CP1 Limited (Receivers and Managers Appointed) (Subject to Deed of Company Arrangement) (Controller Appointed) (“the Company”) is a listed company and the controlling entity of a group operating in two primary segments: property development and hotel activities.
On 3 August 2009, the directors of the Company passed a resolution to appoint Peter McCluskey and William Colwell Voluntary Administrators of the Company. Subsequently, on 7 September 2009, the creditors of the Company resolved to execute a Deed of Company Arrangement (“Deed”) and appointed Mr Peter McCluskey and William Colwell as Deed Administrators. The Deed was executed on 21 September 2009.
Further, on 4 August 2009, Daniel Bryant, Grant Sparks and Ian Carson of PPB Melbourne, were appointed Receivers and Managers of the Company pursuant to a registered mortgage debenture in favour of the Commonwealth Bank of Australia.
The Receivers and Managers have taken control of the assets and operations of the Company. Accordingly, all enquiries regarding the operation of the Company should be addressed to the Receivers and Managers.
On 17 November 2009, Matthew Caddy and Johan Vorster of McGrath Nicol Melbourne, were appointed Agents for the Mortgagee in Possession of the property known as Lot S52 on Plan of Subdivision 435320J (“Property”) pursuant to a mortgage in favour of Trust Company Fiduciary Services Limited.
The Agents for the Mortgagee have taken control of the Property to which they are appointed. Accordingly, all enquiries regarding the Property should be addressed to the Agents for the Mortgagee.
The Deed Administrators will endeavour to maintain the corporate shell of the Company in order that it can be sold (subject to shareholder meetings approving the restructuring).
As you may be aware, the ASX Limited has suspended trading of the Company’s shares. Accordingly, shareholders are unable to deal with their shares in the Company until further notice.
During the period that the shares are suspended the Australian Stock Exchange CHESS department, which operates the Company’s share sub register, has transferred the shareholdings off its register until such time as the Company’s shell has been sold and the suspension of trade is lifted.
Whilst the beneficial ownership of the shares has not changed the shareholdings in the Company have been removed from shareholders’ statement. Once the suspension of trade is lifted the details of the shareholdings in the Company will reappear on shareholders’ statement.
The Deed Administrators are unable to provide an estimate on the timing of the sale of the corporate shell until the Receivers and Managers and Controllers have dealt with the assets of the Company’s.
The Deed Administrators will continue to keep shareholders informed on the progress of the Deed of Company Arrangement via updates to the Australian Stock Exchange and on the Ferrier Hodgson website.