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11. What will happen between now and the hearing of the Application?

The respective directors of XEL and XER are, and will remain, in sole control of XEL and XER (as applicable) until the hearing of the Application and will continue to act in accordance with their duties as directors.  In the interim, the directors of XEL have elected to commence a marketing process for the sale of XEL’s shares in XER.  Following their appointment (which is anticipated to occur at the court hearing on 5 December 2016) , we anticipate that XEL's liquidators will review the results of that process and will take whatever steps they determine are appropriate in the circumstances.  All bona fide potential purchasers, with the technical and financial capabilities to complete a transaction, should notify the Company of their interest and provide the Company their credentials via the Company's contact page.


Published : Thursday, December 8, 2016 9:45 AM UTC