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CROPLOGIC LIMITED (CLI)

Suspended from ASX

SHARE PRICES

(updated at weekends)

Former (or subsequent) names

 

Shareholder links

Our website ranking of CLI: rating 3
(3 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Link Market Services, Level 12 QV1 Building 250 St Georges Terrace Perth WA 6000

Tel : +61 8 9211 6670 or 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000CLI9
Address: Merritt House, Canterbury Agriculture & Science Centre, Gerald Street, AUSTRALIA,
Tel:  +61 8 9429 8840 Fax: 

Date first listed: 12/09/2017
Company Secretary: Sebastian Andre
Sector: Commercial & Professional Services Industry Group: 
Activities: International agronomy services company driven by leading research and technology with highly skilled and trained personnel, specialist knowledge of cropping systems, regional know-how and emerging data analytics and predictive tools platform
OFX Transferring Money Internationally to Free

A copy of the DOCA is now available on the New Zealand Companies Office website at www.business.govt.nz/companies by searching "CropLogic Limited" and navigating to the "Documents" tab.

24/09/2020

Following the Watershed meeting on 25 August 2020 at which creditors voted in favour of executing a Deed of Company Arrangement, a DOCA was finalised and executed by the Directors and the Administrators on 15 September 2020. Certain conditions are now required to be met before 30 September 2020, in order for the DOCA to be successful.

17/09/2020

Nexia New Zealand confirms that the watershed meeting of creditors of CropLogic was held on Monday, 25 August 2020. The administrators reiterated that the objective of administration is to maximise the return to creditors. The administrators outlined a proposal received from an interested party and recommended entering into a DOCA in order to complete a transaction that will result in the best return for creditors. The creditors resolved to execute a DOCA, with the terms yet to be finalised. The administrators are continuing negotiations in order to effect a deal and are drafting the DOCA which is due to be finalised before 15 September 2020.

27/08/2020

The following entity has not paid their annual listing fees in respect of the year ending 30 June 2021 but their securities are already suspended from official quotation.

24/08/2020

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

The creditors resolved not to appoint a creditors committee at the first meeting of creditors held on 3 August 2020. The Administrators will continue to keep the market and shareholders informed of material developments, principally via ASX announcements. At this stage, there is no further information that can be given to shareholders on the remaining equity value in CropLogic, if any, until the Administrators efforts to seek a successful outcome for CropLogic are more mature (if a successful outcome can be found). During an administration, the creditors of CropLogic are given priority over shareholders.

04/08/2020

As of 5pm on 22 July 2020, the Board of CLI resolved to appoint Craig Bolwell of Bolwell Corporate Advisory as liquidator of Croplogic Australia Pty Ltd, and Craig William Melhuish and Christine Jane Johnston of Nexia New Zealand as joint and several voluntary administrators of Croplogic Limited, in accordance with Section 239I of the Companies Act 1993.

22/07/2020

The company releases an Appendix 2A.

16/04/2020

The company issues a cleansing prospectus that contains an offer of up to 1,000 shares at an issue price of A$0.031 per share to raise up to A$31.

16/04/2020

The company releases the Results of Meeting.

14/04/2020

The company has agreed settlements of its disputes with NW Ag Solutions LLC and Bradley V. Shephard and Stanley V. Shephard, and has dissolved two of its wholly owned subsidiaries in the USA, ProAg CropLogic LLC and LogicalCropping LLC.

03/04/2020

As 13 April 2020 falls on a national public holiday both in New Zealand and Australia, the company's general meeting of shareholders will be conducted on the following day: Tuesday, 14 April 2020, at 10:00 am (WST). The cut-off for receipt of proxies will be on Sunday, 12 April 2020, at 10:00 am (WST).

02/04/2020

In order to ensure that security holders have sufficient time to consider the rapidly evolving situation and to comply with ASX requirements, the Company wishes to make the following updates to the Meeting: Date and time of the Meeting: Monday, 13 April 2020, at 10:00 am (WST); Cut-off for receipt of proxies: Saturday, 11 April 2020, at 10:00 am (WST).

01/04/2020

The Company notes that the email address of the Company Secretary supplied in the Announcement for those shareholders wishing to attend the online meeting was incorrect and the correct address is seb@croplogic.com

01/04/2020

In light of the COVID-19 pandemic and directives from the Australian Federal and State Governments restricting public gatherings, the Company has elected to conduct the Meeting via audio and visual / electronic communication. Whilst the Company continues to welcome shareholder participation in the Meeting, the Directors feel the most effective way for shareholders to engage is to lodge a directed proxy form prior to the meeting. This can be done by lodging the voting form attached to the Notice of Meeting that has been sent. Those shareholders wishing to attend the online meeting can do so by contacting the Company Secretary on seb@croplogic.com.au by no later than 10:00 am WST on Monday, 6 April 2020 to complete the registration process and obtain access details.

31/03/2020

The company releases a notice of Proposed issue of Securities - CLI.

25/03/2020

The meeting will be held at: 10:00 am (AWST) on 7 April 2020 at Level 31, Central Park 152-158 St Georges Terrace Perth Western Australia.

