This article is from the Australian Property Journal archive
THE Prime Retirement and Aged Care Property Trust has suspended trading so it can carry out refinancing discussions with existing and potential financiers.
The trust said following review of its financial position, it believes that it is appropriate that these discussions be completed before securities in Prime Trust resume trading on ASX.
PTN shares are expected to remain in suspension until August 18.
Meanwhile after a notice of demand was served on the trust’s manager, APCH’s parent entity, Kidder Communities Pty Ltd (KC) by Daytree Pty Ltd (Daytree), an entity associated with former CEO and founder William Lewski, the board of APCH has now been notified that as a result of an agreement entered into between KC and Daytree regarding that notice of demand, Daytree has obtained possession of the shares in APCH.
As a result, Philip Powell, a director of KC, who served as CEO of APCH has resigned. Neil Rodaway, a nonâ€executive director of APCH, has been appointed to the role of acting CEO of APCH.
Peter Clarke, an executive director of APCH has also resigned.
Australian Property Journal
