X64 (ASX:X64) - Voluntary Administration

X64 (ASX:X64), a West Perth-based gold producer focused on projects in the Philippines, entered voluntary administration on 2 July. In mid-June, the company’s board of directors resigned and a new board was established. The newly appointed board commissioned a detailed financial analysis of the X64 Group’s business and identified that prior to its appointment, circumstances arose involving a dispute concerning the alleged transfer of ownership of a 60% interest in X64’s subsidiary Philsaga Mining Corporation (PMC). Whilst the dispute continued, X64 has no guarantee of continued income from PMC to support its operations. In these circumstances, the board determined it was necessary to appoint voluntary administrators. Martin Ford and Simon Theobald of PwC were appointed joint administrators. Prior to their appointment, they were engaged by Gilbert & Tobin Lawyers to plan for a prospective appointment over the company.