Media Release - Perpetual Trust

Media Release - Perpetual Trust

The Trustee for St Laurence, Perpetual Trust, said today that it will be meeting with St Laurence to discuss an investor update letter that the Directors of St Laurence has issued to investors.

“St Laurence is operating under a Deed which requires the company to have the approval of the Trustee for any update provided to investors. This letter did not have our approval, in fact we specifically asked that the letter not be sent,” said Matthew Lancaster on behalf of Perpetual Trust today.

In the letter the Managing Director Kevin Podmore proposes that St Laurence will be seeking to put two proposals in front of investors: either receivership or a debt equity swap for shares in a new company operating the St Laurence business. Under the latter, Mr Podmore would be released from his personal guarantee. The letter also states that St Laurence will soon become insolvent.

“A Review Event has already arisen under the Trust Deed and we are well advanced with considering the options available for investors. We will issue a statement tomorrow following our meeting with the company,” said Mr Lancaster.

ENDS

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