http://m.smh.com.au/business/market...-at-risk-as-asx-moves-in-20150518-gh41cn.html
BBY collapse: clients' trades at risk as ASX moves in
Date
May 18, 2015 - 12:27PM
Glenn Rosewall, BBY executive chairman
The collapse of stockbroking and advisory firm BBY has reportedly left its clients with just days to find new firms before the ASX moves to close their open options trading positions.
Fairfax Media reported the development on Monday after BBY revealed it had appointed KPMG as administrator after a proposed rescue deal with financier George Wang's AIMS Financial Group fell through.
"We had no option last night but to appoint administrators from KPMG to manage the firm, effective immediately. "
Glenn Rosewall
BBY chairman Glenn Rosewall informed staff on Monday morning.
"I regret to inform staff that despite exhaustive efforts by the BBY board to secure investors to inject additional capital into BBY we have been unsuccessful," Fairfax Media reported Mr Rosewall as saying in a email to staff.
"Consequently, we had no option last night but to appoint administrators from KPMG to manage the firm, effective immediately. Ian Hall and Stephen Vaughan from KPMG have been appointed as voluntary administrators of BBY and a number of its subsidiaries."
The unsuccessful deal was thought to have been between $2.5 million and $3 million.
Earlier in May BBY had fallen foul of market regulators by failing to maintain adequate capital to meet regulatory requirements.
The ASX subsequently placed heavy restrictions on the firm's options trading activities.
- Forums
- Breaking News
- BBY collapse
BBY collapse, page-4
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)