hier falls es noch keiner gelesen hat. Eine Erklärung von Chief Sekretary
Proto Resources & Investments Ltd (Administrators Appointed) ACN 108 507 517 (“Proto”)
I refer to your facsimiles received in respect of the abovementioned matter and apologise for the delay in responding.
Based on the Administrators’ investigations, it is their opinion that Proto’s failure can be explained as follows:
§ In the ordinary course, one would expect an exploration entity to raise capital, expend the capital raised and then proceed to raise more capital before incurring any further liabilities;
§ It would appear that Proto has not been operated in this manner, with Proto incurring liabilities prior to raising sufficient capital to satisfy same; however, historically Proto was generally able to raise the capital additional to continue operating;
§ In March 2014, Proto’s Directors attempted to raise further capital from the market in order to cover a working capital deficiency, announcing a non-renounceable pro rata offer of 749.8 million new shares at an issue price of $0.001 per share. However, there was only a nominal response received to the offer with a total of 127.6 million shares issued in the 3 months to June 2014, raising capital of $127.6k or 17% of the intended raising; and
§ Following a number of events of default by Proto and Proto’s failure to comply with a demand for payment of the amount owed under the Secured Creditors convertible note, the Secured Creditor exercised its right under the Corporations Act 2001 to appoint Administrators on 13 June 2014.
Further to the above I provide the following update in respect of the Administration of Proto:
§ Proto’s second meeting of creditors (i.e. the decision meeting) was held on Friday 25 July 2014; however, was adjourned for up to 20 business days; and
§ A number of Deed of Company Arrangement (“DOCA”) Proposals were received involving a recapitalisation of Proto. These proposals have been shortlisted and will be considered by creditors at the reconvened second meeting of creditors.
I note that the outcome of the reconvened second meeting of Proto’s creditors will be communicated to shareholders via the ASX website.
Should you have any further concerns please do not hesitate to contact me.
Kind regards
Jessica Racsits
Business Recovery and Insolvency
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