What does this mean for Newcastle, if his private company is in liqiudation surely his sports company but have doubts over it going forward.
Tinkler's Mulsanne in liquidation over debt case
Coal baron Nathan Tinkler’s private company Mulsanne Resources is in liquidation after failing this morning to come up with $28.4 million owed to listed coal junior Blackwood Corporation.
The NSW Supreme Court appointed Ferrier Hodgson as liquidators, after settlement negotiations which had been going on for the past fortnight, failed.
Mulsanne, a shelf company of which Mr Tinkler is a director, earlier this year agreed to take up 95 million shares in a placement at 30 cents a share - then a 50 per cent premium to the prevailing share price - to fund Blackwood's exploration campaign. The share placement would have meant an about 34 per cent stake in Blackwood for Mr Tinkler.
Blackwood shares slumped 4 cents, or 22 per cent, to 14 cents after the liquidation was announced this morning.
Advertisement Mr Tinkler has faced a series of legal actions against various of his private companies but has managed to settle each time at the last minute, and avoid liquidation.
But Mulsanne did not come up with the money it owed Blackwood today and if a liquidator finds it has not had enough assets to cover the Blackwood liability, Mr Tinkler could be charged with insolvent trading.
A response has been sought from a spokesman for Mr Tinkler, who is now a Singapore resident.
more to come
Read more: http://www.smh.com.au/business/tinklers-mulsanne-in-liquidation-over-debt-case-20121120-29n14.html#ixzz2CiTFpSxf
Tinkler's Mulsanne in liquidation over debt case
Coal baron Nathan Tinkler’s private company Mulsanne Resources is in liquidation after failing this morning to come up with $28.4 million owed to listed coal junior Blackwood Corporation.
The NSW Supreme Court appointed Ferrier Hodgson as liquidators, after settlement negotiations which had been going on for the past fortnight, failed.
Mulsanne, a shelf company of which Mr Tinkler is a director, earlier this year agreed to take up 95 million shares in a placement at 30 cents a share - then a 50 per cent premium to the prevailing share price - to fund Blackwood's exploration campaign. The share placement would have meant an about 34 per cent stake in Blackwood for Mr Tinkler.
Blackwood shares slumped 4 cents, or 22 per cent, to 14 cents after the liquidation was announced this morning.
Advertisement Mr Tinkler has faced a series of legal actions against various of his private companies but has managed to settle each time at the last minute, and avoid liquidation.
But Mulsanne did not come up with the money it owed Blackwood today and if a liquidator finds it has not had enough assets to cover the Blackwood liability, Mr Tinkler could be charged with insolvent trading.
A response has been sought from a spokesman for Mr Tinkler, who is now a Singapore resident.
more to come
Read more: http://www.smh.com.au/business/tinklers-mulsanne-in-liquidation-over-debt-case-20121120-29n14.html#ixzz2CiTFpSxf