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MEC RESOURCES LIMITED (MMR)

Suspended from ASX 01/01/1970

Former (or subsequent) names

 

Shareholder links

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

 

REGISTRY:

Boardroom Pty Ltd, Level 12, 225 George Street, Sydney NSW 2000

Tel : +61 2 9290 9600 or 1300 737 760
Fax : +61 2 9279 0664 or 1300 653 459
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MMR7
Address: Level 1, 9 Bowman Street South Perth WA 6151
Tel:  +61 08 9217 2400 Fax: +61 8 9200 6193

Date first listed: 29/05/2006
Company Secretary: Andrew Bald
Sector: Energy Industry Group: XEJ
Activities: Invests into exploration companies targeting potentially large energy and mineral resources - the Company has been registered as a Pooled Development Fund
OFX Transferring Money Internationally to Free

The company lodges its Annual Report to shareholders.

14/10/2020

The Company is consulting further with Advent about the in-specie distribution framework to enable it to complete its due diligence and issue a Prospectus. The current board of MEC remains committed to holding the meeting to vote on the in-specie distribution of the Advent shares that it holds and the Company continues to consult with the ASX on this matter. The Company makes a request to extend the voluntary suspension period to Friday, 23 October 2020 or the Company releasing an announcement in respect to the potential in-specie distribution and outcome of writs and demands issued by both Advent and Asset , whichever occurs earlier.

08/10/2020

15,792,200 Ordinary Fully Paid Shares which were subject to voluntary escrow to 4 October 2020 have been released from escrow on 6 October 2020.

07/10/2020

The company has entered into a standstill agreement with both Advent Energy and Asset Energy in relation to writs and demands issued by both Advent and Asset, the effect of which is to allow the parties time to negotiate the resolution of the pending claims.

02/10/2020

The Directors of MEC Resources Limited regret the late lodgement of the Company's Annual Report and acknowledge that this is unacceptable. There are a number of factors which have impacted the lodgement of the Annual Report including the recent board restructure and importantly the new board members becoming familiar with a number of key items relating to the preparation of the Annual Report. The Board has been busy working with the Company auditors and its legal advisors and in doing so is endeavoring to complete and lodge the Annual Report in the next 7 working days.

01/10/2020

MEC awaits information from Advent Energy such that it is able to complete a notice of meeting and prospectus. The Company awaits information from Advent to enable it to complete its due diligence and issue a Prospectus. The Company makes a request to extend the voluntary suspension period to Friday, 29th September 2020 or the Company releasing an announcement in respect to potential investments under its expanded investmen mandate and/or potential in-specie distribution, whichever occurs earlier.

14/09/2020

The requisition under Section 249D of the Corporations Act 2001 has been withdrawn. Accordingly, the general meeting of shareholders which has been convened for Tuesday, 6 October 2020 will not proceed.

11/09/2020

The company has received a writ of sumons from Advent. The writ is to appear in the District Court of Western Australia and alleges that the company owes Advent an amount of $242,155.21. The company is in th process of obtaining legal advice in respect to the claims made in the writ and its present intention is to defend these claims.

09/09/2020

The company received a notice advising that BPH Energy, Grandbridge Limited, Tandcorp Pty Ltd, Trandcorp Pty Ltd ATF the Transcrp Super Fund A/C, Protax Nominees Pty Ltd ATF the Richards Super Fund A/C and Mr David Breeze, who in aggregate hold 7.27% of the Company's issued share capital, intend to move resolutions for the removal of the current directors of MEC. The company also received notice from BPH that the convening shareholders intend to call a meeting of shareholders. Shareholders are advised that no action is required at this time.

08/09/2020

The Offshore Sydney basin offers a substantial opportunity to make a meaningful impact on the reduction of CO2 emissions through CCS -Carbon Capture and Storage (geo-sequestration of CO2 emissions).

08/09/2020

Mr Stephen Harrison has agreed to take carriage of the process of securing the requisite information and documentation to complete the notice of meeting and prospectus to effect the in-specie distribution and to continue with the company's attempts to engage with Advent. Mr Harrison has agreed to resign as a director of the company in order to undertake this task.

