement of trading on 19 August or when an announcement in relation to the company's capital raising and debt restructuring activities is released to the market.

05/08/2019

The company lodges its Quarterly Activities Report.

31/07/2019

The company lodges its Quarterly Cashflow Report.

31/07/2019

The company anticipates the suspension to remain in place until the commencement of trading on 5 August 2019 or when the announcement in relaiton to the company's capital raising and debt restructuring activities is released to the market.

22/07/2019

The company requests an extension of the voluntary suspension of its securities until the commencement of trading on 22 July 2019 or when the announcements in relation to the company's capital raising and debt restructuring activities are released.

08/07/2019

The company anticipates the suspension to remain in place until the commencement of trading on Monday, 8 July 2019 or when the announcements regarding the capital raising and debt restructuring activities are released to the market.

24/06/2019

The company requests for an extension of the voluntary suspension of its securities. The suspension is anticipated to remain in place until the commencement of trading on 24 June 2019 or when the announcements in relation to the capital raising and the company's debt restructuring activities are released to the market.

11/06/2019

The securities of Vector Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of VEC, pending the release of an announcement regarding a capital raising and debt restructuring activities.

27/05/2019

The suspension of trading in the securities of Vector Resources Limited will be lifted immediately, following the release by VEC of an announcement regarding the financial completion of the Adidi-Kanga Gold Project.

07/03/2019

The company has provided the first tranche of the financial settlement required under the sale agreement entered into with Mongbalu Goldfields to purchase a 60% interest in the Adidi-Kanga Gold Project. Vector also confirms the appointment of a high calibre team to deliver the Definitive Feasibility Study for the project.

07/03/2019

The voluntary suspension is being requested pending an announcement by the Company in relation to the financial completion of the Adidi-Kanga Gold Project acquisition in Democratic Republic of Congo and details of a proposed equity raising to be completed by way of a share placement. The Company anticipates the suspension to remain in place until the commencement of trading on Thursday, 7 March 2019 or when the announcements are released to the market.

06/03/2019

The company is undertaking a share placement to investors that are exempt from disclosure under s.708 of the Corporations Act (Cth) 2001 using the Company's 10% additional placement capacity. On completion of the financial settlement of the transaction for its acquisition of a 60% interest in the Adidi-Kanga Gold Project in the Democratic Republic of Congo, the Company will also finalise and complete the placement to raise $2.638m via the placement of 146,555,556 shares at $0.018 per share. The placement will raise cash proceeds and will be used to fund the working capital for Vector.

01/03/2019

The Company anticipates the suspension to remain in place until the commencement of trading on Wednesday, 6 March 2019 or when the announcements are released to the market.

01/03/2019

The company releases the results of the General Meeting of Shareholders.

28/02/2019

The voluntary suspension is being requested pending an announcement by the Company in relation to the financial completion of the Adidi-Kanga Gold Project acquisition in Democratic Republic of Congo and details of a proposed equity raising to be completed by way of a share placement. The Company anticipates the suspension to remain in place until the commencement of trading on Friday, 1 March 2019 or when the announcements are released to the market.

22/02/2019

The company has amended and re-released the Quarterly Activities Report for the quarter ended 31 December 2018. The amended Quarterly Activities Report has been updated for the information required by Listing Rule 5.3.3 and in relation to the addition of mining license - PE5105 - in relation to the acquisition of the Adidi-Kanga Gold Project.

19/02/2019

The Company anticipates the suspension to remain in place until the commencement of trading on Friday, 22 February 2019 or when the announcements in relation to the finanial completion of the Adidi-Kanga Gold Project acquisition in Democratic Republic of Congo and details of a proposed equity raising to be completed by way of a share placement are released to the market.

14/02/2019

The company requests an extension of the voluntary suspension from quotation be granted by the ASX, with respect to the Company's quoted securities. The voluntary suspension is being requested pending an announcement by the Company in relation to the financial completion of the Adidi-Kanga Gold Project acquisition in Democratic Republic of Congo. The Company anticipates the suspension to remain in place until the commencement of trading on Friday, 15 February 2019 or when the announcements are released to the market.

07/02/2019

The securities of Vector Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of VEC, pending the release of an announcement regarding the financial completion of the Adidi-Kanga Gold Project acquisition in the Democratic Republic of Congo.

04/02/2019

The suspension of trading in the securities of Vector Resources Limited will be lifted from the commencement of trading on Thursday, 17 January 2019, following the release by VEC of an announcement.

16/01/2019

The company had previously sought a waiver under Listing Rule 14.7 in relation to the issue of US$5m of shares in Vector to Mongbwalu Goldfields Investments Limited. ASX did not grant the waiver request. The company will re-seek shareholder approval for the issue of the shares as soon as practical at a further general meeting of shareholders.

