Admiralty battles Opes receivers over repaying $11m debt
* July 24, 2008
Miner has a minor victory after getting caught up in Opes Prime lending debacle.
THE fall-out from the Opes Prime margin lending debacle continues to swirl around some of the market's smaller listed companies, with the iron ore, nickel and zinc miner Admiralty Resources now attempting to fight off a court action seeking the immediate repayment of nearly $11 million.
Admiralty doesn't doubt that it owes the $10.8 million to an Opes Prime offshoot, Hawkswood Investment, but says the loan was not due to be repaid by June 5 as claimed by the company's receivers.
Admiralty claims it has until September 30 to clear the debt and that it made a scheduled interest payment in cash as recently as last month. According to a statement lodged with the ASX yesterday, the case is listed for hearing on September 10, which is a "victory" of sorts for Admiralty.
Admiralty battles Opes receivers over repaying $11m debt * July...
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