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PHOSLOCK ENVIRONMENTAL TECHNOLOGIES LIMITED (PET)

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Former (or subsequent) names

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

 

REGISTRY:

Computershare Sydney
Level 3, 60 Carrington Street, Sydney NSW 2000
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 2 8235 8150
RegistryWebsite RegistryEmail

Company details

ISIN: AU0000021974
Address: Suite 3, Level 12, 75 Elizabeth Street, Sydney, NSW 2000
Tel:  +61 3 9110 0002Fax: (02) 9439 7715

Date first listed: 16/08/2002

Sector: Commercial Services & Supplies Industry Group: XNJ
Activities: Water treatment & water services company

News & Events

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The company lodges its Quarterly Activities/Appendix 4C Cash Flow Report.

30/04/2024

The company lodges its Quarterly Activities/Appendix 4C Cash Flow Report.

31/01/2024

The company releases the results of its meeting.

18/01/2024

The company releases its Chairmans Address to Shareholders - Jan EGM.

18/01/2024

Phoslock Environmental Technologies reiterates the proxy voting process detailed in the Notice of Extraordinary Meeting lodged with ASX on 15 December 2023 and the voting intentions of undirected proxies received by the Chairman of the Company, David Krasnostein. The Chairman of the Board intends to vote all undirected proxies IN FAVOUR of Resolutions 1 and 2 and AGAINST Resolutions 3 to 10.

02/01/2024

The company's extraordinary general meeting will be held on Thursday, 18 January 2024 at 10:30am (Melbourne time) at Chapel Suite, The Como Melbourne, 630 Chapel Street, South Yarra VIC 3141 and online https://meetnow.global/M474VTH.

15/12/2023

The Company will hold an EGM of shareholders on 18 January 2024 to consider resolutions unanimously recommended by the Board relating to the proposed business sale by the company and the company's subsequent delisting from the ASX, in anticipation of a winding up of the Company. Alternative resolutions proposed by beneficial owners of at least 5% of issued shares in the company will be put to the meeting. Those resolutions propose a continuation of the business under a newly elected Board. The Company has entered into a sale agreement with US-based SePRO Corporation to sell all of the Phoslock Group's remaining Phoslock inventory and certain intangible assets, including registered and unregistered intellectual property. The proposed sale, which is expected to result in total consideration of approximately $3.2 million, is seen by Directors as the optimum opportunity to realise value from the Company's remaining inventory and intellectual property. The Company has completed the sale of product to its Brazil-based South American distributor, HydroScience. The sale "“ at a value of approximately $950,000 "“ will enable HydroScience to complete several remediation projects to which it is already committed. An outstanding receivable relating to a sale to China Power Construction has now been fully recovered, with RMB payments equating to ~$210,000 having been paid to PET's Beijing based subsidiary, Beijing Ecosystime Environmental Science and Technology Co., Ltd. ECHA has notified the Company that its REACH registration relevant for future importation of Phoslock into the EU is under compliance review which is likely to require that the Company, along with other registrants, submit certain data and technical information about the safety of the chemical substance lanthanum chloride, a key ingredient of Phoslock.

07/12/2023

Directors have resolved to proceed with a proposed asset sale and to seek a de-listing from the ASX and a winding-up of the Company. The resolution follows a comprehensive but ultimately unsuccessful process to identify options to secure the necessary capital to continue the operations of the Company. Consistent with these decisions, the Company will take steps to reduce costs and wind down operations. Interest from third parties has been negatively impacted by ongoing regulatory and potential legal actions relating to PET's legacy issues and past management. PET is currently negotiating with a third party regarding a potential divestment of PET's key assets in exchange for cash. While these negotiations are incomplete and there can be no guarantee that a transaction will be consummated, should the parties agree on terms, completion will be contingent on shareholder approval and other conditions precedent. The winding-up process will include consultation with the relevant regulatory authorities and other stakeholders. The proposed de-listing, and business wind down will help to reduce administration costs pending the winding-up of the Company. Regarding the XingYun Lake Project debt recovery matter in China, following negotiation with the customer, a settlement agreement was entered into between the parties. Under the Settlement Agreement the customer paid BEST the amount of RMB 21,686,737.50 (equating to approximately $A 4,650,000) on 27 October 2023.

31/10/2023

The company lodges its 1st Half 2023 Results Commentary & Trading Status Update.

04/09/2023

The company lodges its Appendix 4D - 1st Half 2023 Accounts.