02/09/2020

The company releases a letter to its shareholders regarding the general meeting to be held on 6 October. Majority of the directors recommend to vote against the resolutions at the general meeting.

01/09/2020

The company's general meeting will be held at Level 12, 255 George Street, Sydney, NSW 2000 on Tuesday, 6 October 2020 at 3.00 pm AEDT. A majority of the directors of the company recommend that shareholders vote AGAINST the 7 resolutions. They do not consider the resolutions to be in the best interests of the company or its shareholders.

01/09/2020

The Board of MEC had sought to engage with the Board of Advent on a number of occasions and in mid August 2020, MEC wrote to Advent and proposed the formation of a committee whose function would be to assist Advent with the preparation of the relevant materials to complete the notice of meeting and prospectus. The Board of MEC remains committed to the in-specie distribution however after discussions with 3rd parties, the Board believes there are a number of alternatives that could yield faster and better solutions for all shareholders of Advent, including both MEC and BPH. To date, the company has note received further information or documentation to requests for further information, nor to its offer of assistance, from Advent.

01/09/2020

The company lodges its Preliminary Final Report.

31/08/2020

MEC awaits information from Advent Energy such that it is able to complete a notice of meeting and prospectus. The company makes a request to extend the voluntary suspension period to 11 September 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

31/08/2020

The company has received a write of summons from Asset. The writ is to appear in the District Court of Western Australia and alleges that the company owes Asset an amount of $593,796 in respect to the purported loans to MEC. The company is in the process of obtaining legal advice in respect to the claims made in the writ and its present intention is to defend these claims.

27/08/2020

MEC awaits information from Advent Energy such that it is able to complete a notice of meeting and prospectus. The Company makes a request to extend the voluntary suspension period to Friday, 28th August 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

14/08/2020

BPH Energy released an announcement entitled "PEP 11 Update". MEC has a 49.4% interest in Advent Energy and is Advent's largest shareholder.

14/08/2020

On 11 August 2020, the company received a notice from shareholders, who together hold at least 5% of the company's issued share capital, requisitioning a general meeting of the company. The shareholderes propose the following items of business for consideration at a general meeting: the removal of Messrs Andrew Bald, Stephen Harrison, Anthony Hamilton and all other directors appointed after the section 203D notice dated 10 August 2020 and prior to the date of the general meeting, as directors from the company; and the appointment of Messrs Roderick Corps, Andrew Jones and Andrew Coloretti as directors. The company will now undertake the necessary steps to convene a general meeting in compliance with the Corporations Act.

13/08/2020

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

BPH Energy released an announcement on 10 August entitled "PEP 11 Update". The update details the geological and geophysical basis for the exploration well at Baleen within PEP11 in the offshore Sydney Basin. The report identifies a revised drill target on the Baleen prospect on seismic data line B4-18 with total depth of 2150 metres.

11/08/2020

The company releases an Appendix 2A.

04/08/2020

At this stage, MEC continues to await the requisite information from Advent Energy in order to complete its notice of meeting and prospectus and assuming this information is provided in the near future, MEC is targeting convening a shareholders meeting circa early September. The Company makes a request to extend the voluntary suspension period to Friday, 14th August 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

03/08/2020

The company lodges its Appendix 4C - quarterly.

31/07/2020

The following unlisted options have expired in accordance with the terms of which they were issued: 1,111,110 for an exercise price of $0.04. Expiry date is on 17 July 2020. The updated capital structure is as follows: listed ordinary fully paid shares: 684,451,176.

20/07/2020

MEC continues to await the requisite information from Advent Energy in order to complete its notice of meeting and prospectus and assuming this information is provided in the near future, MEC is targeting convening a shareholders meeting circa late August. The Company makes a request to extend the voluntary suspension period to Friday, 31st July 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

20/07/2020

MEC refers to the announcement made by BPH Energy on the ASX platform on 7 July 2020 entitled "BPH Energy investee Advent Energy - PEP 11 Review - Ampolex". MEC is the largest shareholder in Advent Energy Limited holding 49.4% of the issued share capital of Advent Energy.

