Mercator Lines to be wound up WED, SEP 06, 2017 - 6:16 PM...

Mercator Lines to be wound up

WED, SEP 06, 2017 - 6:16 PM
MICHELLE QUAH[email protected]@MichelleQuahBT
MERCATOR Lines, which is under judicial management, says its judicial manager (JM) has filed an application to wind up the company.
It said that its JM has held preliminary discussions with several potential investors to explore transferring the company's listing status and/or restructuring the company; but, while these potential investors have expressed an interest in its listing status, the company has, to date, been unable to justify an application for a further extension on its judicial management order.
The hearing date for the winding-up application has been fixed on Sep 8.
This latest announcement, out on Wednesday, follows the JM's announcement in July that Mercator Lines had terminated a proposed deal which would have seen its listing status transferred to a company to be set up by two individuals, Nickolaos Mitropoulous and Dimitrios Podaridis, who own three Australian businesses, Champion Commodities, Country Fresh Milk and Champion Beverages.



Is Pacific Dairies being played the same way as Mercator Lines..The common thread, Dimitrios (James) Podaridis.

Champion Beverages has now been placed into external administration (a unpaid creditor court action)
So one of the three companies offering to take over Mercator Lines couldn`t pay its own bills!!!

Pacific Dairies is now just 6 months away from being automatically delisted from the stock market and directors of this company have placed the companies future in the hands of a promissory note provided by Dimitrios (James) Podaridis`s private company Pramana Capital, that has paid up share capital of $2.

The amount of shareholders funds raised in Pacific dairies/ Australian natural proteins in the last few years is in the millions and directors have brought this company to what now appears to be a hail mary moment. It appears the only benefit that may come off is for a few insiders.

When all is lost then focus on lifestyle protection and take control of the only lifeboat. Let the shareholders drown. No debt facility to purchase any project just funding that can be immediately withdrawn by a related party of the company/directors.

IMO DYOR