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Mayfair 101 places IPO Wealth Holdings into voluntary administration

This content has been provided by Mayfair 101 Group

Mayfair 101 Group has placed IPO Wealth Holdings Pty Ltd into voluntary administration in order to protect IPO Wealth Fund investors from the liquidation of the assets held by IPO Wealth Holdings Pty Ltd and its subsidiaries.

The group has appointed Barry Wight, Daryl Kirk and Rachel Burdett of Cor Cordis, one of the countrys largest restructuring and turnaround advisory firms, as voluntary administrators.

The appointment comes as a result of the decision of the IPO Wealth Funds trustee, Vasco Trustees Limited, to appoint receivers to the IPO Wealth Holdings group of companies on May 22, 2020.

A spokesperson for the Mayfair 101 Group said: “The decision to undergo a voluntary administration process is centred on providing IPO Wealths investors with the opportunity to convene a unitholder meeting and vote on a proposal from the Mayfair 101 Group to restore monthly distributions and facilitate redemptions in a timely manner, preserv..

This content has been provided by Mayfair 101 Group

Mayfair 101 Group has placed IPO Wealth Holdings Pty Ltd into voluntary administration in order to protect IPO Wealth Fund investors from the liquidation of the assets held by IPO Wealth Holdings Pty Ltd and its subsidiaries.

The group has appointed Barry Wight, Daryl Kirk and Rachel Burdett of Cor Cordis, one of the countrys largest restructuring and turnaround advisory firms, as voluntary administrators.

The appointment comes as a result of the decision of the IPO Wealth Funds trustee, Vasco Trustees Limited, to appoint receivers to the IPO Wealth Holdings group of companies on May 22, 2020.

A spokesperson for the Mayfair 101 Group said: “The decision to undergo a voluntary administration process is centred on providing IPO Wealths investors with the opportunity to convene a unitholder meeting and vote on a proposal from the Mayfair 101 Group to restore monthly distributions and facilitate redemptions in a timely manner, preserving the value for our investors.

"Nearly 70% of our investors have already shown their support for calling a unitholder meeting.”

In an email to Mayfair 101 Group, a unitholder expressed: “I utterly refute Vascos statement that the available assets would not be sold in a 'fire sale' nor that iRead More – Source

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Australia

Alkane Resources meets upgraded FY2020 guidance for Tomingley Gold Operations

Alkane Resources Limited (ASX:ALK) has met the FY2020 gold production guidance of between 30,000 ounces to 35,000 ounces.at its Tomingley Gold Operations in Central West New South Wales.

The operations produced 33,507 ounces of gold for the 12 months to June 30, 2020, with preliminary all in sustaining costs (AISC) of $1357 per ounce produced, which also fell within cost guidance of $1,250 to $1,400 per ounce.

Guidance for the 2020 financial year was upgraded following the September 2019 quarter.

“Great potential”[hhmc]
Alkane managing director Nic Earner said: “The team at Tomingley Gold Operations continues to perform very well, consistently meeting or exceeding guidance.

“With an updated mine plan soon to be released and the great potential being shown very close to the mine, through our exploration at Roswell and San Antonio, we remain buoyant about the longer-term prospects at Tomingley.

“The board and management acknowledge and thank the team at Tomingley for their strong an..

Alkane Resources Limited (ASX:ALK) has met the FY2020 gold production guidance of between 30,000 ounces to 35,000 ounces.at its Tomingley Gold Operations in Central West New South Wales.

The operations produced 33,507 ounces of gold for the 12 months to June 30, 2020, with preliminary all in sustaining costs (AISC) of $1357 per ounce produced, which also fell within cost guidance of $1,250 to $1,400 per ounce.

Guidance for the 2020 financial year was upgraded following the September 2019 quarter.

“Great potential”


Alkane managing director Nic Earner said: “The team at Tomingley Gold Operations continues to perform very well, consistently meeting or exceeding guidance.

“With an updated mine plan soon to be released and the great potential being shown very close to the mine, through our exploration at Roswell and San Antonio, we remain buoyant about the longer-term prospects at Tomingley.

“The board and management acknowledge and thank the team at Tomingley for their strong and continued safety and production performance.”

The updated Tomingley Gold Operations mine plan is undergoing final review and approval and will be released along with FY2021 guidance.