07/07/2020

The Company makes a request to extend the voluntary suspension period to Friday, 17th July 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

03/07/2020

MEC reiterates that it intends to call a meeting of shareholders to effect the in-specie distribution of the Advent Energy shares that it holds and is presently awaiting further information from Advent Energy to finalise the requisite notice of meeting and prospectus. MEC is targeting convening a shareholders' meeting to be held in mid to late August.

02/07/2020

MEC has written to the boards of Advent and Asset and advised them that their claims are denied and that any legal proceedings to recover the alleged debts will be opposed.

25/06/2020

The Company makes a request to extend the voluntary suspension period to Friday, 3rd July 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

19/06/2020

Advent Energy limited and Asset Energy Pty Ltd have each served a notice of demand on MEC primarily in respect of costs incurred by Advent and Asset but claimed by MEC in its 30 June 2018 and 30 June 2019 annual Research and Development Tax Incentive claims with the Australian Taxation Office. The claim against MEC by Advent is $242,155.21, and by Asset $593,343.17.

17/06/2020

MEC Resources Limited has 9,696,476 Unquoted Options on issue expiring at 5pm (AWST) on 6 July 2020. The exercise price of the Options is $0.04 cents per Option. The consequences for option holders when they do not exercise their Options by 6 July 2020 is that the Options will lapse, and no further entitlement will exist.

17/06/2020

The Company makes a request to extend the voluntary suspension period to Friday, 19th June 2020 or the Company releasing an announcement in respectto potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier. Th company is seeking additional information from Advent Energy such that it can finalise a prospectus in relation to the proposed in-specie distribution of shares in Advent Energy Limited.

05/06/2020

The company has 59,114,729 Unquoted Options on issue expiring 22 June 2020.

27/05/2020

The Company makes a request to extend the voluntary suspension period to Friday, 5th June 2020 or the Company releasing an announcement in respectto potential investments under its expanded investment mandate, whichever occurs earlier.

22/05/2020

The Company makes a request to extend the voluntary suspension period to Friday, 22nd May 2020 or the Company releasing an announcement in respectto potential investments under its expanded investment mandate, whichever occurs earlier. The Company is also finalising a Prospectus in relation to the proposed in-specie distribution of shares of Advent Energy Limited.

12/05/2020

The company lodges its Appendix 4C - quarterly.

30/04/2020

The Company makes a request to extend the voluntary suspension period to Friday, 8 May 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

24/04/2020

The following unlisted options have expired in accordance with the terms of which they were issued: 2,400,000 - $0.06 (exercise price) - 31 March 2020 (expiry date).

01/04/2020

The company makes a request to extend the voluntary suspension period to Friday, 24 April 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

20/03/2020

The company makes a request to extend the voluntary suspension period to Friday, 20 March 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

06/03/2020

The company lodges its Half Yearly Report and Accounts.

02/03/2020

The company makes a request to extend the voluntary suspension period to Friday, 6 March 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

21/02/2020

BPH Energy has now converted a receivable of $162,566 into 3,251,320 shares in investee Advent at a conversion price of $0.05 per share. Grandbridge , has also converted a receivable of $505,325 into 10,106,500 shares in Advent at a conversion price of $0.05 per share. The effect on the capital structure of BPH investee Advent has been to increase the number of shares on issue from 177,595,234 to 190,953,234 shares upon the completion of the conversion representing a 7.52 % dilution effect to existing Advent shareholders including MEC Resources Limited. BPH's direct shareholding in Advent has increased from 22.6% to 22.7%, and GBA's direct shareholding in Advent has increased from 6.6% to 11.4%, and MEC's direct shareholding in Advent has now fallen from 53% to 49.3%.

