trading halt, page-10

from the australian

"ANZ appointed receivers to Primebroker Securities, part of the Chimaera Financial Group .

ANZ also said it would make a provision of about $50 million due to the company's poor performance.

Paul Kirk and Stephen Longley of PricewaterhouseCoopers have been appointed as receivers and managers of Primebroker.

"Withstanding significant efforts by ANZ and Primebroker over recent weeks, there has been a further deterioration in Primebroker's position,'' ANZ said in a statement.

"This, combined with a lack of commercially acceptable proposals from Primebroker, has led to this unfortunate outcome.

"The deterioration in Primebroker's position has also been to ANZ's detriment.''

The bank added that its total exposure of $260 million is secured by a portfolio of equities and property.

Earlier this week, ANZ decided against investing $55 million in Chimaera, to bail out the Melbourne based stock lender.

Chimaera announced the plan in April following rumours that its financial model was under pressure as other margin lenders, including Opes Prime and Lift Capital, suffered in volatile equities markets.

Chimaera describes itself as a private merchant bank that specialises in investments, securities financing and trading."


Good stocks do bounce back. If everyone knows why the sell off, and has nothing to do with fundementals.

Pukin, what your refering to is valid, if it undermines the confidence in the market, and we get more nervousness, and it wont be specific to this stock only then.

The bounce back comes, from oversold condition, and market confidence.

But yes, a very good point puk, if the sell has happen yet, and the sell off was from insiders.

I will buy more BUL if its thrown away.

Does anyone know what securities are held by this mob?

cheers