Enerji exits administration

Thermal energy company Enerji has exited administration with plans to raise $5.6 million and lift a share trading suspension on the ASX.

Perth-based Enerji told the market this morning it had completed a deed of company arrangement, with its creditors’ claims against the company now extinguished and transferred to a Creditors’ Trust.

“Accordingly, the company has exited external administration and control of the company has passed to the company directors,” Enerji said.

“The company is presently in the process of working towards the finalisation of a $5.6 million equity capital raising and the requirements to satisfy ASX’s reinstatement conditions.”

Enerji hopes to recommence trading on the ASX by the end of the month.

The company was placed in the hands of administrators Cliff Rocke and Rahul Goyal from KordaMentha in October last year, two months after former Pacific Energy boss Adam Boyd stepped in to replace former Perth Wildcats owner Andrew Vlahov at the helm in an acting capacity. Mr Boyd stepped down at the end of 2016, according to company records. 

Mr Vlahov only served as chief executive for a year, before moving on to lead online education provider iCollege (a role from which he departed earlier this month).

Mr Boyd and company secretary Peter Torre have recently joined the Enerji board, replacing the previous three directors Peter Avery, John Dekker and Rod Phillips who resigned on April 28.