Perpetual to appoint liquidator to St Laurence

24 June, 2011

Perpetual Trust is advising investors in St Laurence Property Development Fund Ltd (“Company”) that it will be seeking the appointment of liquidators to the Company when it defaults on repaying $18 million of bond capital due on June 30 and over $6 million* of interest in arrears.

The Directors of the Company have written to investors proposing three courses of action and in that letter confirm that they will not be able to repay the Bonds and the interest due on June 30.

“We agree with Directors on one point and that is that the Company will not fulfil its obligation to repay the $18 million of bond capital and to investors. That being so, it is our intention as Trustee to seek the appointment of liquidators to the Company at that time,” said Matthew Lancaster, Head of Corporate Trust for Perpetual Trust.

“The options the Company proposes are either not possible or in our view are misrepresented by the letter.

“We will be writing to investors to inform them of the correct situation that will apply at the time that the Company defaults on its payments to bond-holders. It is most regrettable that investors have been sent incorrect information,” concluded Matthew Lancaster.

The Directors of the Company are Mr Kevin Podmore, Mr A O’Sullivan and Mr J McArley. When a liquidator is appointed, the Directors will no longer be able to act on behalf of the Company.

*interest is payable at 15% per year. Interest has not been paid since the March 2009 quarterly payment.

ENDS

© Scoop Media