Matilda Minerals Creditors' Trust (Formerly MML)
Appointment Type: Creditors' Trust Appointment Date: 03/11/2010
Appointee(s):
Martin Jones, Andrew Saker, Darren Weaver Finalisation Date: 20/09/2011 | Office: Perth Case Contact: Charlotte Linfoot Phone: +61 8 9214 1444 Fax: +61 8 9214 1400
Email: |
Background Information:
On 8 May 2009, a Deed of Company Arrangement (DOCA) was executed by Darren Weaver, Andrew Saker and Martin Jones which included a provision for the transition of the DOCA into a Creditors' Trust. The DOCA was wholly effectuated on 3 November 2010 with control of the Company being returned to the directors, and the Matilda Minerals Creditors' Trust being created on the same day with the Deed Administrators appointed as Trustees.
Current Status and Actions Required by Creditors:
The directors of Matilda submitted a proposal to restructure the Company and transition the DOCA into a Creditors' Trust so that the Company could raise additional capital and relist on the ASX. A meeting of Shareholders was held on 29 October 2010 where all of the resolutions put forward were passed. Subsequently, the DOCA was wholly effectuated on 3 November 2010 with control of the Company being returned to the directors.
A first dividend was declared and paid to admitted creditors at 60c in the dollar on 5 October 2010. If creditors have not received their dividend cheque, please contact us to update your postal address to ensure you receive future correspondence.
Next Milestone and Estimated Timetable:
It is anticipated that a second and final dividend will be declared in early 2011, following collection of a few final receipts.
Likely Outcome for Creditors and Timetable:
I anticipate being in a position to pay the final dividend of approximately 20c in the dollar to creditors in early 2011. Admitted creditors who did not participate in the first dividend paid in October 2010 will receive an equalizing dividend when the final dividend is paid.