AXSESSTODAY LIMITED (ASX.AXL)

company is deregistered today

is now called UNIVERSAL EQUIVALENT TECHNOLOGY LIMITED - strike off action in progress

name changed to A.C.N. 603 323 182 Limited

ASIC has granted the following: an order deferring the period during which the company is required to provide the financial reports to its members, ASX and ASIC (with a period starting on the date of the instrument and ending on the earlier of: 7 October 2021 or the date on which a disclosure document is lodged with ASIC in relation to any offer for issue or sale of securities that needs disclosure to investors under Chapter 6D of the Corporations Act or the date on which the company is reinstated to quotation or the date that the company ceases to be under external administration); and an extension of time for the company to hold the 2019 AGM to 2 months after the deferral period ends.

The DOCA completed late yesterday in respect of the following subsidiaries of AXL: Axsesstoday Operations Pty Ltd, A.C.N. 603 303 126 Pty Ltd; and Axsesstoday Retail Pty Ltd. Vaughan Strawbridge, Sal Algeri and Glen Kanevsky, the joint and several deed administrators of AXL and the Group have today retired as deed administrators of Operations, ACN603 and Retail. Following completion of the sale of the Group under the DOCA, these entities are now owned by Promontoria Holding 304 BV. AXL however remains subject to the DOCA and under the control of the Deed Administrators. It will remain subject to the DOCA until the sale of AXL is completed or the Deed Administrators form the view that sale of AXL should not be pursued. In accordance with the terms of the DOCA, any claims against the Group by creditors have been released and creditors with eligible creditor claims will become beneficiaries of the Creditors' Trust and entitled to be paid a distribution from the Trust Fund.

The parties to the DOCA have agreed to extend the deadline to complete the sale of the AXL subsidiaries until 20 September 2019.

The DOCA in respect of Axsesstoday Limited, Axsesstoday Operations Pty Ltd, A.C.N. 603 303 126 Pty Ltd, and Axsesstoday Retail Pty Ltd has been executed. Vaughan Strawbridge, Glen Kanevsky and Sal Algeri now act as joint and several deed administrators of each of the companies in the group.

The creditors of Axsesstoday Limited, Axsesstoday Operations Pty Ltd, A.C.N. 603 303 126 Pty Ltd and Axsesstoday Retail Pty Ltd have approved a DOCA that, once finalised, will ensure a future for the business conducted by the group. The deadline under the implementation deed entered into between the voluntary administrators and PH304 to execute the DOCA was extended by agreement from 30 August to 2 September 2019 to allow the documentation to be finalised. Under the DOCA, unless otherwise agreed by the parties, the sale of Axsesstoday Operations Pty Ltd, A.C.N. 603 303 126 Pty Ltd and Axsesstoday Retail Pty Ltd must be completed by 13 September 2019.

The company releases a circulating resolution in relation to its Australian Dollar Subordinated Notes due 9 October 2021.

The company releases a notice of circulating resolution in relation to its Series 2 Notes due 22 June 2021.

The Administrators today provided their statutory second report to creditors pursuant to rule 75-225 of the Insolvency Practice Rules in which they confirmed that the sale of business would be completed by way of a single Deed of Company Arrangement which contemplates two transactions with separate completion dates. The Administrators recommend that creditors vote in favour of the DOCA proposal as it estimated to provide a greater return to creditors than would be achieved in a liquidation of the companies. The second meeting of creditors has been scheduled for 11 am on Friday, 30 August 2019, at which creditors will be asked to vote on the proposal.

The voluntary administrators have entered into an implementation deed with Cerberus pursuant to which Cerberus or its nominee will acquire all of the shares in ACN 603 303 126 Pty Ltd, Axsesstoday Operations and Axsesstoday Retail, and other assets of AXL by way of a deed of company arrangement.

AXL has not made the interest payment that fell due on 1 July 2019 in relation to its security "AXLHA "“ SIMPLE BOND 3-BBSW+4.90% 20-07-23" on which the interest payment will be paid in accordance with the interest rate and other terms as set out in that notification. The administrators will provide a further update about amounts owing under the simple corporate bond when it provides its second report to creditors. This will be provided at the conclusion of the sale of business process for the company.

Following a review of the non-binding indicative offers from interested parties received, the voluntary administrators have yesterday entered into an exclusivity arrangement with an affiliate of Cerberus Capital Management, L.P. The exclusivity period is until 8 July 2019, and may be automatically extended until 31 August 2019 if certain conditions are satisfied or waived. During the exclusivity period, the voluntary administrators intend to finalise terms on which Cerberus proposes to acquire all of the assets of AXL by way of a DOCA.

