July 14, 2020
Former Moreton Resources CEO and managing director Jason Elks has applied to the Australian Government Takeovers Panel to have all activities relating to the administration of the would-be mining company put on hold.
In a statement to the ASX, the Panel said Mr Elks had submitted the appointment of administrators was invalid, and significant potential financial benefits that may accrue to the Moreton Group had not been disclosed by them in their report to creditors.
On July 8, administrators Deloitte issued a report that detailed the progress of the administration.
It also set a date for a creditors’ meeting (July 15) to approve, among other things, a Deed of Company arrangement with major shareholder Tony Feitelson.
As part of this arrangement, First Samuel Limited – which has been refinancing Moreton Resources – would provide funding.
The Panel said Mr Elks was seeking final orders that Mr Feitelson and First Samuel make a takeover bid for Moreton and that a voluntary administrator, nominated by Mr Elks, be appointed.
The statement from the Panel said no decision had been made yet whether to conduct proceedings.
UPDATE July 17: The Panel declined to grant consent to undertake a review.