13/02/2020

MEC advises that it was not provided with the opportunity to review the BPH Announcement prior to its release and that the cross-announcement was not authorized by the MEC board of directors. MEC is seeking clarification from Advent as to the failure to provide MEC with the notice of meeting and in respect to the matters considered at the general meeting, following which, MEC intends to obtain legal advice in respect to the validity of any purported approvals. MEC has, on a number of occasions, requested that Advent provide the requisite information to enable the company to prepare the prospectus level disclosure in accordance with the requirements under the Corporations Act and ASIC Regulatory Guide 228. At the date of the announcement, MEC has yet to receive a response from Advent on any of the requested information required to prepare the documents to effect the In-Specie Distribution.

13/02/2020

The company makes a request to extend the voluntary suspension period to Friday, 21 February 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

07/02/2020

BPH advises that it intends to convert a receivable of $162,566 into 3,251,320 shares in Advent at a conversion price of $0.05 per share. Grandbridge Ltd in accordance with shareholder approval received by Advent shareholders on 29 November 2019, intends to now convert a receivable of $505,325 into 10,106,500 shares in Advent at a conversion price of $0.05 per share. The effect on the capital structure of BPH investee Advent will be to increase the number of shares on issue from 177,595,234 to 190,953,234 shares upon the completion of the conversion representing a 7.52 % dilution effect to existing Advent shareholders including MEC. As a result of these conversions BPH's direct shareholding in Advent will increase from 22.6% to 22.7%, GBA's direct shareholding in Advent will increase from 6.6% to 11.4%, and MEC's direct shareholding in Advent will fall from 53% to 49.3%.

07/02/2020

The company lodges an Appendix 4C - quarterly.

30/01/2020

The company has become aware of an announcement made by BPH Energy on 28 January 2020 in relation to Advent Energy, in which the company is the major shareholder holding 53% therein. BPH has informed the market that Advent has submitted to the National Offshore Petroleum Titles Administrator an application to enable the drilling of the Baleen drill target in the PEP11 permit offshore NSW. Advent, through wholly owned subsidiary, Asset Energy, holds an 85% interest and is the operator of the permit.

29/01/2020

The company makes a request to extend the voluntary suspension period to Friday, 7 February 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

24/01/2020

The securities of MEC Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMR, pending the release of an announcement.

17/01/2020

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately, following the release by MMR of an announcement regarding a settlement with BPH Energy Ltd.

12/08/2019

The Board of MEC Resources advises that it has reached a settlement of the various legal disputes between MEC Resources and BPH Energy Limited, Grandbridge Limited, Trandcorp Pty Ltd and David Breeze. The terms of settlement are recorded in a deed of settlement, to which MEC's 53%-owned subsidiary Advent Energy Pty Ltd is also a party. The directors of MEC Resources have agreed to the settlement to resolve the continual disputes which have impeded the progress of both MEC Resources and Advent Energy over the period since November 2016, and the resultant series of expensive and value-destructive legal actions. As a result of the settlement, both companies should now be free to pursue commercial activities intended to generate value for shareholders.

12/08/2019

The board of BPH has reached a settlement with MEC Resources Limited in relation to the oppression proceedings it commenced in the Supreme Court of Western Australia earlier this year with Grandbridge Limited, Trandcorp and Mr. David Breeze. BPH, MEC, GBA, Trandcorp and Mr. David Breeze settled a number of other proceedings and entered into a deed of settlement and release with Advent Energy and other relevant parties.

09/08/2019

The securities of MEC Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMR, pending the release of an announcement.

09/08/2019

The securities of MEC Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMR, pending the release of an announcement.

09/08/2019

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately, following the release by the Company of an announcement clarifying the independent expert's report.

09/07/2018

The company provides further advice to ASX regarding the planned farm-out of PEP11 to RL Energy Pty Ltd. The Company holds an interest in PEP11 through 85% titleholder Asset Energy Pty Ltd, a wholly owned subsidiary of investee Advent Energy Ltd. The Company has been advised that RL Energy Pty Ltd continues to progress suitable funding arrangements for the planned future work programme, and the Company will update the market once these are finalised.

09/07/2018

The securities of MEC Resources Limited will be suspended from quotation immediately, in accordance with Listing Rule 17.3.

09/07/2018

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately following the release of an announcement.

