Darren Weaver, Andrew Saker and Martin Jones were appointed Joint and Several Administrators of Windimurra Vanadium Limited (ASX: WVL)(“Windimurra”) on 18 February 2009 pursuant to Section 436A of the Corporations Act 2001.
Windimurra’s core asset is a 90% shareholding in Midwest Vandium Pty Ltd (Subject to Deed of Company Arrangement)(Receivers & Managers Appointed)
Shares in Midwest Vanadium Pty Ltd
The 90,001 shares (90% shareholding) held by the Company in Midwest Vanadium Pty Ltd (Midwest) have been transferred to Atlantic Limited to give effect to the Varied Deed of Company Arrangement for Midwest executed on 24 February 2010 (as amended on 12 May 2010 and 10 September 2010). Further information on this matter is available in the “Current Matters – Midwest Vanadium Pty Ltd” section of the Ferrier Hodgson website.
Creditors’ Trust
A First and Final Dividend was paid out of the Windimurra Vanadium Creditors’ Trust in August 2010 to admitted Participating Creditors (i.e other than the Secured Creditors, whose claims will be dealt with through the Deed of Company Arrangement executed on 27 May 2010 – see below).
The Trustees obligations and responsibilities in relation to the Creditors’ Trust have now been finalised. The Trust was therefore terminated and the Trustees retired on 13 April 2011.
Deed of Company Arrangement and Reconstruction
A Deed of Company Arrangement and Reconstruction Deed were executed on 27 May 2010 for the reconstruction of the Company proposed by Trident Capital. The Reconstruction Deed is subject to a number of conditions precedent which were initially expected to be satisfied by 31 December 2010 (and subsequently extended to 31 December 2011).
Due to delays in the satisfaction of certain conditions precedent, including those imposed by the ASX, the Deed Administrators have on 23 December 2011 further extended the due date of such conditions precedent to 31 March 2012.