Gwalia

A federal committee has endorsed a High Court decision related to the collapse of WA miner Sons of Gwalia that allows certain shareholders to rank equally with creditors.

IMF (Australia) Ltd said the first distribution of money owed to creditors from the failed miner Sons of Gwalia Ltd has started, as administrators accept an increase in the value of claims.

Sons of Gwalia shareholders looking forward to a payout after last week's historic High Court ruling will have to wait for two more matters to be resolved before finding out what, if any, distribution they can expect.

In good news for Sons of Gwalia shareholders, and those of other failed companies, the High Court has upheld a Federal Court finding that the claims should be considered as equal to those of creditors.

Sydney law firm Dennis & Co is organising a class action for shareholders in failed mining company Sons of Gwalia, in the process attracting the ire of listed litigation funding company and competitor, IMF (Australia).

If winning the big jobs is a measure of success, then Freehills gets top billing in the insolvency market this year after being appointed as legal adviser to the administrators of failed mining company Sons of Gwalia.

JOHN Leevers has stepped down as managing director of Sons of Gwalia where he will stay on as chief executive.

Sons Of Gwalia Ltd ceased to be a substantial shareholder.

Lodged response to ASX query.

Sons Of Gwalia Ltd - 25/5/04 Goldman Sachs Group became a substantial shareholder with a relevant interest of  9,479,128 ordinary shares (5.04%).

SONS OF Gwalia Limited plans a major expansion of the Greenbushes and Wodgina mines following successful negotiations with two of its major customers.During the quarter, negotiations with the company's two major customers resulted in the execution ...