News

LeisureTech Electronics creditors accept Deed of Company Arrangement (20/7/2009)

Voters unanimously in favour of a Deed of Company Arrangement

A meeting of the creditors of the old LeisureTech Electronics company today has voted unanimously in favour of a Deed of Company Arrangement to finalize all matters between the company and its creditors. Notwithstanding comments made in the media earlier as to the alleged value of the business transferred and claims that the sale of the business would be attacked, the administrators recommended the deed of arrangement after an independent valuation of the business and investigation of the activities and trading of the business in the lead up to the sale of its business on 6 February, 2009.

Amongst the creditors who approved the Deed were the Australian Taxation Office, the UK based Armour Group and LeisureTech's former legal advisors Allen & Overy LLP who were all represented at the meeting and accepted the offer placed by the company and its directors to resolve all outstanding issues with creditors. It brings to an end any avenue for litigation relating to the sale of business or against the directors of the company and any suggestion that regulatory authorities will be called on to review LeisureTech's business or conduct.

The Directors are appreciative of the loyalty and support shown by its trading partners and suppliers during this difficult period and look forward to being able to devote all of their energies to the sales of distributor product and the continued development of quality audio solutions.

www.leisuretech.com.au