The administrators have received a number of non-binding offers from interested parties for the sale/recapitalisation of the business. The interested parties who have provided offers have been shortlisted. These will undertake further due diligence ahead of request that they submit binding offers by 5 July 2019. While the deadline of 5 July 2019 for binding offers to be submitted has been set, the administrators will monitor the progress of the due diligence and adjust the deadline if appropriate and deemed to be in teh best interes of creditors. The names of the interested parties or the details of their offers will not be disclosed. Based on feedback from interested parties to date, the sale/recapitalisation is expected to be completed via a deed of company arrangement. If a transaction is to be completed via a DOCA, the terms of the DOCA will be presented to creditors for their approval at the second meeting of creditors. The role of voluntary administration is to take control of a company's business and its asset, investigate its affairs and provide a recommendation on options available to creditors to vote on at a second meeting of creditors. As for returns, it is too early to determine expected returns at this stage. This will be dependent on the final offer that is received and accepted. The administrators will be providing commentary on the draft half year accounts for the six months ending 31 December 2018 in their report to creditors ahead of the next creditors meeting. The company is continuing to trade the business as usual, and the group's staff have been working extremely hard at maintaining business process and investigations. The administrators will not be releasing any financial reports at this time.

The company appointed Deloitte Financial Advisory partners Vaughan Strawbridge, Glen Kanevsky, and Sal Algeri as Joint and Several Administrators. On Friday 5 April 2019, the Senior Lenders advised the Group they were unable to continue to support the business with ongoing waivers of breaches of the terms of the finance documents resulting in the board resolving to appoint voluntary administrators. The Administrators have advised there will be a first meeting of creditors on Wednesday 17 April 2019.

The company expects to record a $13-$15 million loss for the period ending 31 Dec 2018. A key driver of the loss was the Company's transition to AASB9 which resulted in an increase to the collective provision of about $27m. The Company will be in a position to provide more detail on this expected result when it is able to finalise its accounts. Any past earnings guidance provided for FY19 has been withdrawn and that the company will not provide any forecast earnings guidance until otherwise advised to the market. In the process of testing the Covenant Interest Cover Ratio for the simple corporate bond as at 31 December 2018 the company has identified that the ICR has fallen below 1.75x, in breach of the ICR covenant in teh simple corporate bond.

The company releases a notification of interest payment & interest rate change.

The company has appointed Moelis Australia to assist it in undertaking the Updated Strategic Review. Also, the secured lenders have agreed to extend their forbearance in respect of the company's current breaches under the company's debt facilities until 5 April 2019.

The company is not in a position to lodge the consolidated comprehensive interim financial statements for the half year ended 31 December 2018. The company was required by ASIC to prepare and lodge single-entity audited financial statements as at 30 June 2018 for the primary trading entity. These single-entity financial statements have not been prepared or separately audited. The Company and its advisors have initiated discussions with ASIC to resolve this matter.

As at the date of this announcement, the Company will not be able to satisfy the conditions on which the Noteholders and the Senior Lenders granted waivers to the Company's covenant breaches. As such, the Company continues to be in breach of these covenants. The Company has also received support from its Senior Lenders to waive the covenant breaches until 31 March 2019 in order to provide the Company and its new management team with sufficient time to undertake the Updated Strategic Review and to establish a new business plan for the Company. The Company is seeking to appoint an investment bank as its advisor to assist it in undertaking the Updated Strategic Review. The Company advises that the Half Year Report for the Half Year ended 31 December 2018 will not be lodged by 28 February 2019 and the Company anticipates releasing this report by 15 March 2019. The company considers it appropriate to extend the voluntary suspension of its securities so that it can manage its continuous disclosure obligations and to avoid trading in its shares on an uninformed basis.

The company previously sought for approval for a third circulating resolution from Simple Corporate bondholders. The company announces that the circulating resolution has passed.

Axsesstoday is pleased to announce that the Circulating Resolutions have passed.

The company requests an extension of the voluntary suspension of its shares and its simple coporate bond. The suspension is requested to remain in place until the earlier of the company making an announcement to the market and the commencement of normal trading on 28 February 2019.

The company provides an update on the amendments to its debt covenants. The Board and management team have been active in three key areas: the recruitment of a new managing director, enhancing internal compliance frameworks and implementing the capital management plan.

The company releases a notice of circulatign resolution in relation to its Australian dollar subordinated notes due 22 June 2021.

The company releases a notice of circulating resolution to allow bondholders to consider and vote on a special resolution to be put to bondholders.

The company provides an update in relation to the interest payment of AXLHA.

The company releases a notification of interest payment & interest rate change.

The company previously announced that it has sought approval for a second Circulating Resolution from Simple Corporate Bondholders. The Circulating Resolution has passed. The Circulating Resolution included a waiver of compliance with the maximum Covenant Debt to Receivables Ratio of 85% at 31 December 2018 under the terms of the Simple Corporate Bond.

The Company refers to its announcement of 30 November 2018, pursuant to which the Company requested an extension to its voluntary suspension pending the finalisation of a detailed review of the Company's strategy

The company releases a notification of interest payment & interest rate change. The reason for the update is the change of payment date for ASX listing conditions.

