EA Voluntary Administration Update

This morning at 10am AEST was the Second Meeting of Creditors and Administrators’ KordaMentha.

During this meeting, a total of 8 resolutions were proposed.  A total of 2,500 creditors voted, either via special proxy prior to the meeting or in attendance today online via Mentimeter.  The Administrators’ advised at the commencement of the meeting the Australian Sports Commission would exercise their right to vote as a creditor, however the FEI had advised they would remain neutral and not exercise their right to vote.

The results of the resolutions were as follows:

Resolution 1 – ENT FOR - PASSED

'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 – ENT FOR - PASSED

'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 – ENT FOR - PASSED

'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 – ENT AGAINST – DECLINED

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

Resolution 5 - ENT FOR - PASSED

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

Resolution 6 – ENT FOR – INITALLY DECLINED, KATE CONNEELY AS CHAIR EXERCISED HER RIGHT TO VOTE AND PASSED

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

Resolution 6A – ENT FOR – PASSED

The Committee of Inspection members:  Brian Silva, Julia Bland, Chris Webb, George Sanna, ASC representative, Nominate representative Lloyd Raleigh, and state representative Ron Fleming EWA Chair.

Resolution 6B – ENT FOR – PASSED

The Committee of Inspection and interact as business as usual with the EA directors and creditors.

Minutes from the meeting will be made available within 2 business days. The meeting closed 1.16pm AEST.

If you have any questions, please don’t hesitate to either contact us at [email protected],au or 0497 303 535 or contact the Administrators direct at [email protected]

Anne-Marie Cruickshank

Chair | Equestrian Northern Territory