John Lindholm and George Georges were appointed Administrators of the Company on 11 February 2009 pursuant to Section 436A of the Corporations Act 2001 (“the Act”).
 
On 15 September 2009 a meeting of the Company’s creditors resolved that the Company execute a Deed of Company Arrangement (“DOCA”). On 5 October 2009 the DOCA was duly executed and John Lindholm and George Georges became the Deed Administrators.
 
The DOCA provided for the recapitalisation and re-instatement of the Company’s securities for quotation on the ASX subject to a number of conditions precedents being met before 31 December 2010. Unfortunately, the terms of the DOCA were not fulfilled by this date. Accordingly, at a meeting of creditors held on 15 February 2011, it was resolved that the Company be wound up and John Lindholm and George were appointed Liquidators of the Company pursuant to Section 499(2C) of the Act.

A final meeting of creditors will be called shortly and three months after that date the Company will be deregistered.