09/07/2008 - 10:48

Chimaera fallout hits WA stocks

09/07/2008 - 10:48

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Richfield Group Ltd and PharmAust Ltd have become the latest Western Australian companies to reveal their exposure to the affairs of besieged financial services provider Chimaera Capital Ltd.

Richfield Group Ltd and PharmAust Ltd have become the latest Western Australian companies to reveal their exposure to the affairs of besieged financial services provider Chimaera Capital Ltd.

The Subiaco-based Richfield today confirmed that around six per cent of its total issued capital was being held in the name of Melbourne-based Chimaera Capital.

Last week ANZ Banking Group Ltd appointed receivers to Chimaera's margin lending arm, Primebroker Securities Ltd, to recover its $260 million exposure in the fall-out.

Today Richfield said that it has taken action to investigate the details of the situation with Chimaera.

"[Richfield] is endeavouring to determine from the receiver appointed any action concerning these shares and any terms of the security arrangement including the right of sale (if any)," the company said.

Chimaera currently holds around 50 million Richfield shares.

Richfield added that it had no knowledge of the extent or terms of the margin lending facilities with any shareholders, if any. The company said it does not have any arrangements with any entity in the Chimaera Financial Group.

Shares in Richfield, which were previously in a trading halt, fell over 20 per cent or 0.8 cents to last trade at 3.1c at 12:56AEST.

Yesterday, ANZ revealed it had an 11.9 per cent interest in mobile and e-marketing company Comtel Corporation Ltd and 10.7 per cent interest in PharmAust Ltd while Blue Energy advised that over 138 million shares, representing 31.1 per cent of its register, were subject to "financial arrangements over which ANZ has security".

Today, PharmAust confirmed that none of its directors held any margin loans with Primebroker.

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