19 November 2013
Mr Dean Litis
Principal Adviser Listings Compliance (Melbourne) Australian Securities Exchange Limited
Level 45, South Tower
525 Collins Street
Melbourne, Victoria, 3000.
By email to: dean.litis@asx.com.au
Dear Dean
Moreton Resources Ltd (ASX code: MRV) hereby requests a trading halt, effective immediately, for its quoted fully paid ordinary shares pursuant to listing rule 17.1.
After the close of trading yesterday the Company received email correspondence from Twinkle Woods Ltd (Twinkle Woods) stating: "The revised and inferred resource estimate of 84Mt represent a material variation as to what was previously informed to Twinkle Woods Limited prior to the finalization and execution of the Loan Agreements. It has triggered yet another default to the terms of the Loan Agreement as entered into."
Twinkle Woods further states in the email: "Accordingly, we hereby put the Company and its Directors on notice of our intention and exercise of a lien over the refund of AUD1.0m from Ergon Energy and to demand immediate repayment of the Loan Amount as provided together with all interests, penalties, other costs as accrued, up to the date of actual receipt of the monies due and payable, pursuant to the Funding Agreement."
The Company's directors are taking legal advice on this correspondence from Twinkle Woods. The request for the halt is sought pending an announcement from the Company on the outcome of taking that advice.
We seek the trading halt up to earlier of the commencement of trading Thursday 21
November 2013 or when the announcement is made.
Moreton Resources Ltd | Level 10, 530 Little Collins St Melbourne VIC 3000 | Tel +61 3 9909 7200 |
ABN 75 060 111 784 | Email enquiries@moretonresources.com.au | Fax + 61 3 9909 7217 |
The Company is not aware of any reason why the trading halt should not be granted. Yours sincerely
Andrew Matheson
Director
Moreton Resources Ltd | Level 10, 530 Little Collins St Melbourne VIC 3000 | Tel +61 3 9909 7200 |
ABN 75 060 111 784 | Email enquiries@moretonresources.com.au | Fax + 61 3 9909 7217 |
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