16/05/2018

The company issues a replacement prospectus which replaces the offer announced on 13 April 2018.

16/05/2018

The company provides an update on the processing of the 2D seismic data recently obtained in Petroleum Exploration Permit 11. Processing has commenced and is due to be completed within the third quarter 2018. Interpretation and integration with the existing dataset will then be undertaken. The conditional farmin agreement to PEP 11 that had been signed by Asset Energy and RL Energy provides for RL Energy to acquire 3D seismic data to meet the future 500km2 PEP11 permit work commitment acquire 3D seismic data to meet the future 500km2 PEP11 permit work commitment. Upon completion of the survey, Asset Energy will hold at least 25%, RL Energy will hold up to 60% and Bounty Oil and Gas NL will hold 15% of PEP11.

16/05/2018

The securities of MEC Resources Limited will be suspended from quotation immediately, in accordance with Listing Rule 17.3.

10/05/2018

The suspension of trading in the securities of MEC Resources Ltd will be lifted immediately, following receipt of an announcement by the Company.

13/04/2018

MEC Resources Ltd is aware of recent unauthorised communication to shareholders concerning the exploration of PEP11, offshore Sydney Basin. The Company's investee Advent Energy Ltd holds an 85% interest in PEP11 through wholly owned subsidiary Asset Energy Pty Ltd. Shareholders should note that the letter was not sent by MEC.

13/04/2018

ASX has suspended the securities of MEC Resources Limited from official quotation pursuant to Listing Rule 17.3

13/04/2018

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately, following receipt of an announcement.

16/05/2017

The notice purporting to convene a third EGM of the company to be held on 29 June 2017 has been withdrawn by Grandbridge Limited, a company controlled by Mr. David Breeze, and his associated parties. The company also provides a response to Grandbridge Limited's announcement dated 15 May 2017.

16/05/2017

The securities of MEC Resources Limited will be suspended from official quotation immediately in accordance with Listing Rule 17. 3, pending the release of an announcement.

16/05/2017

the suspension of trading in the securities of the company will be lifted immediately, following receipt of an announcement about the final logging data on the New Seaclem 1 exploration well in PEP 11

04/01/2011

the securities of the Company will be suspended from quotation immediately, at the request of the Company, pending release of an announcement in relation to New Seaclem 1, PEP 11

30/12/2010

MEC Resources Ltd investee company Advent Energy Ltd says drilling at the New Seaclem 1 well off Australia's east coast has revealed a reservoir and sea pairs consisting of high-porosity Tertiary sandstones along with several formational and intraformational seals. Advent says a seismic line oriented south-west to north-east suggests there is significant updip structural potential which has not been tested. Further seismic data is required, and the joint venture will announce additional details in due course. Advent subsidiary Asset Energy is increasing its interest in PEP11 from 25% to 85% on completion of the New Seaclem 1 well, thereby reducing Bounty Oil & Gas's interest from 75% to 15%. Advent shareholders include MEC, BPH Energy Ltd, Grandbridge Ltd and Talbot Group Investments.

30/12/2010

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

     

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    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Douglas VerleyNon Exec Director11/02/2020
    Robert MaruscoDirector23/09/2020
    Andrew JonesDirector23/09/2020

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Anthony HamiltonNon Exec Director03/08/202023/09/2020
    Andrew BaldNon Exec Director23/09/2020
    Stephen HarrisonNon Exec Director03/08/202001/09/2020
    Michael SandyChairman24/07/201803/08/2020
    Matthew BattrickNon Exec Director04/09/201711/02/2020
    Deborah AmbrosiniManaging Director, CFO15/02/201026/03/2019
    Hock GohChairman, Managing Director17/11/200624/07/2018
    KO YapNon Exec Director01/12/200524/07/2018
    Heng YuNon Exec Director24/11/201624/07/2018
    Darryl MooreNon Exec Director10/04/201724/07/2018
    David BreezeExecutive Director, CEO20/04/200525/11/2016
    Chin Tong LimNon Exec Director01/12/200502/04/2012

    Date of first appointment, title may have changed.