04/09/2023

The Company expects to release its interim accounts for the six months ending 30 June 2023 no later than 8 September 2023. PET today advised that it has secured a part payment (RMB3 million, equating to approx. A$642,000) in respect of a receivable associated with the Xingyun Lake project in China. The payment was made to PET's Beijing based subsidiary, Beijing Ecosystime Environmental Science and Technology Co., Ltd on 25 August. The Company has recently secured orders for Phoslock applications in Brazil and Finland. The combined value of these contracts is approximately $600,000, with the applications scheduled for September. Whilst it is pleasing to secure these sales, the sales rebuild and associated revenues remain well below expectations and at a level insufficient to support the operations of the business.

31/08/2023

A Board Meeting on 10 August 2023 reviewed various cash flow projections and the statement of financial position of the consolidated entity. The Board concluded that without securing additional funding to support the business through the reporting period, it is more likely than not that management will be required to liquidate the assets of the business and discontinue operations. Funding pressure has resulted from a combination of factors previously disclosed by the Company, including the ongoing cost of responding to and managing legacy issues; continued delays in recovering receivables pertaining to past sales in China and a slower than expected build in revenues. Resolute has examined options including potential partnerships and/or the potential sale of part or all of the Company and/or its assets. The options that Resolute has identified are at a very early stage, and there is no assurance that any of those options could be transacted within an appropriate timeframe, or that those options would be acceptable to the Company, or its shareholders. Ongoing regulatory and Australian Federal Police investigations into matters relating to the previous mismanagement of the business have adversely impacted these discussions with third parties. There have not been any material developments in relation to these regulatory matters and investigations. The Board is considering all viable options identified by Resolute including possible options for securing the necessary capital and funding support to continue operating the business. The Company's securities will remain suspended until such time as ASX is satisfied with its compliance with Listing Rule 12.2.

15/08/2023

The securities of Phoslock Environmental Technologies Limited will be suspended from quotation immediately under Listing Rule 17.3.1 until such time ASX is satisfied with PET's compliance with Listing Rule 12.2.

14/08/2023

The suspension of trading in the securities of Phoslock Environment Technologies Limited is expected to be lifted from the commencement trading today, Friday, 16 September 2022 following confirmation of satisfaction of ASX's conditions for reinstatement.

16/09/2022

the ASX subject to certain conditions being met (collectively, Conditions and each a Condition). On 15 September 2022, the Company received confirmation from ASX that upon the release of this announcement, the Company will have satisfied all of the Conditions set out in the July 11 2022 correspondence resulting in the Company's securities being reinstated to quotation on the ASX's official list on Friday 16 September 2022.

16/09/2022

The company lodges the following: Appendix 4D - 1st Half 2022 Accounts, 1st Half 2022 Results Commentary and 1st Half 2022 Investor Presentation.

31/08/2022

At 11.00am on Wednesday 31st August 2022, the company's MD/CEO, Lachlan McKinnon; and CFO/Company Secretary, Matthew Parker, provide a review of the group's activities and financial results for the first half of 2022 on the company's strategic outlook and the expected relisting of PET shares on the ASX.

25/08/2022

The company has entered into an agreement with US based Water Warriors Inc. to distribute a patented product that has been proven to be effective in the removal of phosphorus from freshwater sources including stormwater, agricultural runoff and municipal waste water. As a solution to addressing flowable water remediation issues, the product is highly complementary to PET's own patented technology and addresses one of the Company's key strategic objectives of broadening its technology and service offerings into additional market segments.

05/08/2022

The company lodges its Appendix 4C Quarterly (Q2 2022).

29/07/2022

PET has received correspondence from the ASX stating that the Company's securities will be reinstated for quotation on the ASX subject to a number of conditions being met. The Company believes it will be in a position to meet all of these conditions and to ensure shareholders are fully informed as to the financial position of the Company on the release of its audited first half results, scheduled for late August.

11/07/2022

A court in China has ordered the payment of an outstanding receivable to PET's Beijing-based subsidiary, Beijing Ecosystime Environmental Science and Technology. The YuXi City People's Court handed down its judgement, granting BEST all the components of BEST's claims. Notably, the defendant was ordered to pay BEST unpaid receivables to the amount of RMB ¥ 31.9 million (approximately $A 6.9 million) and late interest of RMB ¥ 1.2 million (approximately $A 260,000), totalling approximately $A 7.14 million. Unless the defendant appeals the decision, the defendant must pay to BEST the abovementioned amounts by 18 October 2022. The defendant has been ordered to return to BEST 967 tonnes of Phoslock product previously delivered (but not yet applied), and to pay court costs.

07/07/2022

The company releases the results of its meeting.

