Statement regarding Electrometals Technologies Limited
11 November 2015
Electrometals Technologies Limited (Subject to Deed of Company Arrangement) (the Company) ACN 000 751 093 made application to the Australian Securities and Investments Commission (ASIC) on 19 October 2015, requesting the ASIC to grant the Company a further extension of time in which to hold the Company’s 2015 Annual General Meeting (AGM).
A letter was issued by the ASIC on 6 November 2015. ASIC considered the Company’s application for an extension of time to hold its 2015 AGM concurrently with an application for financial reporting relief made by the Company, which was granted pursuant to ASIC Instrument [15-1021] on 6 November 2015. Under ASIC Instrument [15-1021] the Company’s financial reporting obligations have been deferred until the earlier of:
- 31 March 2017, or
- The date the Company ceases to be under external administration.
Under section 250P of the Corporations Act 2001, the ASIC has extended the period within which the Company must hold its 2015 AGM and any other AGM that falls due during the financial reporting deferral period provided by ASIC Instrument [15-1021] to the date that is one month after the financial reporting period deferral provided by ASIC Instrument [15-1021] expires.
If the financial reporting deferral period expires on 31 March 2017, then the Company must hold its AGMs by 30 April 2017. If the financial reporting deferral ends before 31 March 2017 because the Company ceases to be under external administration prior to this date, then the Company must hold its AGMs within one month after the date the Company ceased to be under external administration.
The conditions of the extension provide that a summary of a need for the extension and the extension of time granted must be made available on a website that is maintained by the Deed Administrators and is accessible by the public. Accordingly, please see copy of the ASIC’s letter.