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MAGNIS ENERGY TECHNOLOGIES LTD (MNS)

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ASX, Legal & CGT Status

Former (or subsequent) names

 FROMTO
MAGNIS ENERGY TECHNOLOGIES LTD05/11/2018
MAGNIS RESOURCES LIMITED.25/09/201405/11/2018
URANEX LIMITED25/10/201125/09/2014
URANEX NL25/10/2011

Shareholder links

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

 

REGISTRY:

Link Market Services Melbourne
Tower 4, 727 Collins Street Docklands VIC 3008
Tel : +61 3 9615 9800
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MNS3
Address: Suite 11.01, 1 Castlereagh Street Sydney, NSW 2000
Tel:  +61 2 8397 9888Fax: +61 2 8397 9801

Date first listed: 25/10/2005
Company Secretary: Duncan Glasgow, Jonathan Reynolds
Sector: Materials Industry Group: XMJ
Activities: Graphite & Battery Development

News & Events

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Since late 2023, the Company has been working closely with Price Waterhouse Coopers to refinance iM3NY's existing $100M USD credit facility. In meetings with Investors, Magnis has presented comprehensive operating plans that include new additional Capex requirements for iM3NY's commercialisation supported by additional Magnis security and contingencies. The goal of completely refinancing the existing $100M USD debt has been established as the target for the new investors.

15/02/2024

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

31/01/2024

Magnis will no longer treat LLC and Inc as subsidiaries in its financial reports (meaning that the Company's accounts will no longer report consolidated figures in respect of those entities), which, subject to finalisation of the half-year financial report, is anticipated to have a positive impact on Magnis' reported financial position. The Company has recently been advised by the newly appointed directors of Inc that the Renewed Agreements for the purchase of cells from the factory have since lapsed, because Inc missed the amended scheduled supply start dates, therefore not satisfying the conditions precedent under the contracts. To the best of the Company's knowledge, Inc no longer has any operative off-take agreements. These lapsed contracts are not considered material to the Company as a consequence of Inc no longer being its subsidiary. The OTC board moved Magnis to the OTC Open Market. The Company has been informed that this change will be revisited by the OTC if and when Magnis' suspension from the ASX is lifted.

22/01/2024

Formal court orders in relation to the Court Proceedings have now been handed down. The media has incorrectly reported on these proceedings on a number of occasions and a recent news article purporting to summarise these orders incorrectly stated that a summary judgement application was underway. This is inaccurate. The Company has now put arrangements in place with the newly appointed directors of Inc, so as to enable the Company to keep the market informed of material matters occurring at iM3NY. The AGM presentation contained details of advice given to Magnis by the production team that they were on target to achieve a daily production run of 300 cells per day by December 2023. Magnis has since been informed by the new board of Inc that this is not the case and that there was no production in December 2023, nor any revenue generated in that month. Magnis' efforts to pay out the existing lender and provide additional working capital, as shared in the AGM Presentation, are continuing. The lender has in the interim provided additional working capital to iM3NY by releasing ~USD$3.3M from the interest Escrow account and capitalizing the interest payment which was due on 31 December 2023.

10/01/2024

As a part of the Court Proceedings, C4V was seeking to challenge the November 2023 appointment of Magnis-designee Mr Giles Gunesekera to the Board of LLC. On 22 December 2023 (Sydney time), the Court of Chancery in Delaware granted the request by Magnis to cancel the 2 January 2024 hearing and to accept the resignation of Magnis-appointed directors Mr Frank Poullas, Ms Claire Bibby and Mr Giles Gunesekera from the Board of LLC. Formal court orders in relation to the Court Proceedings are yet to be handed down. Magnis' decision to request a modification of the prior status quo order and the cancellation of the 2 January 2024 hearing was made to afford Magnis the ability to focus its efforts on arranging the potential retirement and replacement of the Credit Facility rather than on costly and time-consuming litigation.

