Sydney - Wednesday - April 2: (RWE Australian Business News) -...

Sydney - Wednesday - April 2: (RWE Australian Business News) -
Image Resources NL (ASX:IMA) made an announcement today in relation to
its securities being affected by Opes Prime lending facilities.
Insofar as these matters involve related parties, the company
was able to advise:
1. managing director Mr George Sakalidis has transacted (an
unreconciled) 5.5m ordinary Image shares with Opes Prime Stockbroking
Ltd and he is a party to a "margin loan" facility with Opes Prime;
2. Mr Sakalidis asserts he remains the beneficial owner of the
shares which he provided as security for borrowing under the facility;
3. Mr Sakalidis has advised Image that he has, at all times,
complied with his obligations under the facility - in particular when
ANZ appointed a receiver to Opes on Thursday he was not in default of
any provision of the facility and no "margin call" was then outstanding;
4. that borrowing, in the context of the value of the shares, is
very small and Mr Sakalidis is ready, willing and able to repay the
borrowing to redeem the shares - notice of his position in this regard
has been given to ANZ; and
5. in a circular provided by Deloitte (receiver and manager of
Opes appointed by ANZ) to Mr Sakalidis and dated April 1 it is asserted,
in effect, that Mr Sakalidis does not retain any proprietary interest in
any of the shares.

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Image says it is not privy to the affairs of unrelated parties
insofar as their positions may be affected by Opes facilities.
The company is aware that at least a further 300,000 shares (not
held by related parties) are affected by Opes facilities.
To the best of Image's information and belief, an aggregate of
5.98m Image shares (representing 7.5pc of issued capital) will be
offered for sale by ANZ.
ANZ has signalled its intention to sell all the 5.98m affected
shares and Image is seeking to arrange an orderly off-market buyout of
these shares.
In order to facilitate the orderly buyout, Image has been
granted a suspension. The company anticipates the suspension ending at
the close of trade on Friday April 4.