This article is from the Australian Property Journal archive
THE collapse of Opes Prime has claimed the Australian Institute of Property Management and Finbar.
The Australian Institute of Property Management disclosed yesterday that 10 million shares representing 3% of the company’s stock was linked to Opes Prime and is now under the effective control of ANZ Bank.
“The company understands that it is the intention of ANZ to sell shares pursuant to the security granted by Opes Prime Stockbroking Limited. However, the company has not yet had any direct communication with ANZ or the receiver,” company secretary Clare Porta said.
“In the interests of maintaining an informed market in the company’s shares, the Board is actively seeking discussions with the ANZ with a view to clarifying its intentions and will advise the market accordingly.
“A member of the Board has advised the Company that he would be interested in participating in any sale of some or all of the shares that is effected by ANZ,” Porta concluded.
Meanwhile, Finbar has told the ASX that it has become aware that a number of Finbar shares may be the subject of equity finance arrangements with Opes Prime.
Chief executive Darren Patemen said around 6.3 million shares representing 4.45% of the company is now under the effective control of a receiver appointed by ANZ Bank.
“It is likely that the ANZ Bank has or will pursue the sale of the shares. This may have a significant impact on market price by virtue of the quantum of shares involved. ThedDirectors therefore consider it appropriate to advise the market of this matter.
“We also confirm that no directors, management or staff of the company have facilities with Opes Prime, nor do these parties hold margin lending facilities of any nature in respect of Company stock,” he concluded.
Finbar’s share price traded 3 cents lower to close at 57 cents, whilst APM is in a trading halt at 6 cents.
Opes has also been linked to a Special Crossing transaction with the Hedley Leisure and Gaming Property Fund last week.
Australian Property Journal