27/05/2022

The company releases the following: Chairman's Address to Shareholders, PET - 2022 AGM Presentation and MD's Address to Shareholders.

27/05/2022

The company releases a notification of cessation of securities.

05/05/2022

The company lodges its Appendix 4c Quarterly (Q1 2022).

29/04/2022

The company's AGM will be held on 27 May 2022 at 10:30 am at Chapel Suite, The Como Melbourne, 630 Chapel Street, South Yarra VIC 3141. The online meeting can be accessed through this link: https://meetnow.global/MMW95GA.

28/04/2022

The company lodges its Annual Report - FY 2021.

20/04/2022

PET has provided a submission to the ASX in support of its objective to relist and has lodged audited accounts for the 12 months ending December 2021 as well as audited accounts for the half year period from 1 July to 31 December 2021. The Company is now in dialogue with ASX in respect of its submission and related matters and is responding to requests from the ASX for additional information. PET is unable to provide any firm timetable for these matters to be resolved to the satisfaction of the ASX.

13/04/2022

The company releases its FY 2021 Business Review and Strategic Outlook Presentation.

24/03/2022

Please join Phoslock Environmental Technologies at 11.00 AM (AEDT) on Thursday 24th March 2022 when David Krasnostein AM - Chairman, Lachlan McKinnon "“ CEO and Matthew Parker "“ CFO will provide a review of 2021 and the company's outlook.

17/03/2022

The following options have lapsed and/or will lapse and are now cancelled. In both instances, the performance condition was not and/or will not be met. 1.5 Million to Lachlan McKinnon "“ Performance Condition: PET to record sales > $120 million for the period 1 January 2020 to 31 December 2021. 1.5 Million to Lachlan McKinnon "“ Performance Condition: PET to record sales > $200m for the period 1 January 2020 to 31 December 2022.

11/03/2022

The company lodges its 2nd Half 2021 - Appendix 4D.

11/03/2022

The company lodges its Appendix 4E - FY 2021.

11/03/2022

The company releases an Appendix 4G.

11/03/2022

The company lodges its Preliminary 2021 FY Results Commentary.

28/02/2022

The company lodges its Preliminary 2021 FY Results and Appendix 4E.

28/02/2022

The company lodges its Market Update - Q4 December 2021.

31/01/2022

The company lodges its Appendix 4c Quarterly (Q4 2021).

31/01/2022

The company has secured a substantial settlement in relation to all outstanding receivables involving a former customer and related party in China, Beijing BHZQ Environmental Engineering Technology Co. Ltd. The settlement reached today settles all arbitration and court cases for claims and counterclaims initiated by PET or BHZQ against one another. These proceedings will be withdrawn in the coming days following today's settlement. As at 30 June 2021, the full amount of account receivables from BHZQ continued to be impaired in PET's Financial Statements. It was management's judgment at the time that recoverability of outstanding account receivables from BHZQ was uncertain and so warranted an impairment provision of A$2.1 million, being the full balance owing. The settled amount of A$1.8 million will be accounted for in December 2021 consistent with accounting standards.

10/01/2022

The company releases the following: September 2021 - Qtly Update - Investor Presentation and September 2021 - Qtrly Update - Transcipt.

16/11/2021

The company lodges its Appendix 4C Quarterly (Q3 2021).

29/10/2021

The company releases a market update regarding Q3 September 2021. PET's Chairman and Managing Director will host a shareholder webinar at 11am on Tuesday 16 November 2021.

29/10/2021

The company lodges the following: HY 2021 Appendix 4D and Accounts, 2021 HY Results Commentary and Revised Share Trading Policy.

01/10/2021

The company lodges its Preliminary HY 2021 Appendix 4D and Accounts.

31/08/2021

The company releases its Preliminary 2021 HY Results and Commentary.

31/08/2021

The company releases an Investor Presentation - 2021 HY Preliminary Results.

31/08/2021

The company has secured a new contract to remediate a recreational lake in the city of Rotterdam, The Netherlands. The contract, with an approximate value of $4 million, will be the largest project undertaken by PET in Europe and is expected to significantly elevate the profile of the Phoslock treatment process in that region.

31/08/2021

The company will hold a webinar at 2pm on 31 August 2021 to hear CEO Lachie McKinnon and CFO Matt Parker provide a general business update on PET's activities for the Half Year results 2021 and a discussion on Phoslock's strategic outlook. Use this link to register for the Webinar: https://zoom.us/webinar/register/WN_ZxHlnCd1TjqLpuyPhsAeYw.

23/08/2021

The company is relying on the reporting relief granted by ASIC. PET will release unaudited results for the half-year ending 30 June 2021 on 31 August, together with a business update.