Strong financial position


The strong 12-month performance at Tomingley has coincided with a 25% appreRead More – Source

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Australia

eSense-Lab to break into US market with appointment of distributor for future terpenes-based sanitiser products

eSense-Lab Ltd (ASX:ESE) has initiated its expansion into the worlds largest consumer base for terpenes-based products globally with the appointment of US-based Blue Science Solutions LLC.

The new distributor will provide a cost-effective entry point to the US market via an established supply chain network, plus a viable solution logistically for entry of eSenses terpenes-based products into the worlds largest consumer networks.

Blue Science, an approved supplier to the IBM Rapid Supplier Connect initiative, will receive an arms length standard commission on all sales.

Sales commitments[hhmc]
Under the exclusive sales agency agreement, Blue Science has committed to sales of A$3 million in the first 12 months of the deal to maintain exclusivity.

Assuming the agreement is renewed after the initial 12-month term, Blue Science will source sales for a combined total of A$10 million of products through its network over the first five years of the deal.

If these minimum sales targets are..

eSense-Lab Ltd (ASX:ESE) has initiated its expansion into the worlds largest consumer base for terpenes-based products globally with the appointment of US-based Blue Science Solutions LLC.

The new distributor will provide a cost-effective entry point to the US market via an established supply chain network, plus a viable solution logistically for entry of eSenses terpenes-based products into the worlds largest consumer networks.

Blue Science, an approved supplier to the IBM Rapid Supplier Connect initiative, will receive an arms length standard commission on all sales.

Sales commitments


Under the exclusive sales agency agreement, Blue Science has committed to sales of A$3 million in the first 12 months of the deal to maintain exclusivity.

Assuming the agreement is renewed after the initial 12-month term, Blue Science will source sales for a combined total of A$10 million of products through its network over the first five years of the deal.

If these minimum sales targets are not achieved, the agreement will automatically become non-exclusive.

Blue Science said it was aware that the minimum sales targets were “potentially ambitious targets” but added that Blue Science had generated more than US$2.5 million in revenue in the last financial year and had experienced increased demand in recent months as a result of a global shortage in sanitiser products.

CDIs to be issued


In exchange, eSense will issue 10 million CDIs in the company to Blue Science or its nominees.

The CDIs, which represent around 2% of the issued and outstanding CDIs, will have a deemed issue price of 1 cent each and will be issued from eSenses existing placement capacity.

Blue Science is an established company that uses only natural ingredients to deliver non-toxic, cleaning and disinfecting solutions that has applications across a variety of industries.

It was formed in 2013 by Slade Smith, a registered professional industrial hygienist and an Institute of Inspection, Cleaning and Restoration Certification Master Restorer-accredited scientist with two decades of research and practical experience.

Part of IBM program


As an approved supplier to the IBM Rapid Supplier Connect initiative, Blue Science intends to introduce future products for sale through its supply chains.

This IBM network is designed to provide support for supplier identity using blockchain technology and aims to help buyers in the US and Canadian healthcare and government sectors find supplies and services in an unconventional marketplace with greater efficiency.

In order to be accepted into the IBM network, Blue Science needed to demonstrate to IBM that it recorded revenue in its prior financial year of over US$2.5 million.

Certain products targeted


The agreement covers all terpenes-based products to be developed by eSense, both in conjunction with Blue Science and with other third parties, in the cleaning and disinfecting solutions market.

It is still finalising product formulations which are expected to take two to three months to complete. It expects its firstRead More – Source

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Australia

88 Energy set to move XCD offer to compulsory acquisition

88 Energy Ltd (LON:88E) told investors its offer for XCD Energy has now reached a level that guarantees it will reach the minimum threshold required for compulsory acquisition.

The AIM-quoted Alaska focussed exploration firm said that as a result the offer period will not be extended beyond July 13, at 7:00pm (Sydney).

READ: 88 Energy agrees takeover of XCD Energy[hhmc]
“Those that wish to benefit from the 7 day accelerated payment terms should accept into the offer immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable,” 88 Energy said in a statement.

In May, 88 Energy said the combination withRead More – Source

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88 Energy Ltd (LON:88E) told investors its offer for XCD Energy has now reached a level that guarantees it will reach the minimum threshold required for compulsory acquisition.

The AIM-quoted Alaska focussed exploration firm said that as a result the offer period will not be extended beyond July 13, at 7:00pm (Sydney).

READ: 88 Energy agrees takeover of XCD Energy


“Those that wish to benefit from the 7 day accelerated payment terms should accept into the offer immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable,” 88 Energy said in a statement.

In May, 88 Energy said the combination withRead More – Source

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