Private funds manager Ascot Capital is in the final stages of negotiation to purchase Jandakot Airport for $47 million from companies linked to bankrupt earthmoving mogul Kevin Pollock.
Private funds manager Ascot Capital is in the final stages of negotiation to purchase Jandakot Airport for $47 million from companies linked to bankrupt earthmoving mogul Kevin Pollock.
The due diligence for the sale is believed to be complete and a contract for sale soon to be entered in to for what is a significant development site in Perth’s southern suburbs.
Construction and development company Pindan has an interest in Ascot and will act as development manager if the sale goes ahead.
The buyer’s key interest is 148 hectares of undeveloped commercial land on the north-west portion of the 540 hectare airport, one of the nation’s busiest air traffic areas, with mainly light aircraft activity.
Pindan director of development management Nick Allingame, who is also an Ascot director, said negotiations were taking place but the sale was still subject to statutory approval.
Jandakot Airport Holdings Pty Ltd acquired a 50-year leasehold over the airport with a 49-year option to renew as a result of Federal Government privatisation of airports in 1998.
According to Australian Securities and Investments Commission records, JAH is owned by three interlinked companies – Allswan Holdings Pty Ltd, Hanscon Holdings Pty Ltd and Jayport Holdings Pty Ltd.
Joanne de Hollander, understood to be a close business associate of Mr Pollock, is a director of Allswan and Jayport. Jayport is half-owned by Hanscon.
The sale comes after the failure of multiple companies associated with Mr Pollock and an ongoing investigation by ASIC.
National Australia Bank appointed receivers to 14 of Mr Pollock’s companies in 2003. In the same year he was put into bankruptcy by the Australian Taxation Office.
The 14 companies are still in various stages of administration or receivership, partly reflecting the complex nature of Mr Pollock’s business interests, which include earthmoving, land sub-division, equipment hire and garden supplies.
As part of an attempt to claw back assets from Mr Pollock in 2003, NAB sought to have 48.5 per cent of JAH transferred to the bank, alleging that a stake in JAH initially held by Mr Pollock’s MM Developments Pty Ltd had been transferred to another company without the bank’s consent.
As recently as a month ago, it was known that Mr Pollock remained the subject of an ongoing ASIC investigation.
Several months ago he was charged with not releasing reports under the Corporations Legislation and fined $1,000 plus costs.
ASIC regional commissioner Angus Dale Jones told WA Business News at the time that the charge was separate to the investigation into Mr Pollock’s business activities.
JAH managing director Doug Green declined to comment.
