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Our website ranking of MDC: rating 4
(4 out of 5)



Advanced Share Registry Services
110 Stirling Hwy, Nedlands WA 6009
Tel : +61 8 9389 8033
Fax : +61 8 9262 3723
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Company details

ISIN: AU000000MDC8
Address: 66 McCauley Street, ALEXANDRIA, NSW, AUSTRALIA, 2015
Tel:  (02) 8188 0311

Date first listed: 14/07/2015
Company Secretary: Kerem Kaya
Sector: Pharmaceuticals & Biotechnology Industry Group: XHJ

News & Events

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The company's general meeting will be held by virtual means and in person at Hall Chadwick's Melbourne Office, Level 14/440 Collins St, Melbourne Victoria 3000 (Location), on Friday, 22 December 2023 at 1:00pm (AEDT).


The company has today entered into two agreements to implement its proposed restructure. A general meeting will be held in due course to approve resolutions relating to the restructure transaction.


Shareholders in this company should consider crystallising a capital loss in 2023/24 by selling their shares. This process is now much easier and quicker. It can be achieved 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.


The Company has now paid the ASX annual listing fees and therefore it will not be removed from the Official List because of not paying the ASX annual listing fees. The Company has recently been made aware of an email broadcast circulated by Hall Chadwick regarding expressions of interest for a medical company. The Company wishes to inform Shareholders that this Broadcast is NOT related to Medlab in any manner and confirms that the Broadcast relates to a separate, unrelated entity. The Company has received several indicative bids varying in request, asset, structure, and optionality. The Board has now closed all bidding and has engaged Nova Legal to assist with advising the Company with respect to the legal considerations on the indicative offers. Kerem Kaya (CFO) and Sean Hall (CEO) have agreed with the Board to further reduce their hours to ad-hoc usage whilst maintaining their titles. Both Kerem and Sean's full-time employment contracts have now been terminated, and contractual/employee benefits such as annual leave have been paid out.


Under Listing Rule 17.6, an entity (if not already suspended) that had not paid its annual listing fees by close of business on Monday, 21 August 2023 would have its securities suspended from Official Quotation before the commencement of trading on Tuesday, 22 August 2023. The following entity has failed to pay to ASX Limited the annual listing fees for the year ending 30 June 2024 and consequently will have its securities suspended from quotation immediately. The company has failed to pay to ASX the annual listing fees for the year ending 30 June 2024, and its securities are already suspended from quotation.


The Board anticipates calling an Extraordinary General Meeting (EGM) during September 2023 (or soonest possible date), with details of associated transactions to be included in an Explanatory Memorandum accompanying the Notice of Meeting. It is anticipated that the outcomes from this meeting will conclude the operations of the company.


The Company's Board and Hall Chadwick continue to address significant interest in the Medlab assets. The international marketing campaign is identifying a range of interested parties, with due diligence and negotiations ongoing with various parties. As at the date of this announcement, the Company anticipates a substantive update may be provided in July 2023. Operating costs have been significantly reduced with a small team of part-time employees assisting with pivoting the Company's strategic direction. The Board, remaining staff, and Hall Chadwick are diligently working together on marketing the company, progressing discussions, and additional announcements will be made when appropriate milestones are met.


The company issues a response to ASX Query.


Currently, MDC is operating in a care and maintenance capacity whilst the Board of Directors devise and implement a corporate restructure plan. In order to reduce costs during this phase, the Board retrenched 78% of the workforce whilst retaining nine (9) critical personnel for the purpose of the restructure. The redundancy payments of all terminated staff were processed and paid by MDC on 9 March 2023. Shareholders are advised that the Company is not in any form of a formal insolvency appointment.


Medlab is exploring several possible corporate transactions with the assistance of its external consultants, Hall Chadwick Chartered Accountants. Medlab continues to operate its business, with a focus on addressing the unmet needs of its patients. Stakeholders are assured that the Company is not subject to any form of external control, including that it is not subject to Voluntary Administration.


Hall Chadwick has been engaged as external consultants to assist the current Directors of the Company with an informal workout and restructure of the Company's financial affairs. The Company is currently operating in a care and maintenance capacity whilst the Directors devise and implement a corporate restructure plan. Prior to the suspension, two (2) Directors of the Company have resigned from the Board and in the last week the Company has retrenched 78% of the workforce and is currently operating with skeleton staff for the purpose of the restructure. The business and assets of the Company will be advertised for sale, either via direct acquisition or via proposals from potential joint venture parties. This process is expected to continue for six to eight weeks and updates will be provided periodically. Hall Chadwick has already received and been in discussions with a number of domestic and international parties who are interesting in potential joint venture opportunities.


The securities of Medlab Clinical Limited will be suspended from quotation immediately under Listing Rule 17.3, pending release of an announcement regarding its proposed capital raising. The securities will remain suspended until MDC is in a position to provide a satisfactory announcement to ASX.


listed entity carried for record purposes only



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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

    08/07/2022Sean Hall124,821$0.080$10,000
    04/04/2022Sean Hall109,890$0.091$10,000
    30/03/2022Sean Hall95,744$0.094$8,998
    04/11/2021Sean Hall100,000$0.180$18,000
    14/04/2020Michael Hall-68,707$0.271$18,645

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    Sean HallManaging Director, CEO14/07/2015
    Kerem KayaCFO13/05/2021
    Michael CarterNon Exec Director13/03/2023
    Matthew HudsonNon Exec Director06/03/2023

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    Mohit GuptaIndependent Director08/08/202213/03/2023
    Michael HallNon Exec Chairman14/07/201506/03/2023
    Cheryl MaleyIndependent Director19/03/202127/02/2023
    Drew TownsendNon Exec Director14/07/201527/02/2023
    Laurie McAllisterIndependent Director05/08/202031/08/2022
    Simon AllsopCFO01/04/202113/05/2021
    Alan DworkinCFO09/02/201501/04/2021

    Date of first appointment, title may have changed.