Darren Weaver, Andrew Saker and Martin Jones were appointed Joint and Several Administrators of Midwest Vanadium Pty Ltd (“Midwest”) on 18 February 2009 pursuant to Section 436C of the Corporations Act 2001 and subsequently as Joint and Several Deed Administrators of the Deed of Company Arrangement executed on 24 February 2010.
Midwest is the operational subsidiary of Windimurra Vanadium Limited. The core asset of the company is the Windimurra Vanadium Project, which is based approximately 600km North-east of Perth in Western Australia.
Varied DOCA Fully Effectuated
The Varied DOCA was fully effectuated on 21 September 2010, upon the completion of the acquisition of the Company by Atlantic Limited under the terms of the Further Revised Offer. Accordingly, the Deed Administrators and Receivers and Managers have retired on the same date.
Creditors’ Trust
All creditors’ claims are now being dealt with through the MVPL Creditors’ Trust (the Trust), which was established on 10 August 2010 pursuant to the terms of the Varied DOCA. Martin Jones, Andrew Saker and Darren Weaver were appointed as Trustees of the Trust.
A first and final dividend has been distributed in respect of employee claims, and admitted creditors whose claims are less than $5,000. As foreshadowed in the the Deed Administrators' report to creditors dated 9 April 2010, there were no surplus funds from which a dividend could be paid to creditors whose claims exceeded $5,000.