CLIFFORD CORPORATION LIMITED (ASX.CCN)

company deregistered 14/07/2011

John Barrie Loiterton, known as Barrie Loiterton, has been sentenced to three years in prison by the New South Wales Supreme Court following an ASIC investigation - Loiterton was jailed after pleading guilty to one charge of making a false or misleading announcement to the Australian Stock Exchange in late 1998 while a director of Clifford Corporation Ltd

Ian Robert Hall is sentenced to two years and one month in prison, after pleading guilty to one charge of insider trading in late 1998 while a director of Clifford - Hall was ordered to serve a minimum of one year in prison

the Court orders that John Barrie Loiterton be banned from managing a corporation for 17 years, pay a pecuniary penalty of $400,000, and pay a maximum of 70 per cent of ASIC's costs, Ian Robert Hall gets a 14 year ban, $285,000 and 60%, Ian Sapier gets an 8 year ban, $120,000 and 30% (also to pay compensation of $120,000 to Clifford Corporation Limited - in liquidation) and that Mr Peter Loiterton pay a maximum of 2 per cent of ASIC's costs, but declined to make any other orders against him (shareholders in this company will not have forgotten the circumstances in 1998 that led to their losses - it has taken six years and it is entirely debateable as to whether justice has finally been done)

Ian Hall pleads guilty in the NSW Supreme Court to charges of falsifying books and insider trading and Barrie Loiterton to charges of making a false and misleading announcement to ASX

we understand that with regard to the committal of Ian Hall on charges of insider trading, an arraignment is scheduled in the NSW Supreme Court on 6 February 2004

we understand the hearing of the civil penalty action against Barrie Loiterton, Ian Hall, Ian Sapier and Peter Loiterton concluded on 9 December 2003 - ASIC is now awaiting judgement

Ian Hall committed in relation to six charges of insider trading relating to the sale of 850,000 Clifford Corporation shares in October and November 1998

case starts against Barrie Loiterton, Peter Loiterton, Ian Hall and Ian Sapier accused of misleading conduct to hike profits in the 1996-97 accounts - ASIC alleges profits that year mostly came from fictitious transactions and that Barrie Loiterton and Ian Hall sold shares knowing that the company had seriously overstated its profit position

ASIC reports on suspension of auditor Paul Mervyn Meldrum after finding that he failed to adequately and properly carry out his duties as auditor of Clifford Corporation Limited and its controlled entities for the year ended 30 June 1997 (a mere six years after the failures!)

Ian Robert Hall appears before Magistrate Quinn in the Downing Centre Local Court, on six charges of insider trading relating to the sale of 850,000 Clifford shares sold in October and November 1998 - the matter will come before the court again on 17 December 2002

shareholders can realise their capital loss as a liquidators declaration has been issued (see 28/6/1999 below)

liquidator confirms still a possibility of legal actions on behalf of creditors against directors and auditors

John Barrie Loiterton and Ian Robert Hall appear in court on charges arising from ASIC investigation

liquidator confirms that a variety of legal actions are still being considered

ASIC commences civil penalty proceedings against Barrie Loiterton, Ian Hall, Ian Sapier and Peter Loiterton

John Barrie Loiterton ordered to answer questions put by counsel on behalf of ASIC inspectors

delisted due to failure to pay annual listing fee

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued

creditors resolve to put company into liquidation

R Dean-Willcocks and J Star appointed joint liquidators

administrators estimate losses of $100 million for year ended 30/6/98

ASIC commences an investigation into the affairs of the company

trading in company's shares suspended

announces prelim final profit for year ended 30/6/98 of $5m - after abnormals a profit of $753,000

enjoys largest share turnover for the year - 6.7 million shares traded at around 42

directors forecast profit to be $10m for year ended 30 June 1998

name changed from Clifford Minerals Limited