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CMR, COMPASS RESOURCES LIMITED
veeone
post Posted: Jul 2 2012, 10:24 AM
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The Board of Compass Resources Limited (ASX: CMR) are pleased to advise that Mr Philip Wood and Mr John Allen have been appointed as Non-Executive Directors of the company, effective 28 June 2012.

Mr Philip Wood is an extremely experienced professional with an international legal and investment banking background. His previous roles include Managing Director and Chief Executive Officer of Intec Ltd., a world leader in mining and minerals processing technology and Associate Director at Resource Finance Corporation, where he engaged on a range of corporate transactions in the Australian mining and minerals processing sectors. V1




Said 'Thanks' for this post: fumi  
 
veeone
post Posted: Dec 21 2011, 03:44 PM
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  1. Compass Mining Pty Ltd – Sulphide Joint Venture creditors – 100 cents in the dollar was paid in August 2009;
  2. Compass Mining Pty Ltd – Oxide Joint Venture creditors –
      • 10 cents paid in August 2009;
      • 10 cents paid on 24 February 2010;
      • 20 cents paid on 29 December 2010;
      • 10 cents paid on 1 July 2011.
      • A further 40 cents will be paid to creditors on or before 4 January 2012 taking the total returns to creditors 90 cents in the dollar and future dividends will be subject to the timing of receipt of a GST refund from the ATO. Indications at this stage are that a final dividend will be payable to CMPL creditors around April 2012.
  3. Compass Resources Limited – employee claims – 100 cents in the dollar paid in August 2009.
The Future


As a result of the successful completion of the CMR DOCA, creditors which have previously registered claims against CMR and CMPL and whose claims were admitted against CMPL, have had their claims against CMR rejected by the Trustees in order to avoid double proof.
Given the successful completion of the DOCA, control of CMR's affairs has passed to the new CMR board. Accordingly, to the extent that creditors continue to supply goods and services to CMR, we note that CMR's head office in Sydney is now the appropriate point of contact for payment and in respect to any ongoing supply issues.
Shareholders should direct all future queries in relation to the Company's affairs directly to the Company Secretary, Neil Guest at neil.guest@compassresources.com.au.




Successful completion of the DOCA occurred on 15 November 2011, which included the following key events:

  • The implementation of a Creditors' Trust to which Darren Weaver and Martin Jones were appointed Joint and Several Trustees. The Creditors' Trust provides a structure whereby creditors' claims against CMR which are released by the DOCA are dealt with by the Trustee in accordance with the Trust Deed instead;
  • 13.25M was loaned to CMR by YA, pursuant to a new fixed and floating charge in favour of YA, which charge will also secure further funding to be provided by YA;
  • $7.5M was paid by CMR to HAR in partial satisfaction of debts due to it;
  • $5.75M was paid to the Trustee of the CMR Creditors' Trust to be split as follows:
      • $2.5M to Compass Mining Pty Ltd (CMPL); and
      • $3.25M to CMR unsecured creditors debts;
  • CMR being released of the charges previously in favour of CMPL;
  • The share issue to both YA (1,083,618,699 shares) and Coffee House Group Limited (172,722,511 shares) in exchange for release of the admitted debts owing to the by CMR;
  • Grant of a new charge in favour of Hunan Nonferrous Metals Corp Ltd in respect to the approximately $15.6M owed by CMR;
  • The issue of a bond to the Trustee of the CMR Creditors' Trust, for the benefit of creditors of CMR;
  • Cessation of the appointments of the Deed Administrators and Receivers and Managers; and
  • Control of CMR passed to its new board of directors.
Given the DOCA's completion, CMR creditor claims are now being dealt with in accordance with the Creditors' Trust Deed, specifically:

  • $3.25M will be distributed in the manner and priority outlined in accordance with clause 6 of the Creditors' Trust Deed, that being:
        • To the Administrators in satisfaction of the Administrators Costs;
        • Next, to the Trustees in satisfaction of the remuneration, fees, costs and expenses;
        • Next to employee entitlements (if any remain outstanding);
        • Next, to those CMR Creditors with admitted claims of less than $100,000, a dividend of 100c in the dollar; and
        • Next, to the CMR Creditors with admitted claims of $100,000 or more in proportion to their admitted claims.
CMR Creditors with admitted claims greater than $100,000 should also benefit a dividend of 25 cents in the dollar (subject to costs) from the unsecured bond issued by CMR at completion and payable to the Trustees in November 2014.


http://www.compassnl.com.au/




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mulgoaman
post Posted: Jul 6 2010, 09:44 PM
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In Reply To: starwoman's post @ Jul 6 2010, 09:13 PM

Hello Starwoman,

Thanks for the update.

MM

 
starwoman
post Posted: Jul 6 2010, 09:13 PM
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In Reply To: starwoman's post @ Jun 28 2010, 09:18 AM

Hello Mulgoa Man,

My Uncle Frank is now deceased, aunti Vi lives back at Emu Plainse after moving to Western
Australia, a few years back. she realised she missed her friends, and moved back, however minus my poor uncle.

