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ASX, Legal & CGT Status

Former (or subsequent) names

BIR FINANCIAL LIMITED20/06/201823/11/2023

Shareholder links

Our website ranking of FWL: rating 3
(3 out of 5)



Security Transfer Australia Pty Ltd
No longer operating

Company details

Address: 3 Camden Street BELMONT WA 6104
Tel:  (08) 9277 2600Fax: +61 8 9277 5303

Date first listed: 31/07/2006
Company Secretary: Daniel Bredenkamp
Sector: Materials Industry Group: XMJ
Activities: Developing a project aimed at producing merchant pig iron from iron resources in Western Australia

News & Events

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name changed to Living Cities Development Group


we understand that on or about this date the company consolidated its shares 1 for 40


The Company is pleased to advise that all resolutions put to members at today's General Meeting were approved on a show of hands.


The Company is pleased to advise that all resolutions put to members at today's Annual General Meeting were approved on a show of hands.


The company lodges its quarterly activities and cash flow report.


The company issues a notification of consolidation/split.


Notice is hereby given that the Annual General Meeting of Shareholders of Ferrowest Limited ("Ferrowest" or "the Company") will be held on Monday, 30 November 2015 at 9:00AM, at Level 1, 914 Hay Street, PERTH, Western Australia


Ferrowest Limited ("the Company") is pleased to advise that it has today dispatched a Notice of General Meeting to shareholders to consider a proposal for the reconstruction of the Company ("the Proposal"). The Proposal was offered in May 2015 by the Company's largest shareholder, TFA International Pty Ltd ("TFA") and TFA have brought in a further investor Yaopeng International Trade Pty Ltd ("Yaopeng"). Collectively TFA and Yaopeng and referred to here as the Proponents.


As announced before, the company is continuing to try and secure approval for the release of a notice of meeting to put a proposed reconstruction proposal for the company before shareholders for consideration. Due to reasons specified in the update, the company opted to cancel the transaction in its entirety. The company has entered into deeds of cancellation with the two vendors of the asset and the proponent that financed the transaction in order to undo it completely. The company will now redraft the notice of meeting documentation to reflect the new transaction as soon as practicable and submit it to ASX for approval.


The company lodges its Annual Report for the year ended 30 June 2015.


Today Ferrowest Limited ("Ferrowest") has entered into a Deed of Cancellation with Arafura Resources Limited ("Arafura"), Ferrowest's joint venture partner in the Yalyirimbi Iron Project and owner of the underlying mineral tenement, in order to formally unwind Ferrowest's participation in the project.


Ferrowest Limited ("the Company") is pleased to announce that it has entered into conditional acquisition agreements ("the Acquisition Agreements") to acquire a 51% interest in the Zigong Guodun Farmers Market project ("the Project"). The Project is a proposed 5 story shopping centre complex to be located in Zigong, China that was previously announced to the market by the Company on 17 August 2015.


On 17 August 2015, the Company submitted a revised notice of meeting to ASX regarding its proposed new property development project. ASX advised on 21 August 2015 that the said notice of meeting has also been rejected. The company is awaiting written notification of the details from ASX and will advise the market on developments in due course.


The Company is pleased to announce that it has identified what would become the first property development project if shareholders approve the Proposal, and it is the Zigong Guodun Farmers Market, which is expected to take around 18 months to complete. This project aims to reconstruct and recapitalise the company.


The company lodges its quarterly activity and cash flow report


As announced, the Company had intended to put the Proposal to reconstruct and recapitalise the Company into a property and infrastructure development business to shareholders with a Notice of Meeting. However ASX has advised the Company that it will not grant approval for the issue of the proposed Notice of Meeting unless it contains detailed information on the new business itself, including a new project for shareholders to assess as a part of the decision on whether to accept the Proposal. The Company will therefore set about identifying, evaluating and securing a new property development project. TFA has advised that it will continue to support the Company and has agreed to continue with the Proposal on the revised basis.


As previously advised to the market, Ferrowest Limited has been evaluating a proposal by TFA International Pty Ltd, the Company's largest shareholder, to reconstruct and recapitalise the Company. TFA has been providing loan funding to sustain the basic operations of the Company while the details of the Proposal were worked out. The Company is pleased to advise that it intends to put the Proposal to Shareholders for consideration at a General Meeting, which will be called as soon as the Meeting documentation has been reviewed by ASX and ASIC.


TFA International Pty Ltd, the Company's largest shareholder (with 29.17% of the shares) and creditor for around 60% of the debt owed by the Company, has offered a reconstruction proposal


The previously announced sale of the Yogi Mine Project to Padbury Mining Limited ("Padbury") in accordance with the contract of sale between Ferrowest Limited ("Ferrowest" or "the Company") and Padbury dated 18 December 2014 ("the Agreement") was scheduled to settle on 31 March 2015. Ferrowest was ready, willing and able to settle the sale, however, Padbury advised it was unable to complete the sale and needed more time. Ferrowest had already previously granted 33 days of extension from the original settlement date of 28 February 2015 to 31 March 2015. The failure by Padbury to settle the transaction constituted an event of default under the terms of the Agreement and Ferrowest issued a notice of default to Padbury requesting that the contract of sale be honoured. Padbury has failed to rectify the default in the prescribed time and, as a consequence, the contract of sale formed pursuant to the Agreement has now terminated


Ferrowest Limited ("the Company") advises that as the Company's shares remain in voluntary suspension, the Rights Issue Offer and the Offer Document dated on 2 February 2015 ("collectively the Offer") are hereby withdrawn. Funds already submitted for applications under the Offer will be promptly returned to applicants in accordance with section 3.19 of the Offer and the requirements of the Corporations Act 2001.


The Offer Closing Date is extended until 5PM WST on Friday, 8 May 2015


The securities of Ferrowest Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement. Security Code: FWL


shares reinstated to quotation


company is not yet in a position to make an announcement


shares suspended from quotation



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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    29/12/2014Brett Manning200,000$0.006$1,200
    18/11/2014Brett Manning210,000$0.006$1,302
    09/07/2014Brett Manning37,500$0.014$525
    07/07/2014Brett Manning72,500$0.011$795
    27/06/2014Brett Manning100,000$0.010$1,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    Bryan HughesNon Exec Chairman18/04/2012
    Brett ManningManaging Director, CEO10/04/2005
    Daniel BredenkampCFO28/11/2006
    Graeme JohnstonNon Exec Director20/02/2006
    Wei SunNon Exec Director04/10/2012
    Barry WyattNon Exec Director16/05/1996

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    Philip EversNon Exec Director20/01/200523/07/2012

    Date of first appointment, title may have changed.