http://www.theaustralian.news.com.au/story/0,25197,23445711-601,00.html
http://www.opesprime.com.au/documents/MR-Opes-Group-280308.pdf
PRESS RELEASE
28 March 2008
OPES PRIME GROUP PLACED IN ADMINISTRATION
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and Adrian Brown have been appointed Administrators by the directors of Opes Prime Group Limited and a number of its subsidiaries and related entities including, Opes Prime Stockbroking Limited (?OPSL?).
OPSL, a full market participant on the ASX, provided institutional and private clients with stockbroking services, predominantly in the form of securities lending and equity financing.
Initial investigations indicate that the solvency of the business was under pressure due to a number of major clients not meeting significant margin calls.
The Administrators are currently examining the Group?s affairs to quantify the likely liability to OPSL?s clients.
Mr Lindholm said: ?Preliminary investigations indicate that the financiers to the Group hold sufficient collateral securities to cover their positions in full. However, OPSL?s clients are potentially exposed for the difference between the value of the collateral securities they have advanced and the loans provided by OPSL. At this stage, it is too early to estimate the realisable value of OPSL?s assets to meet client claims.?
The Administrators will call a meeting of creditors for 8 April 2008.
http://www.opesprime.com.au/documents/MR-Opes-Group-280308.pdf
PRESS RELEASE
28 March 2008
OPES PRIME GROUP PLACED IN ADMINISTRATION
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and Adrian Brown have been appointed Administrators by the directors of Opes Prime Group Limited and a number of its subsidiaries and related entities including, Opes Prime Stockbroking Limited (?OPSL?).
OPSL, a full market participant on the ASX, provided institutional and private clients with stockbroking services, predominantly in the form of securities lending and equity financing.
Initial investigations indicate that the solvency of the business was under pressure due to a number of major clients not meeting significant margin calls.
The Administrators are currently examining the Group?s affairs to quantify the likely liability to OPSL?s clients.
Mr Lindholm said: ?Preliminary investigations indicate that the financiers to the Group hold sufficient collateral securities to cover their positions in full. However, OPSL?s clients are potentially exposed for the difference between the value of the collateral securities they have advanced and the loans provided by OPSL. At this stage, it is too early to estimate the realisable value of OPSL?s assets to meet client claims.?
The Administrators will call a meeting of creditors for 8 April 2008.