Surwin72,First:Administrator moves to reassure Opes Prime...

Surwin72,

First:

Administrator moves to reassure Opes Prime clients

Related Story: ASIC investigates Opes Prime An administrator of the collapsed Australian stock broking firm Opes Prime says clients will not lose all of their money.

The firm has gone into receivership and is being investigated by the Australian Securities and Investments Commission (ASIC).

Clients are facing total losses of between $200 million and $300 million.

But administrator John Lindholm from Ferrier Hodgson says clients should still see some money returned.

"We expect a substantial surplus to be returned back to the stockbroking company," he said.

"That will form a pool of funds which the administrators will then be able to pay a dividend from to meet those clients shortfalls."

Source: http://www.abc.net.au/news/stories/2008/03/29/2202461.htm?section=justin

Second:

Director Phillip Thomas has advised the Company that entities associated with him have a margin lending arrangement with Opes Prime with a facility balance of $2.85 million , with a current gearing ratio of 55%. It is now expected that this margin loan will need to be repaid or refinanced as a result of Opes Prime Group Limited being placed into receivership.

Source: http://www.asx.com.au/asxpdf/20080328/pdf/3188jybnjmkqmq.pdf

Third:

As I have declared on the ASX I hold 47 million ADY shares which makes this portfolio worth $9.4m alone. As declared I have no other debt.(Phil Thomas)

Source: http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=644274#2699475

My Analysis


A facility balance of $2.85 million , with a current gearing ratio of 55%, implies $5.18M of PT's ADY's shares held by Opes Prime. Depending on the market price when quoted (between 0.20 to 0.24, say 0.24), this equals approx 21.6M shares.

Therefore, PT has approx 25.4M ADY shares held elsewhere which will be uneffected by Opes Prime receivership.


Regards

SP