CMQ - Chemeq Limited

[The Barbarian Investor]

Well..

They appealed (and must have a plan such as sourcing alternate fundsI guess)

Would the bond Holders if they got control, gut the company and sell all assets as well as potentially profitable patent i wonder

I have heard a few local stories of people putting $70-140k into CMQ as it was going to be the next big thing and possibly a $30 share; I hope some of these people got out without losing thier underpants

 

[bigdog]

ASX ann today

CMQ 4:24 PM Reinstatement to Official Quotation from Feb 21
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00694877

Includes Solvency declaration, Proforma Balance Sheet and Court Order Granting Injunction

Be interesting what the opening SP will be!!!!!

Any guesses what the SP will open at?

 

[Knobby22]

3 cents

 

[bigdog]

Knobby you were very close at 3 cents

CMQ $0.056 -$0.159 -73.95% 903,498 shares $41,079
21-Feb 10:23:26

A sad day for shareholders!

 

[Knobby22]

I can't believe there are any buyers actually.

Even if they win they can't survive.

 

[bigdog]

http://www.wabusinessnews.com.au/en-story/1/49819/Today-s-business-headlines-updated

D-day for Chemeq with appeal

Chemeq will take centre stage in what could be its final act today as the WA biotech faces the Court of Appeal in a bid to overturn a WA Supreme Court ruling last month that it had breached the conditions of a $60 million funding package.

 

[bigdog]

The end is is getting closer!!!

ASX ann March 12
PDF Size
12-03-2007 07:23 PM CMQ Appeal Hearing
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00702006
http://www.asx.com.au/asxpdf/20070312/pdf/311f7xmpy10kyn.pdf

CHEMEQ APPEAL HEARING
Chemeq Limited (ASX: CMQ) wishes to advise that the hearing of its appeal against a Supreme Court decision that it had failed to meet the terms of the final milestone covenant set out in the Convertible Bonds Deed Poll commenced in Perth today.

The Supreme Court had previously granted an injunction to Chemeq restraining the bondholders from appointing a receiver pending determination of the appeal.

The hearing of the appeal case has not been completed and has been adjourned until 21 March 2007 for further argument.

Prior to the handing down of the appeal decision, Chemeq will seek a trading halt
pending a full announcement to the market.

 

[The Barbarian Investor]

Watched CMQ *bounce* up 100+ % the other day from 4.4c to around 10c whatsagoingon?

 

[bigdog]

AXS Ann today

28 May 2007
SUPREME COURT APPEAL DECISION TIMING
Chemeq Limited (ASX: CMQ) advises that it has been notified by the Supreme Court of Western Australia that the decision of the Court of Appeal against an earlier Supreme Court decision that it had failed to meet the terms of the final milestone covenant set out in the Convertible Bonds Deed Poll will be handed down at 10.30am on Wednesday 30 May 2007 (WST).

Shareholders should note that Chemeq intends to call a trading halt in its securities prior to the commencement of trading on Wednesday 30 May 2007 pending announcement of the Court of Appeal decision.

Chemeq has not received any refinancing proposals since the one received from International Finance Corporation of Australasia Pty Ltd in April 2007. Chemeq was unable to proceed with that proposal.

 

[Kauri]

Chemeq goes into administration


30th May 2007, 11:45 WST



The directors of Chemeq placed the struggling Rockingham animal drugs company into administration this morning after failing to overturn a crucial court ruling that was threatening its survival.