13/08/2021

The company lodges its June 2021 Quarterly Update.

28/07/2021

The company lodges its Appendix 4c - quarterly.

28/07/2021

The company releases the following: Chairman's Address to Shareholders, MD/CEO Address to Shareholders and PET - 2021 AGM Presentation.

25/05/2021

There is a change of venue for the upcoming AGM on May 25. New details of the AGM are: Date: Tuesday 25 May 2021, Time: 10:45 am Venue: RACV Club, 501 Bourke Street MELBOURNE VIC 3000, Level 2 Club Pavilion or online at https://web.lumiagm.com/355633525

17/05/2021

PET's quarterly cash flow report shows $3.7m in outflows from operating activities during the period. Q1 also had continued outflows associated with the Board investigation and audit fees to complete the year, albeit lower than the December 2020 quarter. The Company closed the quarter with cash and cash equivalents of $26.7 million. Sales of approximately $700,000 were made in the period with the majority relating to ongoing projects in Brazil, along with Europe, China and smaller retail sales in ANZ. The City of Rotterdam (Netherlands) issued an approval for a treatment scheduled to commence later in the year and contracts were also signed in relation to upcoming treatments in Denmark and Brazil. The Company appointed a new US based commercial manager, Harry Knight and a US subsidiary was established. The Company received the Phase 1 payment relating to works completed at Xingyun Lake in China. Given circumstances and uncertainties at the time, the receivable relating to the full payment for this work was impaired in the first half of the 2020 financial year. Although this recent part-payment is a positive outcome, it is for initial work, not the bulk of the project application. The focus of the Board and Management remains on the reset of the China business, which is progressing well, and the development of new opportunities in other markets around the world. Trial work continues in a number of regions and discussions are ongoing in relation to new projects that are expected to be secured and to commence within the current financial year.

30/04/2021

The company lodges its Appendix 4C - quarterly.

30/04/2021

The company's AGM will be held on 25 May 2021 commencing at 10.30 am Melbourne time at the offices of Arnold Bloch Leibler, Level 21, 333 Collins St, Melbourne Vic 3000 or online at: https://web.lumiagm.com/355633525.

23/04/2021

The company lodges its Annual Report - FY 2020.

31/03/2021

The following options have lapsed and are now canceled. In both instances, the performance condition was not met. 5 Million to International Employees "“ Performance Condition: PET International to record sales > $15 million for the period 1 January 2020 to 31 December 2020. 20 Million to China Employees and consultants "“ Performance Condition: PET China to record sales (before VAT) > $40m for the period 1 January 2020 to 31 December.

31/03/2021

The company releases its Investor Presentation - FY 2020.

31/03/2021

The company lodges its FY 2020 Results Commentary.

31/03/2021

The company releases an Appendix 4G.

31/03/2021

The company lodges its Appendix 4E and FY 2020 Statutory Accounts.

31/03/2021

MD/CEO Lachie Mcinnon and CFO Matt Parker will be providing a general business update on the group's activities in 2020 and a discsussion on Phoslock's strategic outlook. The webinar will be on 31 March 2021 at 2:00 PM (AEDT). Participants may register for the webinar using this link: https://zoom.us/webinar/register/WN_OB4TR93IR1KuSKLbcEd-Zg

25/03/2021

The company has appointed a new General Manager for its operations in China. Mr. Liu Duoxiang will commence duties with PET on 3 May 2021. PET CEO Lachlan McKinnon said Mr Liu's appointment will provide strong and experienced leadership for the company in China as he brings a solid mix of technical, commercial and financial skills to the business and has a proven track record of successful project management.

23/03/2021

S&P Dow Jones Indices announces March 2021 quarterly rebalance of the S&P/ASX Indices. Effective prior to the open on 22 March 2021, PET was removed from the S&P/ASX 300 Index.

12/03/2021

The company is relying on the reporting relief granted by ASIC under ASIC Corporations Instrument 2020/451, to extend the lodgement date for its audited annual accounts for the financial year ending 31 December 2020. PET plans to release audited FY accounts on or before 31 March 2021.

26/02/2021

The company lodges its Half Year - June 30 2020 Report and Accounts.

01/02/2021

The company lodges its Market Update - Q4 Dec 2020.

28/01/2021

The company lodges its Appendix 4C - Dec 2020.

28/01/2021

ASIC has made an order under subsection 340(1) of the Corporations Act 2001 (Cth) extending the time for lodgement of the half-year report for the half-year ending 30 June 2020 with ASIC until 31 January 2021.

