The meeting with the creditors it to Accept a Deed of Company Arrangements and Terminate the Administration, This has nothing to do with winding up the company, It is quoted " the Directors decided to place the company in voluntary administration as the funds from Jeton had not been received, due to the Beauwal deal not being completed at that time, even although it was still in progress."
This means the deal may still be valid, lets hope so, ECS shares will fly north ward...read below
This year 2004, Revenues from ordinary activities were up 1074% to 8,796
Lets hope ECS can re-enlist and make more revenues
good luck
10th Sept, we will know the fate of ECS --------------------------------------------------------------- At the scheduled 10 September 2004 meeting creditors can:
Accept a Deed of Company Arrangements Terminate the Administration Wind Up the Company The creditors at this forth coming meeting have two proposed deeds of company arrangements to consider. It is the intention of both parties proposing deeds that if their proposal is accepted by creditors all endeavours will be made by them to have the Company re-listed on the Australian Stock Exchange.
The Administrator of ESCI limited will inform the market on the out come of the said creditors meeting. On 17 May 2004 ECSI announced that a deal was proceeding with Jeton and Beauwal AG (with whom agreements had been finalised) to raise capital for a new listing of a company owning Jeton. Beauwal had agreed to inject US$5,000,000 initial capital and guaranteed a substantial listing on NASDAQ. ECSI agreed with Jeton and Beauwal to take 25% of the new entity. Jeton agreed to make an initial payment to ECSI for amounts owed.
By June 28 the Directors decided to place the company in voluntary administration as the funds from Jeton had not been received, due to the Beauwal deal not being completed at that time, even although it was still in progress.
Appendix 4E (rule 4.3A) Preliminary final report Name of entity ECSI Limited ABN 68 004 240 313 Current reporting period: Financial Year ending 30 June 2004 Previous reporting period: Financial Year ending 30 June 2003
Results for announcement to the market Percentage change % Amount$A'000
Revenues from ordinary activities up 1074% to 8,796
Loss from ordinary activities after tax attributable to members down 81% to (10,013)
Net loss for the period attributable to members down 65% to (10,013)
ECS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