Managing director David Williams finalised the appointment of KordaMentha partner Brian McMaster within minutes of WA’s Court of Appeal handing down its decision, which forces Chemeq to repay $60 million worth of debts.
Mr Williams expressed disappointment with the Court of Appeal ruling and said Chemeq’s fate would now rest with Mr McMaster.
Chemeq has already placed its Rockingham facility on care-and-maintenance.
The company’s shares, once worth $7.98, have fallen to 8.3c and were placed in a trading halt yesterday ahead of today’s court ruling.
Chemeq’s about 7000 shareholders are expected to lose most of their investment.
The appointment of Mr McMaster ends a five-month tussle between Chemeq and bondholders Start Trading and Harmony Capital Partners, which claimed the Rockingham company had breached debt covenants and therefore had to immediately repay the $60 million owed.
Chemeq took its opposition to the bondholders’ demands to the courts, although this morning’s Court of Appeal decision effectively spells the end the Rockingham company’s fight.
Chemeq does not have $60 million, raising the prospect that its much-hyped polymeric anti-microbial drug, which was touted as a far superior, and healthier, growth agent for pork and poultry than the more conventional human antibiotics, would fall into the hands of an overseas biotech company as part of the bondholders’ efforts to recoup their owed monies.
NEALE PRIOR and PETER KLINGER

 

[bigdog]

http://www.abc.net.au/news/newsitems/200705/s1937691.htm

Chemeq placed in administration
The financially-stricken animal drug manufacturer Chemeq has been placed in administration.

The Rockingham-based company has lost an appeal in the Western Australian Supreme Court which means it must pay back a $60 million loan to two of it's creditors.

 

[123happy]

I can feel the pain of all the shareholders, which I experienced during the last internet bubble burst. Anyone remember Spike(SPK) or OneTel(ONE), I was in both of them when they went belly up. Unfortunately, this one happens in a strong bull market.

Dont even think of catching a falling knife.

 

[bigdog]

Chmeq - the end is now!

When can the shareholders claim the tax loss?

I have lost a very small amount of $

 

[bigdog]

ASX ANN today
CMQ 11:46 AM Administrators Report
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00792498

Getting closer to reading the last rites of Chemeq!

NOTICE IS HEREBY GIVEN that the second meeting of creditors of the Company will be held at the offices of KordaMentha, Level 11, 37 St Georges Terrace, Perth, Western Australia on Thursday, 13 December 2007 at 10.00am (WDST).

AGENDA

1. The purpose of the meeting is: (a) to review the report of the Administrators in connection with the business, property, affairs and financial circumstances of the Company; and (b) for the creditors of the Company to resolve: i. that the Company execute a deed of company arrangement; or ii. that the administration should end; or iii. that the Company be wound up; or iv. the meeting be adjourned for a period of up to 60 days.

2. To consider, and if thought fit, approve the remuneration of the Administrators;

3. To consider, and if thought fit, approve the remuneration of the Liquidators, if appointed;

4. Any other business properly brought before the meeting.

 

[bigdog]

http://au.news.yahoo.com/thewest/business/a/-/wa/7652013/former-chemeq-md-vague-on-the-details/

Former Chemeq MD vague on the detailsAMANDA SAUNDERS, The West Australian

July 27, 2010, 7:18 am

David Williams, the former managing director of failed animal drugs company Chemeq, was yesterday grilled in the Federal Court on behalf of creditors owed $60 million, with the due diligence he conducted prior to taking up the role put under the microscope.

When asked by Craig Colvin SC, acting on behalf of receiver Ferrier Hodgson, if he had reviewed materials about Chemeq's sales during due diligence he conducted in December 2004, Mr Williams said that he could not recall doing so.

Aside from seeing general "issues with Chemeq" reported in the press, the only specific issue Mr Williams recalled about the company prior to his appointment in August 2005 related to production problems at its Rockingham plant.

Over the five-hour examination in front of Deputy District Registrar Rainer Gilich, Mr Williams answered "I don't recall" more than 160 times.

During his two-year stint as managing director - which ended when the company folded in May 2007 owing $60 million to six bondholders and about $1.5 million to unsecured creditors - Mr Williams did not recall reviewing any sales and marketing plans.

Mr Colvin quizzed him about whether he informed bondholders the company was experiencing problems commercialising its key product - polymeric antimicrobial treatment for pigs and poultry.

However, Mr Williams said of his monthly discussions with the creditors that all he could recall was talking about the "financial position of the company at the time".

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