NRW Holdings (ASX: NWH) on 6 August 2020 announced that legal proceedings had been commenced by Habrok (Dalgaranga) Pty Ltd (Habrok) against Gascoyne Resources Limited (Subject to Deed of Company Arrangement)(GCY) in the Federal Court.
The subject matter of those proceedings related to the deed of company arrangement approved by creditors of GCY on 26 June 2020 (GCY DOCA) with Habrok seeking orders to the effect that the GCY DOCA be terminated and GCY be placed into liquidation.
Whilst NRW was not a party to these proceedings, NRW has agreed to participate in the recapitalisation proposal that forms part of the GCY DOCA in the form set out in NRW’s announcements of 18 and 25 June 2020.
NRW has been informed that this morning a judgment was handed down in legal proceedings dismissing Habrok’s claims. Accordingly, NRW understands GCY intends to proceed with implementation of the GCY DOCA (subject to any appeal and stay being made by the Court) and expects GCY to update the market as to its intentions in the coming days.
NRW will continue to monitor developments in this matter and will update the market to the extent and if necessary.