My Grandfaterh originally owned the produce store his name was Frank also, my mothers name was Yvonne, she owned the spanish house next to the Ponderosa Fruit Stall on Bringelly Rd, now northern rd, we had horses, my name is Carmen.

Regarding CMR, there is a lot of stuff going on behind the scene take a look at Hot copper......

Take care,

Starwoman

 
mulgoaman
post Posted: Jul 6 2010, 09:01 PM
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In Reply To: starwoman's post @ Jun 28 2010, 09:18 AM

Hello Starwoman,

Sorry to have been somewhat tardy in replying - I've had a few things on my plate the last week or so and other matters get put on the backburner. The extracts from the Sydney Morning Herald that I've posted here on ShareScene of late were all by the same columnist, Scott Rochfort in his "CBD" column. He finishes this column each day with 'Got a tip? Use our online tips box or email srochfort@smh.com.au. As he has given Compass a few coverages now you get the impression he has an interest in turning up whatever he can. I would think he would be appreciative of any other input you might be able to offer.

Also CrayHunter and Veeone pointed out here on ShareScene in posts on 6th May that there was an article in the Australian that day by Stuart Wilson, chief executive of the Australian Shareholders Association where he spoke of "some questionable transactions resulted in shareholder heartache and a long list of unanswered questions".

It's a shame that Pierpont is no longer writing for the Fin. Review - he used to give this type of story a good coverage.

And yes, being a Penrith (and surroundings) resident for just over 70 years I remember the Produce Store and knew of Vi and Frank. So all the best.

MM

 
starwoman
post Posted: Jun 28 2010, 09:18 AM
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In Reply To: starwoman's post @ Jun 25 2010, 05:21 PM

Hellow Mulgoa Man,

Yes, I lived in Penrith area most of my life before coming up here 30 years ago, my familys name was Cronin. We used to have horses.......Produce store opposite Tatts Hotel many many years ago.

I have been in CMR along time, and it is scandalous how GT and the rest of them have swindled us out of this great ten bagger, we have exhausted almost every avenue, however we did win the first round by knocking back the resolutions.

It is a lucrative great australian company that is looking lost to us australians now because of the shonky dealings by the chairman etc.
The more media exposure we can have to expose what has happened to this company will help our plight.

Cheers,

Starwoman

 


starwoman
post Posted: Jun 28 2010, 09:18 AM
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In Reply To: starwoman's post @ Jun 25 2010, 05:21 PM

Hellow Mulgoa Man,

Yes, I lived in Penrith area most of my life before coming up here 30 years ago, my familys name was Cronin. We used to have horses.......Produce store opposite Tatts Hotel many many years ago.

I have been in CMR along time, and it is scandalous how GT and the rest of them have swindled us out of this great ten bagger, we have exhausted almost every avenue, however we did win the first round by knocking back the resolutions.

It is a lucrative great australian company that is looking lost to us australians now because of the shonky dealings by the chairman etc.
The more media exposure we can have to expose what has happened to this company will help our plight.

Cheers,

Starwoman

 
starwoman
post Posted: Jun 28 2010, 09:18 AM
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Posts: 324


In Reply To: starwoman's post @ Jun 25 2010, 05:21 PM

Hellow Mulgoa Man,

Yes, I lived in Penrith area most of my life before coming up here 30 years ago, my familys name was Cronin. We used to have horses.......Produce store opposite Tatts Hotel many many years ago.

I have been in CMR along time, and it is scandalous how GT and the rest of them have swindled us out of this great ten bagger, we have exhausted almost every avenue, however we did win the first round by knocking back the resolutions.

It is a lucrative great australian company that is looking lost to us australians now because of the shonky dealings by the chairman etc.
The more media exposure we can have to expose what has happened to this company will help our plight.

Cheers,

Starwoman

 
mulgoaman
post Posted: Jun 27 2010, 08:39 PM
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Posts: 346
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Hello Starwoman,

Well, I live in Mulgoa but that only happened from a few years back, after the Geographical Names Board decided so. I was happily living in Regentville until then. My place of abode hasn't changed - only the suburb name. And yes, I know Littlefields Road well. Each time I might venture south to join the Hume Highway it will be via Littlefields Road and the Northern Road.

But keep up the good effort in endeavouring to highlight the activities that have gone on in recent years in Compass. Any updates of your successes or otherwise via a ShareScene post would, I'm sure, be most welcomed. As for me I am a very small holder. That investment was originally done as a suggestion of a broker. I'm convinced we shareholders know as much as they do most of the time.

MM

 
starwoman
post Posted: Jun 25 2010, 05:21 PM
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In Reply To: mulgoaman's post @ Jun 24 2010, 09:44 AM

Hello Mulgoaman,

I am also a shareholder of CMR.

I also come from Mulgoa many years ago....Littlefields Rd, in fact......However now I live in Queensland.

I really dont know what is going to happen next, but it is disgraceful how GT has got away with this criminal shonky deal.

We have written to ASIC, and formed a group of researchers, we have submitted articles and tried to get Four Corners to make this Crooked Manipulation public, however we have stopped them for awhile, we are hanging out for a better deal for us small shareholders, however no matter what better deal if we do get one, they have still robbed us blind.

 
 


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