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Administrators take over Condor Blanco

Wednesday 6th of July 2016 11:56:20 AM

ASX- listed minerals exploration company Condor Blanco Mines was placed into the hands of administrators yesterday as controversial founder and director Glen Darby was due to be ousted in a shareholder meeting.

Mr Darby, 35 threatened last Friday that he would call in administrators if his vague demands were not met however went ahead and appointed administrator Domenic Calabretta to Condor on Monday, crystallising $22 million-plus of investor losses for the company.

Mr Darby, has been convicted of a string of criminal offences including assault and high-range drink driving.

Three Condor Blanco investors, including Joshua Farquhar, had sought to have themselves installed as directors replacing the current board, which by yesterday consisted of only Mr Darby.

However, at 11am yesterday as investors gathered in a York St, Sydney CBD office building to vote on the proposal they were told the company had been placed in the hands of Mr Calabretta and his firm Mackay Goodwin the day before.

Mr Darby did not attend the meeting and there were no company representatives or former directors present to discuss that decision.

Condor Blanco was suspended from trading on May 5 following the launch of a Takeovers Panel investigation amid failures by the group to meet its disclosure requirements, among other allegations of improper practices.

The company has consistently lost money since it was founded by Mr Darby in 2010 and is now virtually worthless, with shares at 0.9c when it was suspended.

Despite the appointment of administrators, yesterday’s vote went ahead with investors voting for the removal of Mr Darby and for the appointment of Mr Farquhar and fellow Condor Blanco investors Sarah Miles and Jay Stephenson.

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