21 May 2013
Manager of Company Announcements
ASX Limited
Exchange Centre
20 Bridge Street
SYDNEY NSW 2001
By E-Lodgement
Market UpdateLevel 9, 288 Edward St
Brisbane, QLD, 4000
P: +61 7 3034 0800
F: +61 7 3034 0899
Liquidators commences Interlocutory Process to Freeze the assets of Mr Nathan Tinkler
Liquidators acting on behalf of the creditors of Mulsanne Resources Pty Ltd (a company associated with the Tinkler Group) ("Mulsanne Resources"), including its largest creditor Blackwood Corporation Limited ("Blackwood" or "Company" ASX:BWD) have made an application for a Mareva Injunction in the Supreme Court of New South Wales to freeze the assets of Mr Nathan Tinkler while the legal action commenced on 2 May 2013 by the Liquidator against the directors of Mulsanne Resources for insolvent trading and breach of their duties as directors, in regard to the Share Placement Agreement entered into with Mulsanne Resources ( "SPA"), is determined.
The application that has been filed with the Supreme Court also seeks orders to freeze the assets of two third party respondents, Oceltip Investments Pty Ltd as trustee of the Tinkler Family Trust and Ms Rebecca Jane Tinkler, as trustee of the Tinkler Family Trust.
The Mareva Injunction is seeking to have assets of Mr Tinkler and/or the Tinkler Family Trust frozen until the legal proceedings are determined and that Mr Tinkler and the Trustee of the Tinkler Family Trust be restrained from disposing of the frozen assets or otherwise dealing with those assets in a manner which would put the assets beyond the reach of the plaintiffs if a successful judgement is obtained.
Blackwood will continue to monitor the recoverability of the monies owed to the Company under the SPA and will keep the market updated on further developments.
For and on behalf of the Board
Company Secretary
For more information please contact:
Chief Executive Officer
Phone +61 (0) 7 3034 0800
Martin Debelle (+61) 409 911 189
Citadel
Blackwood Corporation Limited
ABN 31 103 651 538
P +61 7 3034 0800
F +61 7 3034 0899
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