11/07/2008 - 17:06

Firms eye Blue Energy shares

11/07/2008 - 17:06

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North Perth-based Blue Energy Ltd has revealed a number of entities have registered interest in securing a 25.56 per cent parcel of shares controlled by the receiver of Primebroker Securities Ltd, part of the Chimaera Financial Group.

North Perth-based Blue Energy Ltd has revealed a number of entities have registered interest in securing a 25.56 per cent parcel of shares controlled by the receiver of Primebroker Securities Ltd, part of the Chimaera Financial Group.

Blue Energy released further information in relation to the share parcel currently being held by an ANZ appointed receiver, which control nearly 114 million shares.

"... the company remains in discussion with the receiver in respect to the process of achieving an orderly and competitive sale," Blue Energy said.

Meanwhile, Blue Energy major shareholder Fortis Clearing Sydney Pty Ltd has sold all its shares in the company.

Blue Energy said the shares were not sold to the receiver as had been previously advised, but sold onto the market.

Fortis previously had a 5.85 per cent stake.

Earlier this week the company revealed that almost one third of its of share register could potentially be sold off as Chimaera's margin lending arm, Primebroker, went into receivership as the ANZ Banking Group Ltd seeks to recover its $260 million exposure.

Primebroker pooled its clients shares as security for credit facilities from ANZ.

Below is the full announcement:

Blue Energy Limited (ASX: BUL) released information to the market on 8 July 2008 concerning the position with certain Shareholders shares that were secured under financing arrangements to ANZ.

Further information has been made available to the Company and this release is to clarify the position in respect to the BUL Shareholder's shares now in control of the ANZ appointed Receiver/Manager to Primebroker Securities ("Receiver").

The Receiver controls 113,525,219 shares representing 25.56% of the Company's issued capital and the Company remains in discussion with the Receiver in respect to the process for achieving an the orderly and competitive sale.

Fortis Clearing Sydney Pty Ltd ("Fortis") filed a substantial shareholder notice on 17 April 2008 advising it had become the holder of 25,825,559 shares representing 5.85% of issued capital "Under the terms of existing stock borrowing agreements". These shares are not in the control of the Receiver as the Company was previously advised.

Fortis filed a Notice of ceasing to be a substantial holder on 10 July 2008 and the Company has today been advised all but a small number of those shares have been sold into the market.

The Company is aware that a number of substantial entities have registered their interest in securing the whole of the share parcel controlled by the Receiver.

 

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