The slide into administration and receivership of the once glamour contractor follows a miserable 2-3 years which started with an ill-fated foray into the South African resources sector.
Ongoing cash flow problems with its South African subsidiary Brandrill Torex saw the Pinjarra-based company try (unsuccessfully) a number of times to offload the business. BTX was ultimately liquidated.
In April Brandrill attempted a $13.5 million recapitalisation $13.5 million via a three for two non-renounceable pro rata rights issue at 1c.
That offer failed to attract sufficient market support and was adjusted earlier this month to incorporate a minimum $9.5 million raising at 0.25c in combination with a 1 for 20 share consolidation – managed by Patersons Securities – though, as it turned out, all to no avail.
Contracts understood to be held by Brandrill include the Woodie Woodie manganese and Coobina chromite projects owned by Consolidated Minerals (recently signed for 2 years and worth a combined $10 million); a 3 year contract worth $9 million with Roche Mining for drilling at the Wodgina open pit mine which commenced in October last year, and; a 5 year contract worth $16 million with Ensham Resources at the Ensham coal mine in the Bowen Basin.
Brandrill closed trading today at 1.6c, unchanged, on the ASX.