04/03/2010 - 13:54

RFM takes control of Gt Southern almonds

04/03/2010 - 13:54

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Former Great Southern subsidiary, Rural Funds Management, is set to take control of the collapsed agribusiness' 2007 and 2008 almond income project.

RFM takes control of Gt Southern almonds

Former Great Southern subsidiary, Rural Funds Management, is set to take control of the collapsed agribusiness' 2007 and 2008 almond income project.

Late last week, investors in Great Southern's almond project voted in favour of RFM replacing Great Southern Managers Australia Ltd as the responsible entity of the schemes.

Necessary papers will soon be lodged with the Australian Securities and Investment Commission to formalise the arrangement, receiver and manager Tony McGrath, from McGrathNicol, said.

RFM was acquired by Great Southern in 2007 and had changed its name to Great Southern Funds Management before reverting back to its original name when the debt-laden Great Southern group collapsed in May last year.

At the time of Great Southern's collapse, RFM was solvent and therefore not placed in administration. The boutique agricultural fund and farm manager has $300 million of funds under management.

 

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