NEXUS ENERGY LIMITED
20 October 2014
Further to the Deed Administrators' announcement on 3 October 2014, we provide the following update:
DOCA - Conditions Precedent
On 17 October 2014, the Deed Administrators filed an application for relief under section 444GA of the Corporations Act 2001 (Cth) (Act) in the Supreme Court of New South Wales (Court Application). The relief sought in the Court Application is to satisfy a condition precedent under the deed of company arrangement executed on 22 August 2014 (DOCA) and is necessary to permit the proposed transfer of all of the issued shares in Nexus to SGH Energy (No 2) Pty Ltd provided under clause 7.5 of the DOCA.
In our previous announcement (on 3 October 2014) we advised that the Deed Administrators had reserved the date of 31 October 2014 for the intended Court Application. The Court Application which was filed in the Supreme Court has been given a return date of 31 October 2014. The Supreme Court has not made any other orders concerning the Court Application at the time of this announcement.
The Deed Administrators continue to await receipt of an expert report. Once the Deed Administrators have received the expert report, they will release it on the ASX and make it available on the McGrathNicol website together with an explanatory statement to inform shareholders. The expert report will also be provided to ASIC in connection with the Deed Administrators' application for relief from the operation of section 606 of the Act, which relief is another condition precedent under the DOCA.
The Deed Administrators will continue to keep the market informed by way of further announcements as updates are available, including regarding the timing by which shareholders are required to lodge an appearance and affidavit material if they wish to appear at the Court hearing, once that timing has been confirmed.
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