BARRON ENTERTAINMENT LIMITED(BAE)

company deregistered

ASIC has banned Mr John Bardin Davis, of Malvern, Victoria, from managing corporations for three years - ASIC alleges Mr Davis failed to exercise his powers and duties as a director of the companies with reasonable care and due diligence in failing to maintain adequate financial records and ensure the companies didn't trade whilst insolvent

according to a release by IMF (Australia) Limited, it is funding an insolvency action against the directors with a maximum claim value of $2m and it expects the case to be completed by 31 December 2006

court extends the time allowed to file a defence by the Barron directors to 17 December 2004

Barron directors given an extension of time to file their defences until 5 August 2004

the liquidators of Barron Entertainment Limited (BEL) and Barron Television Limited (BTV) commenced proceedings against two former directors of the companies, Paul Douglas Barron and David James Humann - in those proceedings they claimed damages said to have been suffered by unsecured creditors of the companies when the companies incurred debts at a time when they were insolvent (and what about the shareholders??)

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

delisted following failure to pay annual listing fee

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

liquidator is still furthering investigations into the conduct and affairs of the Company prior to the appointment of Administrators - this process is a lengthy one and it cannot be estimated when it will be completed - liquidators cannot issue shareholders with a notice that their shares are worthless at this stage

seeking update from liquidator

liquidators continue to pursue legal actions and confirm that it is unlikely they will be in a position before 30 June 2003 to either issue a liquidators declaration or to return the company to administration and seek shareholder approval to sell the company shell

liquidator begins examination of company's directors in the Federal Court in Perth - this should help the liquidators to assess the prospects of various asset recovery proceedings

liquidator advises he is still conducting investigations into the possibility of legal action

there has been no release to the market since the company appointed administrators in July 2001 - we await a report on developments since

company goes into liquidation

directors advise they have appointed V Smith and B Hughes of Norgard Clohessy as administrators

directors believe the company has a viable future and that the short term issues facing the company can be resolved

company confirms that it has concluded agreements regarding the sale of copyright in part of its film and television library to a Melbourne-based company, Arts Film Rights Pty Ltd

company has negotiated a separate loan facility agreement to provide interim working capital

board confirms that it has received "written confirmation of agreement in principle" regarding the sale of various film and television library assets

shares suspended from quotation pending an announcement and release of half yearly report

name changed from Barron Films Limited