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 2 May 2017
Appointees Matthew Woods and Stephen Vaughan
ACN 129 954 365
Contact email kbl@kpmg.com.au
Office Sydney

 

Page contents

 

Latest news

  • 20 February 2018 – ASX announcement re Status of Deed of Company Arrangement variation proposals [PDF 99.2KB]
    Please refer to the link above for update as to the status of Deed of Company Arrangement variation proposals and timelines. This update was not issued as a circular to creditors, rather as an update only. There is no action required of creditors or shareholders at this stage. 
  • 12 February 2018 – ASX announcement re Status of Deed of Company Arrangement variation proposals [PDF 92KB]
    Refer to the link above for update as to the status of Deed of Company Arrangement variation proposals and timelines. This update was not issued as a circular to creditors, rather as an update only, and there is no action required of creditors or shareholders at this stage. 
  • 22 December 2017 – Circular to creditors [PDF 82KB]
  • Status of Deed of Company Arrangement and next steps.
  • 25 September 2017 – Circular to creditors [PDF 117KB]
    Update to creditors regarding status of negotiations with interested parties and payment of ASX annual listing fee.
  • 27 June 2017 – Circular to creditors [PDF 115KB]
    Status of Deed of Company Arrangement and next steps.
  • 2 May 2017 – Deed of company arrangement
    Following ongoing work between the Administrators’ legal advisors and the Proponent’s legal advisors, the Administrators and the company signed the Deed in substantially the same terms as approved by creditors at the Reconvened Second Meeting within 15 business days following that meeting, bringing the deed into effect in accordance with s444B of Act; however, per the Circular to Creditors – 27 June 2017 [PDF 115KB], the Proponent did not ultimately sign the Deed. The failure of the Proponent to sign the Deed leaves the Deed Administrators to consider if any further options are available for the company that may deliver a greater return to creditors than a liquidation scenario, each to be considered by creditors at a meeting once called by the Deed Administrators.
  • Employee Group Certificates for FY17
    The Receivers and Managers will be issuing FY17 Group Certificates to employees for the period 1 July 2016 to the final date of employment. Group Certificates are anticipated to be released in early July. Employees may contact the Receivers and Managers at kblmining@fh.com.au for further information.

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 and circulars

Relevant creditor material:

 

Circulars 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]

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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