AnaeCo finally calls it a day as administrators take over
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Troubled waste technology minnow has brought in the administrators after it failed to get a crucial debt deal across the line.
Directors Shaun Scott and Les Capelli and managing director David Lymburn have all stepped down. Hayden White and Matthew Woods of KPMG have now taken control of the company.
A deal that would have seen private firm Xiaoqing Environmental Protection Technology buy the major portion of a loan owed by AnaeCo (ASX:ANQ) to Monadelphous Group Limited (ASX:MND) has been terminated.
“With no other alternative transactions being available, AnaeCo has no financial means available to support its continued operation,” the company told investors.
The deal — which would have wiped AnaeCo’s debt, leaving it with $3.7 million in the kitty — was initially supposed to be finalised by the end of December last year.
In September, AnaeCo’s auditor flagged doubts that it could continue as a going concern.
Last year it lost $5.8 million, and its liabilities exceeded its assets by $20.3 million.
KPMG will now undertake a financial and operational assessment of the company.