Keybridge Capital Limited (ASX:KBC) Appoints Voluntary Administrator
Appointment of Voluntary Administrator
Keybridge Capital Limited (ASX: KBC) has appointed Mr Gideon Rathner from Lowe Lippmann Chartered Accountants as the Voluntary Administrator pursuant to section 436A of the Corporations Act.
Background and Legal Proceedings
The appointment follows successful Supreme Court of NSW proceedings in November 2024, where Keybridge was deemed solvent. However, subsequent interlocutory reliefs sought by WAM Active Limited (ASX: WAA) in December 2024 and January 2025 prevented the company from raising capital, postponing the General Meeting to February 18, 2025.
Financial Challenges
Keybridge had planned to raise capital to cover legal costs, debt reduction, and working capital. The withdrawal of the debt finance offer following court applications by WAM has further strained the company’s financial position. Yowie Group Ltd (ASX: YOW) has demanded repayment of an interest of $80,035.12 and a loan principal of A$4,483,345 by February 7, 2025.
Impact on Shareholders
Keybridge’s listed securities will remain suspended while the company is in administration. The Administrator will hold the first statutory meeting of creditors within eight business days and provide updates through ASX announcements. Shareholders are advised to refrain from contacting the Administrator’s office at this time.
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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