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Former (or subsequent) names

TOODYAY RESOURCES LTD15/02/200617/12/2007
GYMPIE GOLD LIMITED28/11/199715/02/2006

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Company details

Date first listed: 28/07/1971

News & Events

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Note for Gympie Gold 8.5% Convertible Note Holders: noteholders rank as unsecured creditors for the purposes of the liquidation of GGL. Noteholders continue to be represented by their Trustee, JP Morgan Trust Australia Limited (formerly Guardian Trust Australia Limited) ("Trustee"), who has submitted a proof of debt claim on behalf of all noteholders. Queries in relation to GGL's convertible notes (including transfers) should be directed to Anna Weedon of JP Morgan Trust Australia Limited on 02 9250 4003


no further distributions have been made from the Creditors Trust (since the one declared on 01/08/2006 - see below) or are presently envisaged - an insurance recovery action is the only potential source of additional funds and that is disputed and may take some time to resolve - also there are substantial second ranking secured claims to be dealt with before any funds would be available for ordinary unsecured claims


a distribution was declared today at 0.52 cents in the dollar


the Receivers and Managers retire, the Company is removed from liquidation and released from external administration


the company advises that it has been granted a waiver to Listing Rule 14.7 to allow the 126,000,000 shares and 20,000,000 options to be issued to the directors and related parties to be issued no later than 27 March 2006


name changed to Toodyay Resources Ltd


company (to be renamed Toodyay Resources Ltd) releases its new constitution


the reorganisation of the company's capital, involving a consolidation of 1 share for every 15 held, becomes effective today - there is no restructuring of the Convertible Notes - noteholders rank with unsecured creditors


all resolutions considered at today's General Meeting (see details in note of 4/1/2006 below) were approved at the meeting of shareholders held today on a show of hands


the company provides notice for a General Meeting to be held on Friday, 3 February 2006 at 11.00am EST at McGrathNicol+Partners, Auditorium, KPMG Building 10 Shelley Street, Sydney, NSW, 2000 - the purpose of the meeting is to consider various resolutions for the recapitalisation of the company including a consolidation of capital on a 1 for 15 basis and the issue of new shares to raise working capital - if the resolutions are approved the Company will seek the reinstatement of its securities on ASX - Ascent Capital has advised the Deed Administrator that it intends the Company to continue with its mineral exploration business through its interest in the Princhester Magnesite Deposit in Queensland and its oil exploration business through its Royalty Interests via the Griffin Gas Royalty and Tubridgi Gas Royalty and to pursue complementary acquisitions - it also intends to review new investment opportunities


nominees of Ascent Capital being Mr David Steinepreis, Mr Hugh Warner and Mr Gary Steinepreis are appointed Directors of Gympie Gold Limited


a Deed of Company Arrangement is executed today - it requires that an amount of $700,000, an issue and allotment of 10,000,000 Shares at a deemed issue price of 1 cent each and certain assets and rights of the Company be made available for the satisfaction of the claims of creditors and to meet the costs of the Administrator and Deed Administrator


at the meeting today, creditors resolve to approve the execution of a deed of company arrangement with Ascent Capital to recapitalise the Company


we understand an application has been made to the court for the liquidators to act as administrators again in order to propose a deed of company arrangement so that a sale (of the company) can be effected - a court order has been obtained and the creditors' meeting to approve the sale/deed of company arrangement ('DOCA') will be held at the end of this month


Murray Smith and Joseph Hayes of McGrathNicol+Partners are reappointed as Administrators of the Company


the liquidators have given Notice that the annual meeting of creditors and the annual general meeting of the members of the company will be held jointly at the Auditorium, Ground Floor, KPMG Building, 10 Shelley Street Sydney NSW on 5 October 2005 at 11:00 am - the meeting is being held for the purposes of receiving an account of the Liquidators' acts and dealings and of the conduct of the winding up - shareholders and creditors are welcome to attend


we understand the receivers and liquidators have reached agreement for the sale of the corporate shell - this will now require a Court application to enable a Deed of Company Arrangement to be proposed to creditors and if accepted, a shareholder meeting to be convened to consider the proposal - this should ultimately lead to re-listing of the company in a 'changed' form in accordance with the proposal - the whole process will depend on the Court timetable and preparation of various reports and documents required to convene the creditors and shareholders meetings