Axsesstoday is pleased to announce that the Circulating Resolutions have passed.

Axsesstoday is pleased to announce that the Circulating Resolution has passed.

The company releases a notice of circulating resolution and explanatory memorandum in relation to a proposed Circulating Resolution of Noteholders of its Australian Dollar Subordinated Notes due 9 October 2021.

The company releases a notice of circulating resolutions and explanatory memorandum.

The company provides an update to its interest payment and interest rate change. The update is in relation to a change of payment date due to public holiday.

The company requests that its securities remain suspended from trading pending completion of the detailed review of the Company's business strategy. The voluntary suspension is requested to remain in place until the earlier of the Company making an announcement to the market and the commencement of normal trading on 21 December 2018.

The company releases the results of its AGM.

The Company has today released its Reissued Annual Report 2018 and provides a further update to the market. The Board of Directors and current management team have undertaken a significant review process that has involved a detailed analysis of the Company's business model, operational performance and capital management plan. The business has implemented several changes to focus on the core strategy of funding business critical equipment in the hospitality and transport sectors. The Company continues to have the support of its senior lenders and is working closely with them to obtain the necessary waivers and amendments to the Syndicated Facility Agreement. Through the review process the Company has reviewed its agreements with the Subordinated Noteholders, Series II Noteholders and Simple Corporate Bondholders. The review process has resulted in the Company and its auditors determining that it is necessary to restate the 2018 Financial Statements due to breaches of its lending agreements being identified.

The company reissued its FY18 Annual Report.

The circulating resolution has passed.

The company releases a notice of circulating resolution and explanatory memorandumm in relation to a proposed circulating resolution of bondholders.

The Company continues to work closely with senior bank lenders to maintain conditional waivers granted in relation to the Syndicated Facility Agreement. The company is seeking waivers and amendments from Noteholders of the Subordinated Notes and Series 2 Notes in accordance with the Circulating Resolution of Noteholders relating to certain breaches and cross defaults to the Conditions. The Company proposes to provide communications to Simple Corporate Bond holders shortly requesting a Special Resolution to amend the Interest Cover Ratio from 2.0x to 1.75x to align with other debt facility amendments. Axsesstoday continues to work closely with its auditors to determine the impact of recent events on its financial statements for the year ended 30 June 2018 which will need to be restated as a result of certain breaches of the covenants under the SFA, Subordinated Notes and Series 2 Notes.

13,850,000 fully paid ordinary shares have been released from a voluntary escrow period, following expiry of the escrow period. The shares were placed in voluntary escrow for an agreed period of twenty-four months. After release of securities, no shares remain held under voluntary escrow.

A circulating resolution has been sent to Series 2 Note noteholders and Subordinated Note noteholders requesting a waiver of certain covenant breaches, details of which are set out in the Circulating Resolution and Explanatory Memorandum for both notes which are included as addendums to this announcement. The voting process for the circulating resolution has commenced and the final result will be available and announced to the market by 19 November 2018.

The company releases a notice of AGM and explanatory statement. The meeting will be held at Level 14, 385 Bourke Street, Melbourne, Victoria 3000 on Thursday, 29 November 2018 at 10am (Melbourne time).

The Company continues to work closely with its financiers to obtain waivers for breaches of its lending agreements. Conditional waivers were granted by the senior bank lenders while they complete their review and we are working with our senior bank lenders to maintain these waivers. The company requests that its securities remain suspended from trading pending completion of the detailed review of the Company's business strategy. The voluntary suspension is requested to remain in place until the earlier of the Company making an announcement to the market and the commencement of normal trading on 30 November 2018.

The company releases a notification of interest payment & interest rate change.

The Company hereby advises that, in light of recent events as disclosed to the market in previous announcements, the Board has determined, pursuant to Rule 27.1 of the Company's constitution, to revoke the decision to pay the Dividend as per the announcement on 27 August 2018. The Board will instead focus on accumulating capital to support the debt facilities in place as it works to amend these facilities with its lending partners.

The Company requests an extension of the voluntary suspension of the Company's shares and its simple bond. The company is undergoing a strategic review and part of it is assessing the impact of the previously disclosed change in the arrears reporting methodology on its covenant reporting obligations to its lenders. The board has also become aware of other breaches under its facility agreement with its senior bank lenders. The company has been working closely with its senior bank lenders to obtain a waiver for the breaches, to renegotiate the covenant thresholds and to procure their ongoing support. The company requests that its securities remain suspended from trading pending completion of the detailed review of the Company's business strategy. The announcement regarding this is expected to be made on 22 October 2018.

The company releases a notification of interest payment & interest rate change.

The securities of Axsesstoday Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of AXL, pending the release of an announcement regarding a business strategy review.

listed entity carried for record purposes only