ACN: 003 669 163ABN: 23 003 669 163Registration Date: 16 December 1988
Further information: deListed and InvestoGain are operated by Investogain Pty Limited which is licensed by ASIC as an Australian Financial Services Licensee (AFSL 334036). deListed acquires only securities that it deems to be of little or no value, in circumstances where the holder is unable to sell their securities on-market in the normal manner. This service has been provided online via the company''s website since 2004.
Getting advice: Information provided in this section is of a general nature and applicable only to Australian tax residents who hold their investments on capital account (ie for long-term investment purposes). It has been prepared without taking into account your financial needs or tax situation. Before acting on the information, deListed suggests that you consider whether it is appropriate for your circumstances and recommends that you seek independent legal, financial, or taxation advice.
Disclaimer: The information provided above is to the best of our knowledge accurate as of today. But you should bear in mind that it is of a general nature and does not constitute financial or tax advice. Investogain Pty Limited accepts no liability for any loss arising from reliance on this information, including reliance on information that is no longer current.
REGISTRY:Boardroom Pty LtdLevel 8, 210 George Street, Sydney NSW 2000Tel : +61 2 9290 9600 or 1300 737 760Fax : +61 2 9279 0664 or 1300 653 459RegistryWebsiteRegistryEmail
a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued (this declaration was issued on 31 December 2021)
delisted following failure to pay the annual ASX listing fees per Listing Rule 17.15
The company has failed to pay to ASX Limited the annual listing fees for the year ending 30 June 2022, and the entity's securities are already suspended from quotation.
The liquidators releases a notice to the company''s creditors It is available for download from this website: https://home.kpmg/au/en/home/creditors/ige-solutions.html.
On 18 June 2021, I received completed Reports on Company Activities and Property from: Stuart Clark "" a director; Paul Dickson, a director; and Joshua Herbertson, the secretary. The ROCAPs provide further information on the Company's financial position. They have been lodgedwith the Australian Securities & Investments Commission and are available for download by the general public.
The liquidators release a letter to the company''s shareholders regarding the impact and the current status of the liquidation of the company.
On 2 June 2021, Glenn Ian Livingstone of KPMG was appointed as Liquidator of Green Energy Solutions Limited pursuant to an Order of the Supreme Court of New South Wales. The Liquidator''s appointment supersedes the appointment of Trent Devine, Andrew Spring and Brad Morelli of Jirsch Sutherland, who were appointed as Voluntary Administrators of the Company on 31 May 2021 pursuant to a resolution of the Company''s directors.
Trent Andrw Devine, Andrew John Spring and Bradd William Morelli of Jirsch Sutherland give notice that on 28 May 2021 they were appointed joint and several voluntary administrators of Integrated Green Energy Solutions Limited by the Board of Directors.
As a result of the unprecedented times andthe disruption to our business caused by the COVID-19 pandemic, and in the interests of best serving our Shareholders, the Directors are proposing to reschedule the AGM and will provide an update in the next 30 days.
The hearing date for the commercial dispute with Mac Wealth Holdings has been vacated until 2 February 2021. This deferral will allow the Supreme Court of New South Wales to have appropriate time to properly consider the setting aside of the AUD$12.4 million Creditors Statutory Demand from MWH. 2 February 2021 is set down as a directions hearing for the matter and a hearing date will be allocated at that time. IGES will being holding its Annual General Meeting on 29 January 2021.
Deloitte is appointed as a corporate advisor: Deloitte is one of the Big Four accounting organisations and the largest professional services network in the world by revenue and number of professionals, with headquarters in London, United Kingdom. Mills Oakley is appointed as a legal advisor: From origins in Melbourne in 1864, Mills Oakley has grown to become a domestic leader in legal services with a client base of ASX-200 listed companies.
The company has decided to schedule its AGM during December 2020 or January 2021 due to current travel restrictions and government regulations on public gatherings arising from COVID-19 containment efforts.
The company lodges its Preliminary Final Report.
The Deed of Settlement and Release with MWH provided for payment in the second quarterof 2020. In line with the agreed process, the Supreme Court of NSW gave a consent judgmenton 27 May 2020 in favour of MWH for A$12.4 million plus costs. MWH served a creditor'sstatutory demand on IGES on 4 June 2020.The final date that IGES can satisfy the creditors statutory demand is 4 December, 2020. The amount payable is covered by the company''s loan funding arrangements in terms of both quantum and timing. The Amsterdam Investment will be replaced by loan funding in quarter 4, 2020.
The company lodges an Appendix 4C with a new format.
SGC have advised that the funding structure is in place and they are now recalibrating the timing of the instalments. IGES remains committed to SGC and the fulfillment of its US$90 million loan facility obligation. The company has requested SGC to confirm the short-term availability of the US$1.5 million in escrow monies, previously paid to SGC by IGES and currently held on term deposit by SGC on behalfof IGES. SGC confirmed in writing that should IGES decide to withdraw from the loan funding agreement, the US$1.5 million will be transferred to us within 20 business days. It has been determined that to this point, the better decision for shareholders has been to progress the SGC funding.
The funding from Structured Growth Capital and GEP Fuel and Energy LLC is on track to be in place by 26 May 2020. In conjunction withthe imminent funding, a strategic vertically integrated acquisition of a key business partner,Odyssey Waste Control Pte Ltd, is planned as part of the company''s risk mitigation initiatives associated with the 20-site global expansion plan.
All disputes betwen Mac Wealth Holdings and the company have been resolved on mutually beneficial terms. The hearing due to occur in 14 April 2020 has now been vacated. Under the terms of the settlement, there will not be a material impact on the financial results of IGES. More importantly, IGES is able to meet any and all obligations in this area from its major funding sources as disclosed in our recent market announcements on 1 April 2020.
Both SGC and GEP remain committed and confidentin terms of completing their contractual commitments with IGES. On the basis that markets remain reasonably stable over the coming weeks GEPexpects to conclude their funding transaction within the next 21 days so that cleared funds totalling US$7.5 million will be available in the IGES bank account by Monday 27 April 2020.
A funding schedule is expected to be available to IGES, no later than Tuesday 31 March 2020. The commitment from GEP and SGC to provide funding and to support IGES has not wavered. The Company continues to communicate with both GEP and SGC and identify appropriate courses of actions as international events unfold.
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