ASX ANNOUNCEMENT AND MEDIA RELEASE

30 June 2014

Nexus Energy Limited (Administrators Appointed) (ASX: NXS)

This update is further to the announcements to the ASX dated 12 June and 25 June 2014 advising of the appointment of Tony McGrath, Jason Preston and Matthew Caddy of McGrathNicol as joint and several voluntary administrators (Administrators) to Nexus Energy Limited (Administrators Appointed) (Nexus).

Funding Facility

Further to the ASX Announcement dated 25 June 2014 regarding the short term funding facility (Facility) agreed with Network Investment Holdings Pty Limited (NIH), the Administrators have sought directions from the Court to the effect that they are justified in procuring Nexus to enter into and draw down under the Facility and in procuring Nexus to on-lend monies to two of its subsidiaries.
At the hearing of the Administrators' application on 27 June 2014, the Supreme Court of New South Wales granted the directions sought by the Administrators under section 447D(1) of the Corporations Act 2001 (Cth) (Act). In addition, the Court made orders under section 447A of the Act, with the effect of limiting the personal liability of the Administrators under the Facility to the extent of their indemnity under section 443D of the Act as against the property of Nexus.

Extension of convening period

The Court also granted an extension of the convening period to 4 August 2014, to allow time for the sale process to be conducted prior to the next meeting of creditors of Nexus, which will be held on or before 11 August 2014. Details of this meeting will be posted on the McGrathNicol website www.mcgrathnicol.comin early August 2014.

Media inquiries to Nicholas Owens, Director, Sefiani Communications Group, ph. (02) 8920 0700, mobile 0421 977 062, email nowens@sefiani.com.au .

About McGrathNicol

McGrathNicol is an independent boutique advisory firm specialising in Corporate Advisory, Forensic, Transaction Services and Corporate Recovery. We are the market leader in Australia and New Zealand, with more than 30 Partners and 300 people across the region. Our firm was founded by a group of Partners and staff from Big 4 accounting firms who believed a high quality boutique firm could thrive when freed of audit independence constraints. Since then, McGrathNicol has grown strongly.

We have earned a reputation for achieving innovative, high quality results by providing technical excellence, responsive advice and sound execution capability.

distributed by