liquidator confirms that the receivers, the secured creditors and the liquidators are making progress towards sale of the shell - if it proceeds it will be taken to creditors and shareholders for approval - there have been various issues associated with some of the assets and other matters which have delayed progress beyond previous estimates - the liquidator is hopeful the timing will become clearer over the next two to three weeks


the Receivers and Managers are continuing to pursue the claim against Southland's insurers in relation to the loss at the Southland colliery - it remains uncertain whether any proceeds to be paid under the claim will be sufficient to satisfy the claims of the first ranking secured creditors in full, and therefore whether there will be any surplus to meet second ranking and unsecured creditor claims - the same uncertainty applies to the realisation of company assets - if the sale of the company shell proceeds, it is estimated to realise a minimal return to creditors - if the shell is sold and recaptalised, holdings will be diluted but retain some value if the shares are reinstated to trading - otherwise the shares will be valueless and a loss declaration will be issued


we understand there has been some progress towards a recapitalisation of the company - if it proceeds and the various approvals (by secured creditors, unsecured creditors and then finally shareholders) are forthcoming, the process is likely to take several months, perhaps even the rest of this year - shareholders should not have high expectations as holdings in failed companies are generally diluted significantly by the recapitalisation process and there is often little residual value


administrators indicate if an expected recapitalisation proposal is not viable within the next few weeks then they will make a declaration to enable shareholders to claim the capital loss on their shares


receiver advises of the sale of the Southland Colliery to Yanzhou Coal Mining Company of China


D'Aguilar Gold Ltd advises it has effected a sell-down of the existing tradeable holding of Gympie in D'Aguilar Gold Ltd - the sale has been effected of 9.25 million ordinary shares and 7.25 million options (20c @ 31/3/06) to "various supportive investors"


announces execution of contracts for the sale of the company's interests in the mining leases and assets comprising the Southland Coal operations in the Hunter Valley


Buka Minerals Limited announces the acquisition of an interest in the debt and related assets of Gympie Gold Limited


announces sale of mining and exploration leases and assets comprising the Gympie Eldorado operations


creditors resolve that the company be wound up and that M Smith and J Hayes of McGrathNicol + Partners be appointed liquidators


administrators have indicated that they have recommended the company be wound up - this decision deferred until scheduled meeting of creditors on 28 July 2004


at a meeting today creditors voted that the meeting be adjourned until Wednesday 28 July 2004, to provide further opportunity for a Deed of Company Arrangement proposal to emerge from the sale processes currently being conducted by the Receivers and Managers


the Receivers and Managers announce they are to recommence the sale process for the gold assets of the Gympie Eldorado Gold Mine Pty Ltd and offer for sale the Southland Coal assets


in a status report following further problems at the Southland mine the Receivers indicate that unless a restructure or recapitalisation proposal is received it is likely the company will go into liquidation


Receivers and Managers of Southland Coal in conjunction with the new banking syndicate Mizuho/Investec, along with Thiess are now taking steps to place the Southland Colliery on care and maintenance while the syndicate continues to evaluate its options


the Mizuho/Investec consortium, together with the Receiver-Managers, Ferrier Hodgson, are continuing to review all options with respect to the Group's Southland Colliery and Gympie Eldorado Gold project


announces that a consortium of banks led by Mizuho International Plc ("Mizuho") and Investec Bank Australia Limited ("Investec") have agreed to replace HSBC Precious Metals Australia and Fortis Banks as its principal bankers. Concurrently, the Company has appointed Investec Wentworth Pty Ltd as its financial advisor


receivers and managers advise they are to offer for sale Gympie Eldorado Gold Mines Pty Ltd or its assets, together with its interest in D'Aguilar Gold Limited


the first statutory meeting of creditors today appointed committees of creditors - the administrators will now review the Group's financial position for the second statutory meeting of creditors - Guardian Trust Australia Limited has advised that it intends to represent all Noteholders during the Administration


company informs shareholders that the meeting scheduled for 8 Jan is cancelled - there will be a creditors meeting on 7 Jan - given the circumstances the company is likely to be in administration and receivership for several months during which time the company's shares will be suspended from trading


company appoints voluntary administrators J Hayes and M Smith of KPMG - HSBC Precious Metals appoints A Love, P Geroff and A Lewis of Ferrier & Hodgson as receivers and managers - this does not augur well for shareholders


shares suspended due to worsening of the "heating event" at the Southland Colliery


reinstated to quotation


shares suspended from quotation pending an announcement of a capital raising


name changed from Devex Limited



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