27/12/2023

Following receipt of the subsequent Default Notice on 30 November 2023, Magnis has accepted that the Lender was entitled to and has in fact exercised it rights to change the composition of the Board of Imperium3 New York, Inc. Magnis is engaging with the newly appointed directors of Inc (and with representatives of the Lender) with the view to assisting it govern and manage Inc from an operational and financial perspective and, ultimately, to potentially see control of the Board of Inc pass back to Magnis, including by seeking to procure alternative financing to refinance the Credit Facility. As for recent media reports on proceedings initiated by C4V, while Magnis will defend these proceedings if they, in fact, progress to a final hearing, Magnis is also seeking to resolve the matter with C4V outside of court, with the primary aim of refinancing Inc. These media reports also speculate that the Company may be insolvent "without the gigafactory on its books". This is incorrect. Magnis also reaffirms that: as at the date of this announcement, a majority of the Board of LLC consists of Magnisappointed directors, which was confirmed by the Chancery Court of Delaware in the recent preliminary hearing; whilst the hearing of the substantive matter before the Chancery Court of Delaware has been expedited and has been set down for 2 January 2024, Magnis is, in the interim, endeavouring to work with C4V and the Lenders to expedite the refinancing of Inc; and the directors of Magnis are (in addition to assisting Inc achieve a refinancing), continuing to advance the planned development of its Nachu Graphite and AAM Projects. ASX has confirmed that Magnis' shares will remain suspended under Listing Rule 17.3 until ASX is satisfied with Magnis' compliance with the Listing Rules (including its ability to comply with Listing Rule 3.1 and its periodic reporting obligations on an ongoing basis) and that it is otherwise appropriate for Magnis' shares to be reinstated to quotation.

18/12/2023

The securities of Magnis Energy Technologies Ltd will be suspended from quotation immediately under Listing Rule 17.3. The securities will remain suspended until ASX is satisfied with MNS' compliance with the Listing Rules (including its ability to comply with Listing Rule 3.1 and its periodic reporting obligations on an ongoing basis) and that it is otherwise appropriate for MNS' securities to be reinstated to quotation.

08/12/2023

The suspension of trading in the securities of Magnis Energy Technologies Limited will be lifted immediately following the release by MNS of an announcement regarding iM3NY's loan facilities.

10/11/2023

The Company provides an update in relation to the US$100 million senior secured term loan credit agreement between Imperium3 New York and Charge CCCV and lenders as determined from time to time. The Borrower, which owns and operates the iM3NY Lithium-ion Battery Facility in Endicott, NY is a wholly owned subsidiary of iM3NY. The Company has an economic interest of approximately 73% in iM3NY. The Borrower was served with a notice of default from the Lender alleging that various events of default had occurred under and/or in relation to the Credit Facility. The Lender has stated that it may, amongst other matters, seek to enforce the security it has over the assets of the Borrower (and others, including iM3NY and C4V) if a resolution acceptable to the Lender (and ACP) has not been reached by 5pm (New York time) on 14 November 2023.While the Borrower has challenged the Default Notice on various grounds, the Borrower is attempting to resolve the matter with the Lender, including by seeking to procure alternative financing to refinance the Credit Facility. The Company advises that in the event the Lender enforces the security against the assets of the Borrower, then that of itself would have no impact on the Company's solvency. The Company draws attention to the statement made in the recent September 2023 quarterly cash flow statement that the directors are engaged in seeking additional capital from the debt and equity markets and believe these efforts are more likely than not to be successful.

10/11/2023

The suspension of trading of the company's securities will continue while it finalises the announcement concerning the iM3NY loan facilities. MNS expects normal trading will resume by Friday 10 November 2023.

09/11/2023

The securities of Magnis Energy Technologies Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MNS, pending the release of an announcement regarding iM3NY's loan facilities.

08/11/2023

The suspension of trading in the securities of Magnis Energy Technologies Ltd will be lifted from the commencement of trading on Tuesday, 31 October 2023 following the release of its response to ASX's query letter and its revised Full Year Statutory Accounts.

30/10/2023

The company will hold its AGM on 30 November 2023 at 11 am (AEDT). The meeting will be conducted in person at Level 31, 1 O'Connell Street, Sydney NSW 2000.

30/10/2023

The company releases an announcement for the purpose of disclosing the material terms of the company's agreement with its IT services provider, Spectrum IT.

30/10/2023

The company provides an announcement for the purposes of disclosing the company's breach of Listing Rule 10.17A. Additional disclosures required by ASX were also released by the company.

30/10/2023

The company lodges its updated Full Year Statutory Accounts.

30/10/2023

The company issues a response to ASX Query Letter.

30/10/2023

iM3NY expected to receive US$2 million ESD grant in Q4 2023. Sales commenced in the previous quarter. Collaboration with GTI Fabrication for Battery Energy Storage Systems.

