CuDeco : Extension of Time to Hold 2019 Annual General Meeting (AGM)

BRISBANE

Level 19, Waterfront Place, 1 Eagle Street,

Brisbane QLD 4000

GPO Box 98,

Brisbane QLD 4001

ABN: 82 098 443 397

ASX ANNOUNCEMENT

3 December 2019

CUDECO LIMITED (RECEIVERS AND MANAGERS APPOINTED) (ADMINISTRATORS APPOINTED) ACN 000 317 251 (THE COMPANY)

ABN 14 000 317 251

Extension of Time to Hold 2019 Annual General Meeting (AGM)

Matthew Joiner and Jeremy Nipps of Cor Cordis (the Administrators), were appointed Joint and Several Voluntary Administrators of the Company on 5 July 2019.

The Administrators give notice that Australian Securities and Investments Commission (ASIC) granted the Company relief from section 250N of the Corporations Act 2001 (the Act) to hold its 2019 AGM (the EOT Application).

Under section 250P of the Act, ASIC has extended the period within which section 250N of the Act requires the Company to hold its 2019 AGM to the date that is 2 months after the financial reporting deferral period provided by ASIC Instrument 19-1205, as mentioned below.

Accordingly, if the financial reporting deferral period expires on 31 March 2020, then the Company must hold its 2019 AGM by 31 May 2020.

Application for Relief from Lodging Financial Reports

The EOT Application was considered by ASIC concurrently with an application by the Administrators for financial reporting relief (Financial Relief Application).

Under ASIC Instrument 19-1205, the Company's financial reporting obligations have been deferred until the earlier of:

1. 31 March 2020; or
2. the date on which a disclosure document is lodged with ASIC in relation to any offer for issue or sale of securities that requires disclosure to investors under Chapter 6D of the Act; or
3. the date on which the Company is reinstated to quotation; or
4. the date that the Company ceases to be under external administration.

A copy of ASIC Instrument 19-1205 is attached to this announcement.

MELBOURNE | SYDNEY | PERTH | BRISBANE | CORCORDIS.COM.AU

Liability limited by a scheme approved under Professional Standards Legislation

BRISBANE

Level 19, Waterfront Place, 1 Eagle Street,

Brisbane QLD 4000

GPO Box 98,

Brisbane QLD 4001

ABN: 82 098 443 397

Requirement for, and impact on, the EOT Application and Financial Relief Application (the Applications)

The Company's Receivers and Managers (Receivers) are currently completing a campaign to secure interest in the Company and its assets by sale or recapitalisation, the outcome of which is expected to be known by mid-December, 2019, if not earlier.

In considering the process being undertaken by the Receivers, the Applications were made by the Administrators as:

• complying with the relevant requirements of Part 2M.3 of the Act would 'render the financial report misleading' and impose unreasonable burden upon the Company during the external administration;
• the AGM could not be held on time due to the ongoing administration and receivership of the Company as the ongoing preparation of the financial reports are outside of the control of the Administrators;
• without the financial reports, the business that could be conducted at the AGM would be extremely limited and as such there is no detriment to the shareholders of the Company in extending the time to hold the 2019 AGM; and
• the cost and burden of holding an AGM would be significant and the expense likely one that would need to be borne by creditors. Accordingly, it was in the interests of all parties that the Company be granted an extension of time to hold the AGM.

Contact Details and further information

Information sheet Insolvency information for directors, employees, creditors and shareholders and other information on the Voluntary Administration process can be obtained from the Australian Securities and Investments Commission website athttps://asic.gov.au/insolvencyinfosheets.

Enquiries can be directed as follows:

Creditor enquires

T: +61 7 3613 3630

1. brisbaneinsol@corcordis.com.au