About Empire Oil & Gas
On 14 September 2017, the Board of Empire Oil & Gas NL (“Company”) resolved to appoint Martin Bruce Jones, Andrew Michael Smith and Peter Damian McCluskey as Joint and Several Voluntary Administrators (“Administrators”) of Empire Oil Company (WA) Limited (“EOC”), a wholly owned subsidiary of the Company. Prior to EOC being placed into Administration, on 13 September 2017, Matthew Donnelly and Jason Tracy of Deloitte Restructuring Services were appointed Receivers and managers over the Red Gully Project assets under the terms of a loan facility agreement provided by Mineral Resources Limited. On 28 September 2017, the Board also resolved to appoint Martin Bruce Jones, Andrew Michael Smith and Peter Damian McCluskey as Administrators of the Company, and its other subsidiary Empire Services Pty Ltd.
At a meeting of the Company’s Creditors held on 2 November 2017, the Creditors resolved pursuant to section 439C of the Corporations Act that the Company enter into a Combined Deed of Company Arrangement (“Combined DOCA”) and that Martin Bruce James, Andrew Michael Smith and Peter Damian McCluskey become Joint and Several Deed Administrators of the Company (“Deed Administrators”).
On 22 February 2018, the Company, the Deed Administrators and Trident Capital Pty Ltd (“Trident Capital” or “Proponent”) entered into an Amended and Restated Deed (“Amended DOCA”), which, among other things, embodied a proposal by Trident Capital for the reconstruction and recapitalisation of the Company (“Reconstruction Proposal”).
The Reconstruction Proposal was approved at a meeting of shareholders on 7 December 2018, pursuant to which the Deed Administrators’ retired from their office and returned control of the Company to the Board on 14 December 2018.
The new Board is currently seeking an appropriate asset to acquire to enable the Company to be reinstated to trading on ASX. Any potential acquisition will be subject to shareholder approval and accordingly the Company will keep shareholders updated if and when this occurs through announcements on the ASX platform (https://www.asx.com.au/) and by sending shareholders directly to their nominated address or email on file with the Company’s share registry (https://investorcentre.linkmarketservices.com.au/Login/Login) a Notice of Meeting of shareholders that would accompany such a proposed acquisition.