28 November 2018
ASX Market Announcements Platform Australian Securities Exchange
20 Bridge Street
Sydney NSW 2000
Level 9, 301 Coronation Drive, Milton QLD 4064 Australia PO Box 2118, Toowong DC QLD 4066 Australia phone + 61 (0) 7 3156 7777 fax + 61 (0) 7 3156 7776www.carbonenergy.com.au Carbon Energy Limited
ABN 56 057 552 137
Carbon Energy (Operations) Pty Ltd ABN 61 105 176 967
FOR ASX MARKET RELEASE
Appointment of Voluntary Administrators
Carbon Energy Limited (ASX: CNX) (Carbon Energy or Company) announces the appointment of voluntary administrators to the Company and certain Australian subsidiaries.
Jarrod Villani and Robert Hutson of KordaMentha have been appointed as Voluntary Administrators to the following entities:
Carbon Energy Limited | ACN 057 552 137 |
Carbon Energy (Holdings) Pty Ltd | ACN 120 429 209 |
Carbon Energy (Operations) Pty Ltd | ACN 105 176 967 |
As announced on 20 November 2018, the Company received insufficient Share Purchase Plan (SPP) proceeds to meet the use of funds announced on 2 October 2018 under the SPP Offer to eligible shareholder. All SPP application funds received are in process of being refunded to eligible shareholders.
Discussions continued on Carbon Energy earning income by providing technical services and support for proposed UCG projects in South Africa, including the establishment of a strategic partnership with a private South African corporation.
However, given the uncertainty as to whether the South African transactions can be completed, the timeframe which may be required for the South African transactions and the expectation that the Company is likely to become insolvent at some future time, the Company's Directors and the Directors of certain Australian subsidiaries of the Company have resolved to appoint Jarrod Villani and Robert Hutson of KordaMentha as Voluntary Administrators with immediate effect.
For and on behalf of the Board
ENDS
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Carbon Energy Limited published this content on 28 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 November 2018 22:35:10 UTC