Pirola 'had margin loan with Opes Prime'
Email Print Normal font Large font April 1, 2008 - 2:16PM
Natural gas explorer Po Valley Energy Ltd said Tuesday that director Byron Pirola had advised the company that entities associated with him had a margin-lending arrangement with collapsed stockbroker Opes Prime.
Melbourne-based Opes Prime was placed in receivership and administration on March 27 after trading "irregularities" were uncovered.
Po Valley said the facility balance was about $2 million, with about 7.8 million Po Valley shares as collateral.
Dr Pirola has advised that no margin call had been made at this time and indicated his willingness to the receiver of Opes Prime to pay the balance and redeem shares under the arrangement.
Po Valley said it had not received any notice of change in beneficial ownership of the shares.
Po Valley shares last traded at $1.82.
© 2008 AAP
pirola had margin loan with opes prime
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