24/12/2020

While the Company continues to make progress on the matters that must be finalised to allow lodgement of the accounts, complexities relating to the Company's China operations, in differing sites and locations, have required additional time to gather and review the relevant information. The Company continues to work with its auditors in an effort to finalise the review of relevant accounts as quickly as possible. The Company is progressing the restructuring of its operations in China and a comprehensive and systematic review of all current China contracts and contractual arrangements with third parties, including sub-contractors and distributors. Outside of China, PET projects continue in North and South America and Europe. New orders have also recently been received for treatments that are ongoing in Brazil. In North America, the trial works previously reported for projects including Utah Lake, Kitsap Lake in Washington State, and Morrison Lake (Michigan), have all been completed, with pleasing results. PET's financial position remains sound, with strong cash reserves and no debt.

23/12/2020

The Board's Audit Committee is considering recommended next steps following an investigation into accounting irregularities relating to PET's China operations. The Audit Committee is considering those recommendations before determining whether it will pursue further investigations into the matters identified. The company has identified fraudulent activity relating to areas including false accounting and falsification of invoices and service contracts; improper tax reporting; potential misappropriation of funds including improper payment of bonuses; and undisclosed related party transactions. PET continues to investigate and consider its rights in relation to pursuing legal action against individuals and/or entities found to have been involved in any fraudulent activity and to securing the recovery of amounts associated with identified irregularities. The company now has a basis to conclude the review of its financial statements, with adjustments expected to be made to both financial year 2019 and financial year 2020 accounts. This work will be undertaken as quickly as possible, after which re-stated financial accounts will be released to the market.

12/11/2020

The company lodges its Appendix 4c - Q3 2020.

26/10/2020

The company releases its September 2020 Quarterly Update with the following highlights: Investigations continue into accounting issues in China; Intermediate measures put in place to address issues and reset China business; International business continues to develop on a positive basis.

26/10/2020

ASIC has made an order extending the time for lodgement of the half-year report for the half-year ending 30 June 2020 with ASIC until 31 December 2020.

15/10/2020

KPMG has reported its preliminary findings into suspected accounting irregularities relating to PET's China operations. Fraudulent activity has been identified, including false accounting and falsification of invoices and service contracts where PET or its subsidiaries are the recipient, and potential improper tax reporting and misappropriation of funds. Several China-based employees have been either stood down or terminated in relation to these matters. Several previously undisclosed related party transactions have taken place. Investigations are underway to determine the full extent of these. PET has retained a corporate finance consultant to be based at PET's China office and to provide assistance and support to the company. Measures are also being taken to protect the company's assets.

08/10/2020

An ongoing independent investigation initiated by the Chairman and Managin Director has revealed certain accounting irregularities relating to PET's China Operations. The investigation follows suspected accounting irregularities discovered during the audit process for the half year ended 30 June 2020.

21/09/2020

The securities of Phoslock Environmental Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PET, pending the release of an announcement regarding the outcome of an ongoing independent investigation into accounting irregularities concerning PET's China operations.

21/09/2020

name changed from Phoslock Water Solutions Limited

21/08/2018

 

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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
    12/12/2022David Krasnostein131,579$0.038$5,000
    05/12/2022David Krasnostein125,000$0.040$5,000
    28/11/2022David Krasnostein135,135$0.037$5,000
    14/11/2022David Krasnostein104,167$0.048$5,000
    07/11/2022David Krasnostein108,696$0.046$5,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Fred BartChairman18/01/2024
    Cherry WangCFO11/03/2024
    Shawn van BoheemenDirector18/01/2024
    Graeme NewingDirector18/01/2024
    Shawn van BoheemenCompany Secretary

    Date of first appointment, title may have changed.

    SPECIAL NOTE: During May 2024 we are working to remove duplications in the Company Secretary role.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Lachlan McKinnonCEO27/11/201911/03/2024
    Matt ParkerCFO04/05/202011/03/2024
    David KrasnosteinIndependent Director05/04/202118/01/2024
    Bob ProsserIndependent Director05/04/202118/01/2024
    Brenda ShanahanNon Exec Director15/09/201718/01/2024
    Barry SechosDirector01/02/202106/09/2023
    Laurence FreedmanNon Exec Chairman26/10/201025/05/2021
    Zhigang ZhangDeputy Chairman13/06/201729/09/2020
    Ningping MaNon Exec Director05/12/201829/09/2020
    Robert SchuitemaManaging Director, CFO01/04/200525/05/2020
    Pam AllanNon Exec Director17/07/200723/11/2017

    Date of first appointment, title may have changed.