Orexplore Technologies appoints voluntary administrators

Orexplore Technologies Limited (ASX: $OXT) has announced the appointment of Quentin Olde and Liam Healey of Ankura Consulting as joint and several voluntary administrators pursuant to section 436A of the Corporations Act 2001 (Cth). The administrators have also been appointed for Orexplore's Australian subsidiary, Orexplore Australia Pty Ltd.

Administrators' strategy and process

The Administrators have assumed control of Orexplore's operations and are undertaking an assessment of operations. They intend to work closely with Orexplore's Board and advisors to understand the status of the strategic review process commenced by the Board and will shortly commence a dual track recapitalisation and/or sale process.

Summary of appointment and outlook

Orexplore Technologies has appointed voluntary administrators for its operations in Australia, with the intention to continue trading on a business-as-usual basis during the Administration. The Administrators will work closely with the company's Board and advisors to assess the strategic review process and commence a dual track recapitalisation and/or sale process. The first meeting of creditors is scheduled to be held on or before Thursday, 23 May 2023. Parties interested in participating in the Administrators' process are encouraged to contact the Administrators' office as soon as possible.