Leeuwin Ocean Adventure Foundation - Case Update

Last month, we wrote about how John Bumbak and Richard Tucker of KordaMentha, the administrators of Leeuwin Ocean Adventure Foundation, were recommending a DOCA proposal for the recapitalisation of the foundation from Minderoo Foundation Limited as trustee for the Minderoo Foundation Trust, the philanthropic arm of Australian mining tycoon Andrew Forrest. The company executed the DOCA on 16 October, and the administrators are now working with Minderoo and the company to progress the conditions precedent in the DOCA, at which point control will pass to Minderoo. This process is expected to take 3 months. In the meantime, the administrators remain responsible for the day-to-day operations of the foundation. A dividend is expected to be paid to creditors in early 2024.