NEXUS ENERGY LIMITED
3 November 2014
Further to the Deed Administrators' earlier announcement on 31 October 2014, we provide the following update:
Orders made on 31 October 2014
In our earlier announcement on 31 October 2014 we published an Explanatory Statement in connection with the Court Application. We also advised that there was a return date for the Court Application on 31
October 2014 at 10am in the Supreme Court of New South Wales (Court) before Justice Black. At the
return date the Court set down the dates of 27 and 28 November 2014 to hear the Court Application and otherwise made the orders set out below:
1. Orders the application for relief pursuant to s 444GA of the Corporations Act 2001 ("the Act") be
listed for hearing commencing at 9.30am on each of 27 and 28 November 2014.
2. Notes that the Australian Securities and Investments Commission ("ASIC") anticipates that it will
advise the Plaintiffs by 10 November 2014 on whether:
(a) it is prepared to grant, in principle, the relief sought in the application pursuant to s 606
of the Act ("ASIC Application") submitted to it on 15 August 2014; or
(b) if ASIC has not yet determined whether it is prepared to grant, in principle, the relief sought in the ASIC Application, the date on which it expects such a determination will be made.
3. Any interested person wishing to appear at the hearing of the section 444GA application is to file and serve on the parties and ASIC a Notice of Appearance in the prescribed form and indicating the grounds of any opposition by 4pm on 12 November 2014.
4. Any interested person wishing to appear at the hearing of the section 444GA application is to file and serve on the parties, including any other party that has filed a Notice of Appearance in the proceedings, and ASIC its evidence by 4pm on 19 November 2014.
5. The proceedings be listed for directions at 2pm on 20 November 2014.
6. Liberty to apply on 48 hours' notice specifying the relief sought.
7. The Court notes that the Plaintiffs intend to make available the independent expert report
("Report") to the market today, and to notify the registered shareholders in Nexus Energy Ltd of
the hearing date for the s444GA application and the availability of the report and the Explanatory
Statement.
8. Any application by any party for leave to issue subpoenas and any evidence in support, whether by reference to Supreme Court Equity Practice Note 11 or otherwise, be made returnable in the Corporations Motions List at 9.45am on 10 November 2014, any such draft subpoenas and affidavit in support to be served on the parties and ASIC and sent to the Associate to Black J by noon on 6
November 2014.
The Deed Administrators will shortly write to all shareholders to provide further information about:
the Court Application filed on 17 October 2014; and
how that application affects shareholders, how shareholders may participate in the Court hearing listed on 27 and 28 November 2014, and the information available to shareholders.
Further updatesThe Deed Administrators will continue to update the market in relation to the Court Application, as updates are available, by way of further ASX announcements.
Funding Facility and DOCA - Conditions PrecedentAs noted in our earlier announcement on 31 October 2014:
the term of the $165 million Facility (as described in the ASX announcement dated 3 October
2014) has been extended to 14 November 2014; and
the date for satisfaction of the DOCA conditions precedent has been extended to 14 November
2014 by agreement between the Deed Administrators and SGH No 2, in accordance with clause
4.3 of the DOCA.
In view of the final hearing of the Court application having been listed on 27 and 28 November 2014, the Deed Administrators will enter discussions with the lender and SGH No 2 with a view to agreeing further extensions of the Facility and the date for satisfaction of the DOCA conditions precedent.
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