CXR unknown

Coplex Resources to be wound up.

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    Document date: Wed 24 Apr 2002 Published: Wed 24 Apr 2002 11:27:32
    Document No: 112696 Document part: A
    Market Flag: N
    Classification: Progress Report - Other , Director Appointment/Resignation , Internal
    COPLEX RESOURCES NL 2002-04-24 ASX-SIGNAL-G

    HOMEX - Hobart

    +++++++++++++++++++++++++
    The Board of Directors of Coplex Resources NL regret to announce that
    despite all possible attempts to complete statutory reporting
    requirements and the reasonable conditions set down by the Australian
    Stock Exchange (ASX) to enable the Company to have its ASX suspension
    lifted, this has not been possible. The precarious financial position
    of the Company is such that the Directors believe that the Company is
    insolvent or is likely to become so in the near future and have,
    therefore, resolved to make application to the Court to appoint a
    Liquidator.

    The Directors believe that the Company's insolvency results, in great
    part, from the transfer of the majority of the Company's assets to
    Helm Maritime Corporation ("Helm") in early 2000 in satisfaction of a
    contingent US$12 million claim against the Company.

    Mr Michael Humphris of Sims Lockwood was appointed as Voluntary
    Administrator on 16 May 1999. Mr Humphris and Mr Laurence Fitzgerald
    became joint and several Deed Administrators under a Deed of Company
    Arrangement that was entered into on 2 March 2000. Between mid-March
    2000 and April 2001, the Joint Deed Administrators retained control
    of the Company, its remaining assets and Bank Accounts.

    On 23 April 2001, control of the Company was returned to the then
    Directors with A$37,000 in cash and its shareholding in Coenco - its
    Philippine-registered subsidiary.

    Despite a capital raising of A$300,000, and further unsecured loans
    to the Company provided by Mr Fellowes, the Company's auditors were
    unable to access the required accounting information, corporate
    records and details of transactions entered into during
    Administration to enable the Company to complete outstanding audited
    accounts for periods covering the period of Administration.

    As a major unsecured creditor of the Company and in order to avoid
    any conflict of interest, Mr Fellowes, Managing Director of the
    Company, did not take part in the decision to seek the appointment of
    a Liquidator and has resigned his position as a Director and Managing
    Director of the Company with immediate effect. Messrs John Cornelius
    and Sam Uy remain as Directors of the Company; Dr Davies having
    resigned in November 2001 when the Company was unable to pursue a
    waste to energy project.

    The Directors and Mr Fellowes have requested that the Liquidator
    investigate all of the circumstances surrounding the transactions
    entered into with Helm during the Administration period and intend to
    co-operate fully with the Liquidator to assist in realising, if
    possible, any remaining assets for the benefit of the current
    (minimal) creditors and its shareholders.

    J W Cornelius
    CHAIRMAN
 
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