Sure thing. CMI Ltd Sold a division called CMI Industrial to the former MD. The business was sold for around $51m and was predominantly a car parts business few smaller tack on businesses. The consideration included a $17m vendor loan which had to be paid back.
Subsequently CMI Industrial went into recievership and liquidation. This occured a few months back. After the NAB CMI Ltd was the next secured creditor and made up the bulk of the debt. With penalies etc.. the claim on CMI Industrial is well over $21m
Most of the businesses of CMI Industrial have been shut down and the assets auctioned. I think there is only one business left and thats an automotive filter business based in NZ. The business was bought by CMI Industrial for around $5m.
The liquidaors have already paid CMI $186k (per the accounts) so Im sure there is more cash to come from the liquidation as the liquidators would have closed the liquidation by now if there was no cash to pay their fees.
Hope that gives you what you asked for! If not be a bit more specific in your question.
CMI Price at posting:
$1.79 Sentiment: Hold Disclosure: Held
