Opes Prime fallout spreads TOP News Opes Prime fallout spreads further 3:29 PM Govt cancels Optus broadband contract 3:54 PM Local market rises on banks 12:47 PM Allco review period extended 1:49 PM Rudd to talk trade with EU 3:10 PM
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The carnage caused by the Opes Prime fallout is continuing, with more companies revealing exposure to the collapsed broker.
Tricom: The Australian Stock Exchange (ASX) has cancelled off-market special crossings linked with struggling brokerage Tricom. Tricom has tried to recover about 40 million shares from collapsed broker Opes Prime, even though the company is in the hands of the receivers.
Babcock & Brown Wind: Tricom was forced to cancel cross selling of 20 million of the company's shares held through an Opes Prime account.
Everest Babcock: ASX has forced the cancellation of Tricom's cross selling of 10 million shares in the company.
Hedley Leisure and Gaming Fund: On April 2, property group came out of a trading halt issued on March 28. The firm has announced that 10.8 million stapled securities sold on March 28 were sold on the instruction of Opes Prime’s receiver. Chief executive Tom Hedley -- who owns 61.9 per cent of the fund -- confirmed speculation that he had received a margin call regarding a margin loan of $8 million over 20,623,312 securities.
Gindalbie Metals: The Perth-based iron ore explorer has been hit by revelations that substantial shareholder Melewar Steel Ventures held 6.2 per cent (32 million shares) of its 14.5 per cent stake in Gindalbie through an equity finance agreement with Opes Prime. Melewar has launched legal action against the sale by Opes Prime's receiver ANZ of the shares it previously held in Gindalbie, and has been granted an injunction against the sale until 4.00pm today.
Pluton Resources: The company has emerged from a trading halt after it finished investigating the special crossing of 2.7 million Pluton shares at a 50 per cent discount to market value by Tricom.
Also caught up in the Tricom cross selling cancellation are Arrow Energy, Wester Areas, Babcock Capital, Babcock & Brown Power, Babcock & Brown Capital, and India Equities Fund Limited.
Destra Corporation: Digital media firm Destra Corporation has lost 10 per cent of its stake in takeover target Beyond International after it was revealed that the stake in Beyond was financed by a margin loan from Opes Prime with the Beyond shares used as security. Chief executive Domenic Carosa has seen his Destra shareholding shrink to just under two million shares from nearly 11 million shares.
Ebet: A number of shareholders with over 56 million company shares under their control, about 25.8 per cent of the company's issued shares, are subject to equity finance contracts with Opes Prime.
Aequs Securities: The Sydney broker has 4,052,666, or 11.22 per cent, of company shares held in security against loans through account with Opes Prime.
Just Group: The possibly-hostile Solomon Lew takeover target relinquished 1.85 million shares at a heavy discount of $0.46 after a line were sold by Opes' receivers.
Austin Group: The clothing wholesaler has delayed a shareholder vote on Opes Prime affiliate, Hawkswood Investments, to convert six million convertible notes in Austin Group into shares. The converted notes would lift Hawkswood's stake in Austin Group to just over 34 per cent.
Ansearch: The online media firm director Dean Jones held 35 million company shares, around 6.3 per cent of the firm, under a margin loan agreement with Opes Prime. Today, the company emerged from a trading halt it had requested in the previous session.
Jumbuck Entertainment: The mobile phone services provider affiliated with Destra revealed that it has been hit by exposure to Opes Prime's $1 billion collapse through a substantial shareholder's holding but did not cite how many shares were at risk before going into a trading halt.
Q Limited: The advertising firm that was demerged from Jumbuck in the 2004 fiscal year and is also affiliated with Destra revealed a substantial shareholder holds its stake in the company through a margin loan with Opes Prime. Q went into a trading halt on Tuesday.
Solagran: The Melbourne-based biotech firm requested a trading halt on Tuesday, saying that a substantial shareholder has in dispute with the ANZ in relation to the ownership of the Solamind shareholding. Solagran said that it was waiting on advice as to if the transferrance of shares had triggered the takeover provisions of the Corporations Act. According to the Act a company must launch an official takeover if 20 per cent of a company is acquired.
BioProspect: The Brisbane-based biotech company went into a trading halt on Tuesday as it sought clarification from Opes and ANZ in regard to the position of the company's major shareholding block.
Tandou: The Mildura-based agribusiness firm requested a trading halt on Tuesday pending the announcement on information from a significant shareholder, thought to be in relation to an Opes Prime transaction.
Australian Institute of Property Management Ltd: About three per cent of the company, or about 10 million shares, were subject to a shareholder's equity finance contracts with Opes Prime. The company said that a board member was willing to purchase these shares.
Bannerman Resources: The uranium miner's director Nathan McMahon has informed the company of margin lending arrangement with Opes Prime relating to 14.7 million ordinary company shares, or 10.2 per cent of the company.
Citigold: The Charters Towers gold miner also revealed that one of its shareholders had exposure to Opes Prime. The company said that its is unaware how many shares were now under the control of Opes' receivers but it believed that it was around two per cent of the company's shares.
Po Valley Energy: Director Byron Pirola holds a margin lending arrangement with Opes Prime with a balance of around $2 million against a security of 7.8 million company shares. Mr Pirola told the company that he had the capacity to repay the balance and redeem the shares, should there be a margin call on the loan.
Ord River Resources: The gold and base metal explorer has informed the market that it had received a notice from Mandolin Pty Limited relating to its margin lending arrangement with Opes Prime.
Conquest Mining: The West Australian mining firm has placed its securities in trading halt after the firm's managing director, John Terpu, said that a portion of their shareholdings are subject to a financing agreement with Opes Prime.
Blackham Resources: The WA mineral explorer placed its shares in trading halt after a director of the company and other shareholders said that a portion of their shareholdings are subject to an equity finance contract with Opes Prime.
Red Fork Energy: Junior oil and gas explorer Red Fork Energy requested a trading halt after a substantial shareholder revealed its Red Fork stake is held through an account linked to Opes Prime. Red Fork's substantial shareholders include Lehman Brothers (16.35 per cent), Golden Deeds (10.1 per cent), and Credit Suisse (6.18 per cent).
Thundelarra Exploration: The WA-based minerals explorer believes that less than 200,000 company shares are held in a margin loan account with Opes Prime. It added that no executives or directors of the company had any margin lending arrangements with Opes Prime
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