06/10/2023

The securities of Magnis Energy Technologies Ltd ("˜MNS') were suspended from quotation under Listing Rule 17.5 on Monday, 2 October 2023 because MNS did not lodge its Full Year Statutory Accounts by the due date. MNS has since lodged its Full Year Statutory Accounts, however ASX has concerns regarding the qualified audit opinion disclosed with the Full Year Statutory Accounts. As a consequence, the securities of MNS will now be suspended from quotation by ASX under Listing Rule 17.3. The securities will remain suspended until ASX is satisfied with MNS's compliance with the Listing Rules (including Listing Rules 12.2 and 3.1) and that it is otherwise appropriate for MNS's securities to be reinstated to quotation.

03/10/2023

The company lodges its Full Year Statutory Accounts.

03/10/2023

The securities of the entity will be suspended from quotation under Listing Rule 17.5 from the commencement of trading today, Monday, 2 October 2023, for not lodging the relevant periodic report by the due date. If the report is lodged between the closure of the market announcements office on Friday, 29 September 2023, and the imposition of the suspension, the entity's securities will normally be reinstated to quotation on the next trading day after the suspension is imposed.

02/10/2023

The suspension of trading in the securities of Magnis Energy Technologies Ltd will be lifted from the commencement of trading on Tuesday, 3 August 2021, following the release by MNS of an announcement regarding the outcome of its proposed capital raising.

03/08/2021

A$20 Million Convertible Note funded by US-based institutions The Lind Partners and SBC Global Investment Fund. Magnis to immediately invest US$13 million (equivalent to approximately A$17.6 million1) into iM3NY to provide further equity for future expansion plans. iM3NY in final stages to sign a mandate to begin US listing process.

03/08/2021

The company lodges its Quarterly Activities Report and Appendix 5B - 30 June 2021.

30/07/2021

The Company expects that the announcement regarding the proposed capital raising transaction will be published later this afternoon or otherwise before the market re-opens on Monday, 2 August 2021.

30/07/2021

The securities of Magnis Energy Technologies Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MNS, pending the release of an announcement regarding the outcome of its proposed capital raise.

29/07/2021

name changed from Magnis Resources Limited

05/11/2018

 

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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

    DATEDIRECTORNUMBERPRICEAMOUNT
    01/11/2023Frank Poullas2,175,000$0.063$136,914
    24/08/2023Frank Poullas931,828$0.085$79,569
    10/06/2022Frank Poullas115,206$0.343$39,516
    03/03/2022Frank Poullas62,429$0.455$28,405
    11/10/2021Frank Poullas109,871$0.315$34,609

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Hoshi DaruwallaManaging Director29/12/2021
    Rodney ChittendenCOO01/05/2012
    Peter TsegasNon Exec Director16/06/2015
    Fabrizio PerilliNon Exec Director31/07/2023
    Shailesh UpretiDirector22/12/2023
    Mike DriscollDirector22/12/2023

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Mona DajaniIndependent Director29/03/202131/12/2023
    Frank PoullasExecutive Chairman, Independent Director10/09/201022/12/2023
    Giles GunesekeraIndependent Director28/01/202222/12/2023
    Claire BibbyIndependent Director28/01/202222/12/2023
    David TaylorCEO01/06/202201/12/2023
    Mugunthan SivaIndependent Director29/03/202107/04/2023
    Stanley WhittinghamNon Exec Director04/11/201631/12/2021
    Zarmeen PavriIndependent Director29/03/202129/12/2021
    Richard PettyIndependent Director29/03/202118/11/2021
    James DackNon Exec Director12/06/202017/05/2021
    Troy GrantNon Exec Director23/06/202023/02/2021
    Frank HoullisCEO27/08/201421/08/2020
    Johann Jooste-JacobsIndependent Director04/08/200931/05/2020
    Subhas DeGamiaNon Exec Director01/01/202025/02/2020
    Leslie HoskingManaging Director05/03/201924/02/2020
    Marc VogtsManaging Director02/11/201631/01/2020
    Warwick Leslie SmithNon Exec Director10/09/201801/01/2020
    Ulrich BezNon Exec Director07/02/201728/02/2019
    Peter SarantzouklisChairman23/07/201316/04/2018
    Colin JohnstoneNon Exec Director27/05/201631/10/2016
    Len EldridgeExecutive Director27/05/201631/10/2016
    Stephen HuntIndependent Director27/08/201014/12/2015
    Alastair ClaytonExecutive Director15/03/201219/02/2013
    Matthew GauciManaging Director, CEO27/08/201030/04/2012
    Mark ChalmersIndependent Director10/09/201004/01/2012

    Date of first appointment, title may have changed.