media release (15-084MR)

ASIC applies to wind up Reeltime Media Limited and five subsidiary companies

Published

ASIC has applied to Supreme Court of New South Wales to wind up publicly-listed company, Reeltime Media Limited (ACN 085 462 362) (RMA) and the following wholly owned subsidiary companies (the Subsidiaries) on just and equitable grounds:

  •  DE Digital Pty Ltd (ACN 602 136 425)
  •  DE Personnel Pty Ltd (ACN 168 644 282)
  •  Ocean Feather Pty Ltd (ACN 111 136 237)
  •  Paricia Pty Ltd (ACN 166 837 743)
  •  Zaramamma Pty Ltd (ACN 167 083 892)

The application was made following ASIC's investigation into allegations of  corporate governance failures by RMA over a number of years.

Subsequent to the filing of ASIC's winding up application, RMA and the Subsidiaries appointed David Ross and Shanon Thomson of Hall Chadwick as Administrators on 21 April 2015. A copy of that announcement is available from the ASX website.

ASIC's application to wind up RMA and the Subsidiaries continues and has been listed in the Supreme Court of New South Wales at Sydney on 4 May 2015.

Editor's Note 1:

At the first directions hearing on 4 May 2015, orders were made that the matter be back in court for a further directions hearing on 27 July 2015.

Editor's Note 2:

On 27 July 2015 the proceedings against two of the defendants - Reeltime Media Limited and DE Digital Pty Ltd (both subject to Deeds of Company Arrangement) - were adjourned to 26 October 2015. The proceedings against the remaining defendants were discontinued as those companies are now in liquidation.

Editor's Note 3:

On 26 October 2015 the proceedings against the remaining two defendants, Reeltime Media Limited and DE Digital Pty Ltd which entered into Deeds of Company Arrangement on 20 July 2015, were discontinued.

Media enquiries: Contact ASIC Media Unit