EA Voluntary Administration Update

Further to yesterdays’ update the Second Meeting of the Creditors via videoconference on MS Teams ‘Live Event’ is scheduled for 14 July 2020 10am AEST.

At the Second Meeting of Creditors, creditors will be asked to vote on the future of EA, voting on 9 separate resolutions.

What do members need to do?

• Review the Administrators’ Creditors Report https://www.kordamentha.com/getmedia/1e7d4b32-0efe-438c-853f-5374f24bedbd/200707-Report-by-Administrators-Equestrian-Australia-Limited
• Review the 5 State Branches proposed DOCA https://www.kordamentha.com/getmedia/34076a59-7867-438d-9b25-55962e6a6279/State-Boards-proposed-DOCA
• Ask ENT via [email protected] or KordaMentha via [email protected] or any of the 5 State Branches listed in the State Branches proposed DOCA any questions you may have
• Register to vote or submit your proxy

How do I register via a special proxy?

• Register to vote via a special proxy using the online creditors portal  https://events.miraqle.com/OCP/EAL/ by midday 12:00pm tomorrow Friday 10 July 2020 AEST.
• To do this you will need your HRN that was emailed to you recently by Link Market Services/EA.
• If you haven’t received this email please check your junk/spam folders and if you still have not received the email please email [email protected] as soon as possible.
• ENT has nominated ENT General Manager, Danila Lochrin to be a proxy delegate should members wish to provide a proxy vote to ENT.
• We have attached a template to assist members with completing the online Appointment of Proxy form, should you decide to allocate a special proxy to ENT’s nominated delegate.

Equestrian Northern Territory Proxy Template

ENT’s delegate, Danila Lochrin will vote as per the below on the nine resolutions:

Resolution 1 -  FOR

'That the remuneration of the Administrators for the period 9 June 2020 to 5 July 2020 in the amount of $250,000.00, excluding GST, calculated on the basis of time as detailed in the Remuneration Approval Request report dated 7 July 2020, is approved for payment immediately or as required.’

Resolution 2 -  FOR

'That the internal disbursements of the Administrators, including those paid to staff, for the period 9 June 2020 to 5 July 2020 in the amount of $556.52, excluding GST, calculated at the rates as detailed in the Remuneration Approval Request report to creditors dated 7 July 2020 are approved for payment immediately or as required.’:

Resolution 3 -  FOR

'That the estimated internal disbursements of the Administrators, including those paid to staff, for the period from 6 July 2020 until the end of the Administration of the Company, up to a maximum amount of $400.00, excluding GST, calculated at the rates as detailed in the Remuneration Approval Request report to creditors dated 7 July 2020 are approved for payment to be made on a monthly basis in arrears or as required. However, if the amount of internal disbursements incurred exceeds the capped amount, then we reserve the right to seek further approval of internal disbursements from creditors.’:

Resolution 4 -  AGAINST

'That pursuant to Section 439C of the Corporations Act, the Company execute the State Boards’ proposed Deed of Company Arrangement’.:

Resolution 5 - FOR

'That pursuant to Section 439C of the Corporations Act, the Company execute the Administrators’ proposed Deed of Company Arrangement’.:

Resolution 6 - FOR

‘That a committee of inspection be appointed in the Deed of Company Arrangement of the Company.’:

Resolution 7 - AGAINST

‘That pursuant to Section 439C of the Corporations Act, the Company be wound up.’:

Resolution 8 - AGAINST

‘That a committee of inspection be appointed in the liquidation of the Company.’:

Resolution 9 – AGAINST

'That pursuant to Section 439C of the Corporations Act, the administration should end.’:

ENT strongly encourage all members to attend the meeting and vote by proxy or in person.  It is encouraged that members that members login and vote early using a special proxy.  Voting early and by way of special proxy will make conducting of the poll more time and cost efficient.

ENT supports the DOCA from the Administrators which proposes to:

• Facilitate changes to EA Constitution to allow for ‘one member, one vote’
• Appoint a new, independent rolling board for EA

ENT does not support the DOCA being proposed by the 5 State Branches as it does not address the issues being raised by the key stakeholders and members.  It is not sufficient to regain the financial support of Sports Australia which is necessary to return FEI affiliation and AOC accreditation.

If you have any questions please do not hesitate to ask them via email to [email protected]  or phone 0497 303 535.  Alternatively, they can be emailed to KordaMentha at [email protected]

Anne-Marie Cruickshank

Chair | Equestrian Northern Territory