Stargroup Ltd exits External Administration

Maria Nikolova

The Receivers and Managers, as well as the Deed Administrators have retired.

Australian financial technology company Stargroup Ltd, known for its efforts to develop Bitcoin ATMs, has exited External Administration. This becomes clear from an announcement filed with ASX today.

The Deed Administrators say that the conditions of the Deed of Company Arrangement (DOCA) have all been satisfied or waived and the DOCA was effectuated on November 30, 2018. Accordingly, the Receivers and Managers, as well as the Deed Administrators have retired, the Company has exited External Administration and the control of the Company has been passed to newly appointed company directors.

Pursuant to the terms of the DOCA, Ms Kyla Garic, Mr John Kay, and Mr Sam Modica, have been appointed to the Board. The Board will now actively seek new opportunities to facilitate the relisting of the company on ASX.

Let’s recall that the administration covered Stargroup Ltd, Star Payment Systems Pty Ltd, Stargroup Investments Limited, and Star ATM Pty Ltd.

Securities in Stargroup were from official quotation on ASX effective October 19, 2017, as the company said an announcement on its debt restructuring was due. About a month later, on November 20, 2017, the company announced that it appointed Richard Tucker and John Bumbak of KordaMentha Restructuring as Receivers and Managers. The Receivers and Managers advised that they intend to pursue a “business as usual” strategy and that they start an immediate process to seek expressions of interest to sell or recapitalize the business.

In early December 2017, Stargroup said that Mr Todd Zani had stepped down from his role as Chief Executive Officer of the company.

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