Reclaim Industries Limited



Reclaim Industries Limited was admitted to the Official List of the ASX on 21 February 2002.The principal activities of the Group were rubber recycling and manufacturing to convert used rubber tyres into commercially attractive surfacing, moulded and granule products for a wide range of industries in both domestic and international markets.

On 17 February 2011, a creditor appointed David Ross, Richard Albarran and Blair Pleash of Hall Chadwick Chartered Accountants, Level 14, 45 William Street, Melbourne as Joint and Several Administrators of the Company, pursuant to section 436C of the Corporations Act 2001. The securities of the Company were suspended from official quotation on the Official List of the ASX.

On 24 March 2011, a meeting of the Company’s Creditors was convened to consider, amongst other matters, the execution of a Deed of Company Arrangement (DOCA) to reconstruct and recapitalise the Company.

At the meeting, the Creditors resolved that the Company should enter into a DOCA and the DOCA was subsequently executed on 14 April 2011 between the Administrators and Trident Capital Pty Ltd. The DOCA releases and discharges Reclaim Industries Limited of all claims by Creditors.

The Company is now seeking reinstatement on the Official List of the ASX.

On reinstatement to the ASX, it is proposed to utilise the funds raised under the prospectus, after all the payment of the costs of the recapitalisation including payments and share issues for the benefit of Creditors under the DOCA, towards conducting a review of the key assets it has retained which will initially focus on:

  • the business of tyre collection;
  • exporting tyres and tyre products; and
  • the Ag-float business – a business arising out of the research and development activities designed to source new opportunities for the use of used tyres

RECLAIM INDUSTRIES LTD (ACN 090 671 819)

 

Download the Prospectus

Notice of Meeting (278Kb PDF)