ChemX Materials Limited (CMX) and its subsidiary HiPura Pty Ltd are set to execute Deeds of Company Arrangement (DOCAs) following creditor approval on April 11, 2025. This marks a significant step in the recapitalization efforts after the appointment of administrators on January 2, 2025. For ChemX Materials, Benelong Capital Partners Pty Ltd (BCP) will pay a deposit of $25,000, followed by $125,000 upon fulfilling specific conditions. These conditions include receiving $145,000 from BCP, removing all PPSR charges, securing ASIC, ASX, and shareholder approval for BCP’s recapitalization proposal, and replacing the company’s directors with BCP nominees. If the DOCA is successfully implemented, priority creditors will be paid in full, and unsecured creditors may receive up to 44 cents on the dollar.
HiPura’s DOCA involves Alluminous Pty Ltd paying $2,200,000 by April 28, 2025. Completion hinges on receiving the payment, transferring HiPura shares to Alluminous, replacing HiPura’s director with an Alluminous nominee, and assigning the lease at 3 Flindell Street, O’Connor, WA, to Alluminous. Under this arrangement, non-related party creditors’ claims will be paid in full, and ChemX Materials, as the parent company, may recover up to 68 cents on the dollar for its loan to HiPura.
