02/04/2008 - 11:48

Finbar, Image join a long list of Opes casualties

02/04/2008 - 11:48

Bookmark

Upgrade your subscription to use this feature.

Perth companies Finbar Group Ltd and Image Resources Ltd today joined a long list of companies caught up in the collapse of Melbourne stockbroker Opes Prime.

Finbar, Image join a long list of Opes casualties

Perth companies Finbar Group Ltd and Image Resources Ltd today joined a long list of companies caught up in the collapse of Melbourne stockbroker Opes Prime.

Subiaco companies Jameson Resources Ltd and Sunset Energy also announced that a substantial portion of their stock - 10.3 per cent and 6.4 per cent respectively - was affected.

Other companies providing updates today included Aurora Oil and Gas Ltd and Reed Resources Ltd, which said local stockbroking firms had acquired shares affected by the Opes collapse.

Aurora was advised by Stripe Capital that they had purchased 3.5 million Aurora shares in the market and Reed was advised by Montagu Stockbrokers that they had purchased Reed shares in the market through a transaction arranged by Transocean Securities.

In addition, Thundelarra Exploration Ltd clarified its exposure, saying that no directors or executives were affected and only a small number of other shares may be affected.

Property developer Finbar revealed that 4.45 per cent of its issued capital (6.3 million shares) may be subject to an equity finance arrangement with Opes.

Finbar said the sale of the shares by an ANZ Bank-appointed receiver may have a significant impact on the company's share price, due to the size of the stake.

Finbar also said none of the company's directors, management or staff had facilities with Opes.

West Perth-based Image Resources said 5.5 million shares previously held by its managing director George Sakalidis, and about 500,000 other shares, were affected by the collapse.

ANZ Nominees has advised Image that it intends to sell the affected shares, and in response Image is seeking to arrange an orderly off-market buy-out.

 

A statement from Finbar is pasted below:

 

The Company has become aware that a number of Finbar shares may be the subject of equity finance arrangements with Opes Prime Stockbroking Ltd.

We believe that in aggregate 6,303,005 shares being 4.45% of the issued capital of the Company is involved.

We understand from media reports that Opes Prime is now under the effective control of a receiver appointed by ANZ Banking Group Limited.

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.

The Directors 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.

The Directors advise that there has been no change in the Company operations or state of affairs which in the view of Directors may impact on share price.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options