at the end of july...in 2 weeks...., page-3

I dont think old board is totally clear of trouble. Mis-appropriating so many millions might fall back on King, Adams and Peacock.



Octaviar share
Ben Butler

July 15, 2008 12:00am
OCTAVIAR boss Chris Scott is not obliged to reveal what has happened to his own shareholding in the teetering Gold Coast financier after the regulator yesterday said the company was in compliance with listing rules.

An unknown amount of Mr Scott's shareholding was seized by the ANZ last week. However, the company has yet to disclose the amount taken by the bank.

Last week ANZ revealed it held 5.05 per cent of Octaviar after it took control of scrip held by collapsed stock lender Primebroker.

In a statement on April 1, Octaviar said Mr Scott had 3.56 per cent of the company pledged as security on a margin loan, but since then the company has been silent on the fate of his stake.

Mr Scott used the scrip to raise a $19 million loan with Primebroker.

Yesterday stock exchange spokeswoman Roula Rodopoulos said it was up to the courts to decide who owned the shares.

But ANZ spokesman Paul Edwards said the bank did not know of any action against it over Primebroker. "There are not any court actions underway at this time with regard to Primebroker," he said.

Ms Rodopoulos said Octaviar was not in breach of the ASX listing rules covering lodging director interest notices.

"ASX is satisfied at this point in time that Octaviar is complying with its continous disclosure obligations with no current requirement to lodge a directors' interest notice," she said.

"It is up to the courts to decide who has legal ownership of the shares between ANZ and Octaviar (due to the Primebroker matter) and this is an area that ASX will not get involved in."

Before the ANZ seizure, Mr Scott's last declared stake in the company was 4.64 per cent.

He did not return calls yesterday.

Octaviar has been suspended from the stock exchange since January, when a debt crisis sent its share price into freefall.

http://www.news.com.au/heraldsun/story/0,21985,24019961-664,00.html