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Link Market Services, Level 12 QV1 Building 250 St Georges Terrace Perth WA 6000

Tel : +61 8 9211 6670 or 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000SL13
Address: Unit 6, 331-335 Hay Street, Subiaco WA 6008
Tel:  +61 418 955 727 Fax: 

Date first listed: 18/04/2013
Company Secretary: 
Sector: Energy Industry Group: XEJ
Activities: Mineral Exploration in sub-Saharan Africa

The company lodges its Half Yearly Report and Accounts.


The following entity has not paid their annual listing fees in respect of the year ending 30 June 2021 but their securities are already suspended from official quotation.


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.


The company lodges its 30 June 2019 Quarterly Report and Appendix 5B.


The Deed Administrators received two formal proposals for the recapitalisation of the Company. At the third meeting of creditors held on Friday 29 May 2020, creditors of the Company resolved to execute a varied DOCA with First Guardian Synergy Capital Pty Ltd, as DOCA proponent, to facilitate the recapitalisation of the Company and return to listing on the ASX. The varied DOCA was subsequently executed by Daniel Bredenkamp and Bryan Hughes and lodged with ASIC later that same day. It is anticipated a shareholders' meeting will be convened by the Company in the third quarter of CY2020 to consider the proposed share restructure and recapitalisation. The AGM will be postponed. An application for the extension to convene the AGM was filed on 29 May 2020.


On 11 May 2020, formal notice was received by the DOCA Proponent advising it has withdrawn its interest in completing a recapitalisation of the Company following recent confirmation that conditions precedent clauses 3.1.1(b) and 3.1.2(d) of the Recapitalisation DOCA executed 19 February 2020 could not be satisfied. The Deed Administrators are urgently seeking to identify a party who is interested in submitting a proposal to recapitalise the Company prior to the upcoming deadline to hold the Company's AGM. Should no proposals be forthcoming by Friday, 22 May 2020, the Company may be wound up in liquidation.


The DOCA was executed on 19 February 2020 and Daniel Bredenkamp and Bryan Hughes were appointed Joint and Several Deed Administrators of the company on that same day. It is anticipated a shareholders' meeting will be convened by the proponent in the second calendar quarter of 2020 to consider the proposed share restructure and recapitalisation. Shareholder approval is a pre-requisite to the completion of the DOCA. The DOCA is also conditional upon ASX and ASIC approval, including a waiver of ASX Listing Rule 2.1 which requires an entity's shares to be reinstated on the ASX at not less than 20 cents.


The administrators advise that on 13 September 2019, the company executed a share sale agreement with Noble Resource Limited for the sale of the company's shares in the Imperial Joint Venture. Completion of the transaction occurred that same day. As part of the consideration received pursuant to the SSA, the company received a nominal cash component and releases from the following liabilities: a partial reduction of the administrator's loan in the amount of US$300,000; release of the company's obligations to Noble and its associated entities; and release of the company's obligations pursuant to the Imperial joint venture agreement. The company has retained its 60% controlling interest in the Tawny joint venture. The administrators are now considering the potential recapitalisation of the company, and in this regard, expressions of interest are being sought from parties interested in submitting an offer to recapitalise the company.


The administrators have entered into a funding agreement with the company's largest shareholder, Noble Resources. Noble have advanced funds to enable the company to meet its ongoing operational expenses for a four-week period. The administrators are seeking expressions of interest from parties interested in acquiring all or part of the company's assets or in submitting a proposal for the recapitalisation and restructure of the company. The first meeting of creditors was held on 24 June 2019. Creditors ratified the appointment of the administrators and elected to appoint a committee of inspection. The administrators successfully applied to the Supreme Court for orders that the convening period to be extended to 11 October 2019.


Daniel Bredenkamp and Bryan Hughes were appointed Joint and Several Administrators on 12 June 2019. It is envisaged that the company will utilise the administration process to restructure its affairs and consolidate its financial position. The ultimate purpose of the restructure is to recapitalise the Nigerian operations so they may reach their full potential.


The results of the resolutions proposed at the AGM on 28 May 2019 are: Resolution 1 was conducted by a poll and was not carried; Resolution 2 was carried as an ordinary resolution on a show of hands; Resolution 3 was carried as a special resolution on a show of hands; and Resolutions 4 to 14 were carried as ordinary resolutions on a show of hands.


The extension of the voluntary suspension is sought to allow the company to negotiate and finalise a proposed debt restructure. The suspension is expected to remain in place until the release of an operational update and debt restructure announcement on or before the commencemenf of trading on 14 June 2019.


The securities of Symbol Mining Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of SL1, pending the release of an announcement regarding a debt restructure.


The suspension in trading of the quoted options (ASX Code: SL1O) of Symbol Mining Limited will be lifted from the commencement of trading on Thursday, 26 July 2018, following release of an Appendix 3B in relation to the Securities.


The quoted options of Symbol Mining Limited will be suspended from quotation immediately, Monday, 23 July 2018, in accordance with Listing Rule 17.2.


name changed from Swala Energy Limited


ASX Announcements (courtesy of ASX)


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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    27/02/2015David Mestres Ridge105,000$0.094$9,870
    01/05/2014David Mestres Ridge25,000$0.205$5,125
    24/05/2013David Mestres Ridge20,000$0.130$2,600

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    Andrew SimpsonNon Exec Chairman18/12/2017
    Tim WitherManaging Director, CEO23/04/2018
    Barry BolithoNon Exec Director18/12/2017
    Anthony McIntoshNon Exec Director30/01/2018

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    Ian McCubbingNon Exec Director18/12/201728/02/2019
    John GilfillanDirector27/04/201718/12/2017
    Sean McCormickDirector27/04/201718/12/2017
    Stephen Hewitt-DuttonDirector27/04/201718/12/2017
    Ken RussellNon Exec Chairman17/01/201328/06/2017
    Mohammed IshtiaqNon Exec Director11/08/201425/06/2017
    Frank MoxonIndependent Director23/06/201527/04/2017
    Peter GrantNon Exec Director06/06/201327/04/2017
    David Mestres RidgeManaging Director, CEO17/01/201305/09/2016
    Ernest MassaweNon Exec Director17/01/201320/04/2016
    Neil TaylorExecutive Director17/01/201302/03/2015
    Charles BensonNon Exec Director05/12/201311/08/2014

    Date of first appointment, title may have changed.