NEXUS ENERGY LIMITED
3 October 2014
Further to the Administrators' Report to Creditors and the ASX Announcement dated 27 August 2014, we provide the following update.
Funding Facility
The $30 million Facility (as described in the ASX Announcement dated 25 June 2014) has been amended as follows:
- facility limit increased to $165 million;
- facility extended to 31 October 2014; and
- an amendment fee of $10 million payable and capitalised on 3 October 2014.
The increase in the facility limit was required to allow for significant capital expenditure commitments in connection with the Longtom and Crux assets to be satisfied.
Pursuant to clause 4 of the deed of company arrangement dated 22 August 2014 ("DOCA") , the date for which the conditions precedent under the DOCA are required to be satisfied has been extended to
31 October 2014 (which coincides with the extension to the Facility).
Independent experts have been engaged and are in the process of preparing reports for ASIC and the Court's consideration in connection with the ASIC relief sought by the Deed Administrators and the intended Court application under section 444GA of the Corporations Act 2001 (Cth) (Court Application)
referred to in the ASX Announcement dated 27 August 2014 . The expert reports and ASIC's decision on the
relief sought are expected to be completed this month.
The Deed Administrators have reserved 31 October 2014 for the hearing of the intended Court Application. The making of the Court Application remains subject to the receipt of the expert reports and ASIC's decision on the relief sought. Upon receipt of the expert reports, the Deed Administrators intend to issue them to shareholders and interested parties under cover of an explanatory statement which shareholders and other interested parties may consider in determining whether they wish to appear on the C ourt Application.
Further announcements will be made as updates occur in relation to the expert reports, ASIC relief and the
Court Application.
In addition, an agreement has now been reached with Sedco Forex International Inc in satisfaction of the relevant condition precedent.
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