Receivers and Managers appointed to First Capital Securities LtdDOWNLOAD
Karina Randall (media enquiries only)
Media & Communications
+61 (0) 414 823 712
BRISBANE – Deloitte Brisbane partners John Greig and Nicholas Harwood have been appointed Receivers and Managers of the unlisted First Capital Securities Limited.
Mr Greig stated that his appointment was made by the Public Trustee of Queensland late Monday afternoon after confirmation that continuing financial support from First Capital’s Singaporean parent, Rockstead Capital Pte Ltd had been withdrawn. He stated that, given that the company was no longer in a position to continue to run out its existing loan book, the Public Trustee was left with no alternative other than to appoint Receivers and Managers in order to protect the interests of the 500 plus First Capital note holders.
First Capital Securities Ltd specialises in the active investment management of property and mortgage assets and is a specialist financier of residential, commercial and industrial property development and construction projects. The company is a wholly owned subsidiary of ASX listed Rockstead Financial Services Limited.
The Directors appointed voluntary administrators on Monday afternoon after the appointment of the Receivers and Managers.
Mr Greig stated that it is his intention to continue to wind down the loan book in an orderly manner to realise sufficient funds to pay out the note holders.
Mr Greig stated that he was working to establish the current financial position of the company at which time he would report to all stakeholders. He stated that the June balance sheet of the company indicated that note-holders were owed about $15 million with little or no debts owing to other external creditors. He also stated that the major asset of the company was the $16 million loan book which is partly secured by property mortgages over developments in Qld, NSW and New Zealand.
For further general information on the voluntary administration process, please refer to: www.asic.gov.au/insolvencyinfosheets
For further information for clients and creditors:
Receiver and Manager of First Capital Securities
Tel: +61 (0) 7 3308 7000