KBL Mining Limited | KPMG | AU

KBL Mining Limited

KBL Mining Limited

Information for creditors of KBL Mining Limited.

Information for creditors of KBL Mining Limited.

This page contains information for creditors of KBL Mining Limited.

 

Appointment details

Appointment type Deed Administrators – 2 May 2017 to current
Joint & Several Administrators – 8 September 2016 to 1 May 2017
Appointees Matthew Woods and Stephen Vaughan
ACN 129 954 365
Contact email kbl@kpmg.com.au
Office Sydney

 

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Electronic notification – please advise us
If you are happy to receive future notices and documents via email rather than post, please advise us here: kpmg.com/au/kbl-notify

 

Latest news

All circulars to creditors and reports are available for review below.

 

Appointment

On Thursday 8 September 2016, Matthew Woods and Stephen Vaughan of KPMG were appointed as Joint and Several Administrators (“the Administrators”) of KBL Mining Limited (“the Company” or “KBL”) by James Wall, Robert Besley, and Gregory Starr (“the Remaining Directors”). Voluntary administration is a statutory process designed to provide for the business, property and affairs of an insolvent company to be administered in a way that maximises the chances of the company, or as much as possible of its business, continuing in existence, or if that is not possible to provide for a better return for a company's creditors and members than if the company was immediately wound up. Following the appointment of Matthew Woods and Stephen Vaughan as Administrators, KBL continued to trade and employ staff with a view to recommencing mining operations whilst a sale or recapitalisation was pursued.

On Tuesday 2 May 2017, Matthew Woods and Stephen Vaughan were appointed as Deed Administrators of KBL, pursuant to the Deed executed that day.

Please find below all relevant links for creditors of KBL Mining Limited.

 

Receivers and Managers

On Monday 19 September 2016, Martin Jones, Andrew Smith and Ryan Eagle of Ferrier Hodgson were appointed as Joint & Several Receivers & Managers (“the Receivers”) of KBL by KBL’s secured creditor, Quintana. The Receivers took possession of KBL’s assets and sought to continue the recommencement of operations; however, severe rain prevented this and, as a consequence, the operations of KBL were effectively put into ‘care and maintenance’ approximately one week after the Receivers' appointment.

The Receivers and Managers remain in control of the mine site at Mineral Hill and may be contacted at kblmining@fh.com.au.

 

Reports to Creditors

Reports issued to creditors of KBL Mining Limited:

 

Creditor information

Relevant creditor material:

 

Circulars and updates to creditors

Please see below links to all circulars issued to creditors during the Voluntary Administration and Deed Administration periods. We refer creditors also to the ASX announcements for KBL and the Latest News section of this page where we may provide minor updates as to the current status of the Deed Administration.

  1. Circular to Creditors: 8 September 2016 (PDF 290KB) 
  2. Circular to Creditors: 12 September 2016 – Notice of first meeting of creditors (PDF 231KB)
  3. Circular to Creditors: 19 September 2016 (PDF 48KB)
  4. Circular to Creditors: 5 October 2016 (PDF 40KB)
  5. Circular to Creditors: 24 November 2016 – Further extension of convening period (PDF 45KB)
  6. Circular to Creditors: 13 January 2017 – Further extension of convening period (PDF 46KB)
  7. Circular to Creditors: 25 January 2017 – Refer to circular attached to s439A Report (PDF 2.4MB)
  8. Circular to Creditors: 6 February 2017 – Adjournment of second meeting of creditors (PDF 99KB)
  9. Circular to Creditors: 11 April 2017 – Outcome of reconvened second meeting of creditors (PDF 100KB)
  10. Circular to Creditors: 27 June 2017 – Notification to creditors of execution of Deed of Company Arrangement and next steps, Form 509E (PDF 155KB)
  11. Circular to Creditors: 25 September 2017 – Status of negotiations with interested parties to vary the Deed and Notification of payment of ASX Annual listing fees (PDF 117KB)
  12. Circular to Creditors: 22 December 2017 – Update regarding Deed of Company Arrangement and next steps [PDF 82KB]
  13. ASX Announcement re. Status of Deed of Company Arrangement variation proposals [PDF 92KB] 12 February 2018
  14. ASX Announcement re. Status of Deed of Company Arrangement variation proposals [PDF 99.2KB] 20 February 2018
  15. ASX Announcement re. Status of Deed of Company Arrangement variation proposals [PDF 99.4KB] 8 March 2018
  16. ASX Announcement re. Status of Deed of Company Arrangement variation proposals [PDF 552.4KB] 19 April 2018
  17. Circular to creditors and notice of meeting (PDF 2.2MB) – 18 May 2018

 

Shareholder Information

Shares in ASX:KBL are currently suspended from trading pending resolution of the administration. Shareholders are contemplated under the terms of the Deed of Company Arrangement by way of a share consolidation and entitlements offer in the new form KBL Mining.

The Deed Administrators will be in contact with shareholders regarding next steps in due course as the Deed process progresses.

Please continue to monitor ASX announcements.

 

ASIC Insolvency material for directors, practitioners, employees, creditors and investors

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors at http://asic.gov.au/regulatory-resources/insolvency/.

 

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