16/01/2019

Acquisition of a 60% interest in Adidi-Kanga Gold Project located in the Ituri Province of the Democratic Republic of Congo is completed. All necessary joint venture documentation and related agreements and approvals have now been received and executed by all parties. â–ª Loan documentation executed with FT General Trading LLC for the provision of up to US$35m of debt funding to be used for the acquisition, development and working capital costs associated with the Adidi-Kanga Gold Project. Financial settlement of the acquisition proceeding, with the Tranche 1 (US$5m) share issuance to Mongbwalu Goldfields Investment Limited is underway.

11/01/2019

The extension of the voluntary suspension is being requested resulting from communication difficulties that are being experienced, throughout the Democratic Republic of Congo, and have resulted in a temporary delay in obtaining approval to release the announcement by the Company in relation to the acquisition of the Adidi-Kanga Gold Project in Democratic Republic of Congo. The Company anticipates the suspension to remain in place until the commencement of trading on Friday, 11 January 2019 or when the announcement referred to in paragraph 1 is released to the market.

09/01/2019

The securities of Vector Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of VEC, pending the release of an announcement regarding the acquisition of the Adidi-Kanga Gold Project in the Democratic Republic of Congo.

04/01/2019

The suspension of trading in the securities of Vector Resources Limited will be lifted immediately, following the release of a response to an ASX Price Query.

24/07/2018

The company issues a response to ASX Price and Volume Query.

24/07/2018

A Share Sale and Purchase Agreement and Shareholders Agreement were both executed with Mongbwalu Goldfields Investments Limited and Mongbwalu Goldfields Investment Holdings 6 Limited for the acquisition of a 60% interest in the world-class Adidi-Kanga Gold Mine located in the Ituri Province of the DRC.

24/07/2018

The voluntary suspension is being requested pending an announcement by the Company in response to a ASX Price Query and an update from the Company. The Company anticipates the suspension to remain in place until the commencement of trading on Wednesday, 25 July 2018 or when the announcements are released to the market.

20/07/2018

The voluntary suspension is being requested pending an announcement by the Company in response to a ASX Price Query and an update from the Company. The Company anticipates the suspension to remain in place until the commencement of trading on Friday, 20 July 2018 or when the announcements referred to in paragraph 1 are released to the market.

17/07/2018

The voluntary suspension is being requested pending an announcement by the Company in response to a ASX Price Query and an update from the Company. The Company anticipates the suspension to remain in place until the commencement of trading on Wednesday, 18 July 2018 or when the announcements are released to the market.

13/07/2018

The securities of Vector Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of a response to an ASX price query.

06/07/2018

The suspension of trading in the securities of Vector Resources Limited will be lifted immediately, following receipt of an announcement relating to a project acquisition.

22/12/2017

The company has signed a Heads of Agreement with Fimosa Capital Limited and Mongbwalu Gold Mines to establish a new joint venture for the proposed development of the world-class Adidi-Kanga Gold Mine located in the Ituri Province of the Democratic Republic of Congo.

22/12/2017

The securities of Vector Resources Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement relating to a project acquisition.

20/12/2017

The suspension of trading in the securities of Vector Resources Limited will be lifted immediately, following receipt of an announcement relating to a project acquisition and strategic alliance agreement.

07/12/2017

The company has signed 2 binding agreements with Société Minière de Kilo Moto under which the Company will now finalise its due diligence and key terms for joint ventures to be established for the exploration and development of the Kibali South and Nizi Gold Projects located in the Ituri and Haut Uele Provinces in north-eastern Democratic Republic of Congo.

07/12/2017

The securities of Vector Resources Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement relating to a project acquisition and strategic alliance agreement.

07/12/2017

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

10/04/2017

listed entity carried for record purposes only

17/12/2007

 

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    30/05/2014Brian WilliamsOn market235,500$0.023$5,417
    28/08/2012Brian WilliamsOn market175,500$0.073$12,762
    30/06/2012Neville BassettOn market300,000$0.075$22,500

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Gary CastledineNon Exec Chairman24/02/2009
    Andrew SteersCFO04/09/2017
    Neville BassettNon Exec Director22/04/2010
    Michael HendriksNon Exec Director22/06/2016
    Simon YoudsDirector, CEO16/01/2017

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Guy-Robert LukamaDirector31/01/201902/10/2020
    Joas KabeteDirector13/06/201901/10/2020
    Yves IlungaDirector30/01/201912/06/2019
    Jason BrewerDirector16/01/201708/02/2019
    Glyn PoveyManaging Director, CEO15/02/201122/06/2016
    Brian WilliamsNon Exec Director15/02/201122/06/2016
    Jianhua SangNon Exec Director13/09/201228/11/2013
    Damien O'ReillyNon Exec Chairman21/10/201022/11/2012
    Robert HyndesNon Exec Director24/02/200913/09/2012

    Date of first appointment, title may have changed.