23/03/2020

CropLogic has entered into a Convertible Note Conversion Deed with Atlas Capital Markets. CropLogic has entered into Convertible Note Conversion Deeds with Directors Mr. Steven Wakefield and Mr. Stephen Silver in respect of the loans announced on 14 February 2020 and in respect of the unsecured short-term funding loan with sophisticated investors announced on 20 December 2019. Under the Short-Term Loan Conversion Deeds, the lenders will convert the entire debts owed by the Company totalling $AU350,000 into 17,500,000 Shares at a conversion price of 2 cents. CropLogic has negotiated an agreement that will license the CropLogic soil moisture monitoring technology, including the software source code for CropLogic realTime, to Professional Ag Services, Inc. and transfer the assets of the ProAg business, including customers and personnel, to the vendors of the original ProAg services business. This transaction allows CropLogic to reduce its ongoing employee obligations to core staff, greatly reducing its running costs, whilst also maintaining a continued presence in the Pacific North West and developing its technology via Professional Ag Services, Inc as a licensee. CropLogic does not intend to crop CBD hemp in the 2020 northern hemisphere season. In the interest of reducing operating costs in the meantime employee size has been reduced to key team members. It has been decided during the review to close the Twin Falls, Idaho, Bend, Oregon, and Mildura, Australia offices "“ whilst maintaining a core personnel presence in Idaho, Oregon, Washington and Australia. CropLogic will continue to review its operations and the global market, particularly its key markets of Australia and the USA, regarding further future opportunities whereby its agronomy, farm management and agtech can be applied. This includes a review of suitable assets and opportunities in Australia and USA. The Company has entered into a loan facility agreement with Boswell Prayer Limited for an amount of $US500,000 ($AU757,350) to assist CropLogic to meet its short-term capital requirements.

23/03/2020

The company lodges its Quarterly Activities Report & Omnibus Announcement.

14/02/2020

The company lodges an Appendix 4C - quarterly.

14/02/2020

The company notes that it has provided responses to the ASX queries dated 21 January 2020 and these have been released on the market announcements platform. CLI's securities will remain voluntarily suspended pending the company releasing the Appendix 4C for the quarter ended 31 December 2019 (Quarterly Report) and providing an update on the company's current funding position. The company expects the voluntary suspension to remain in place until the earlier of Monday, 10 February 2020, or the Quarterly Report and Financial Update being lodged.

04/02/2020

The company issues a response to ASX Query Letter.

03/02/2020

The company issues a response to ASX Aware Query.

13/01/2020

The company issues a cleansing prospectus that contains an offer of up to 1,000 shares at an issue price of $0.031 per share to raise up to $31. The cleansing offer is included primarily for the purposes of section 708A(11) of the Corporations Act to remove any trading restrictions on the sale of shares issued by the company prior to the closing date of the cleansing offer.

20/12/2019

The securities of CropLogic Limited will remain suspended from quotation under Listing Rule 17.3. The securities will remain suspended pending response to ASX queries.

20/12/2019

In relation to the Trial Hemp Farm takeouts: CBD % yield was affected by unseasonably adverse weather event; Methodologies for hemp farming at scale developed; Centralised Corporate Farming Option for hemp industry to be explored. Foundation Methodologies learned to be included and explored in 2020: 2020 Season "“ Direct cropping target of between 500 acres and 1,500 acres; Implementation of a contract farming model; Implementation of a procurement model; Consideration of adding further infrastructure - Cropping and drying and extraction capabilities; LogicalCropping General Manager appointed. Forward funding negotiated to fund 2020 programs - a strategic share placement facility negotiated with Atlas Capital Partners of London, UK.

20/12/2019

The company requests that its securities remain suspended pending the release of an announcement with an update on the harvest at the Hemp Trial Farm and funding discussions. The voluntary suspension is expected to remain in place until no later than Friday, 20 December 2019.

18/12/2019

The company requests that the voluntary suspension of its securities remain in place pending the release of an announcement on the harvest at the Hemp Trial Farm. The suspension is expected to last until no later than the commencement of trading on 17 December 2019.

03/12/2019

The company lodges its Appendix 4D and Half Year Accounts.

03/12/2019

The securities of CropLogic Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of CLI, pending the release of an announcement regarding an update on the harvest at CLI's Hemp Trial Farm.

19/11/2019

listed entity carried for record purposes only

12/09/2017

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    07/06/2019Steven Wakefield2,000,000$0.039$78,000
    07/06/2019Stephen Silver1,600,000$0.039$61,600
    05/06/2019Stephen Silver1,000,000$0.038$38,000
    16/07/2018Steven Wakefield200,000$0.042$8,480
    16/07/2018Steven Wakefield300,000$0.048$14,400

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Steven WakefieldChairman12/09/2017
    David de CuevasCOO19/02/2018
    Daniel BramichCFO30/04/2018
    Stephen HampsonNon Exec Director12/09/2017
    Peter RoborghNon Exec Director12/09/2017
    Stephen SilverDirector22/02/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    John CorbettNon Exec Director02/11/201823/07/2020
    James Cooper-JonesCEO12/09/201703/06/2020
    Andrew WhiteheadNon Exec Director06/04/201822/02/2019
    Cheryl EdwardesChairman01/03/201815/02/2019
    Jamie CairnsManaging Director, CEO12/09/201726/04/2018
    John BeattieNon Exec Chairman12/09/201701/03/2018

    Date of first appointment, title may have changed.