In deep ... Nathan Tinkler. Photo: Steve Christo
Nathan Tinkler’s Mulsanne Resources has been placed in liquidation after it failed to settle a $28.4 million share placement bill with Queensland coal developer Blackwood Corp.
The NSW Supreme Court last week gave the parties an ultimatum to reach an agreement by this morning, after they had repeatedly appeared before the court seeking time extensions.
Blackwood had sued Mr Tinkler after he in May agreed to buy a 33.85 per cent stake in the listed company for $28.4 million but failed to settle.
Under the deal, Mulsanne would pay 30 cents a share for 94.7 million shares in Blackwood - then a 50 per cent premium to the prevailing share price - to fund Blackwood's exploration campaign. Mulsanne would get the right to appoint two directors.
The placement was approved by Blackwood shareholders in July but the next month the explorer, whose controlling shareholder is the Noble Group, announced Mulsanne had sought an extension until August 13.
If the funds cannot be recovered through Mulsanne, Mr Tinkler could be liable for trading while insolvent and the liquidator could seek to recover the funds from directors.
more to come
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