St. Lawrence (STL010, STL030, STLFA)

[Enumerate]

St Laurence running out of money

http://www.nzx.com/news/managed-funds/3632600/St-Laurence-running-out-of-money

[Dr_Who]

Game over?

[Enumerate]

I have just started looking at this. It is insanely complex.

St. Lawrence Ltd is the 34% owner and Manager of St. Lawrence Property & Finance Ltd.

St. Lawrence Property & Finance Ltd has undergone a name change to Irongate Property Ltd. and is presently listed in the Unlisted market.

The SLT0x0 and STLFA's are debt obligations of the new Irongate Property Ltd.

There are a rash of related party obligations, joint ventures and management agreements. This is not a good sign.

What is completely inexplicable is that Irongate has been buying the STL0x0's on the open market. Now why would they use cash to purchase, at near par, significant amounts of the secured debt?

The press release says St Lawrence Ltd cannot meet it's obligations. On the face of it ... this is not too much of a worry to St Lawrence Property and Finance Ltd ... but why are the STL0x0 and STLFA's implied to be St Lawrence Ltd debt obligations?

To work out this mares nest of related parties ... is going to take some significant time.

Maybe Gaynor will help out with a complete analysis.

Can any of the holders of the securities clear up the mystery?

[Enumerate]

http://www.stlaurence.co.nz/news.php?news=142

It looks like the troubles apply to St Lawrence Ltd and NOT to Irongate.

Further, it looks like the debenture and capital notes holders of St Lawrence Ltd are DIFFERENT from the STL0x0 and STLFAs.

There will clearly be consequences for Irongate ... but their debtholders will not be asked to convert to the new St Lawrence Ltd holding company.

[Enumerate]

http://www.nzx.com/news/3635472/St-Laurence-defies-trustee



The debt for shares swap proposal would release Mr Podmore from his personal guarantee to investors under the moratorium agreement, Mr Lancaster said.

To sweeten the moratorium deal, Mr Podmore transferred $10 million in personal assets to St Laurence and offered a further limited guarantee for $20 million offered through his investment vehicles in the event the company was put in receivership.


Ahhh, now we see what the real agenda is ...

http://www.nbr.co.nz/article/st-laurence-asks-investors-swap-debt-over-receivership-122167



Assets in Wife's names

Podmore and O'sullivan have about $100mill of assets in there wifes names and each has a mortgage free $4 mill plus home the list of property assets is staggering
What ever happened to the property company in Brisbane?
Come on boys what about tipping $50 mill into the pot!


What?!? Property developers squirreling away assets in trusts while the punters face the music in the wrecked equity vehicle grossly mismanged by the developers? No, this cannot be true!

[lewinsky]

Barry Graham and Paul Byrnes from Dorchester would be able to give you the run down on St Laurence.

They would have done a huge amount of due diligence on this when they invested $30 mill into St Laurence and then wrote it down to zero two years later.

Good call?

[Enumerate]

Yes, I remember this deal. What spectacular idiocy! It was obvious, at the time, that cash was King (no pun intended - or was it that "King was cash" (after his Bridgecorp deal) - anyway).

Dorchester squandering it's lifeblood was such a newbie error - that such people can be appointed to run finance businesses is beyond all rational explanation.

[Enumerate]

http://www.chrislee.co.nz/index.php?page=taking-stock

The venerable Chris Lee (apparently related to Sandra Lee, a St Lawrence director) has blogged on the impending insolvency.

Incredibly, he seems to delight in the prospect in the removal of the trustee from the situation (at a saving of $200,000 per annum). There is no substantive discussion on the lapsing of the Podmore personal guarantee (a consequence of the proposal), the desirability of investigating the massively complex related party transactions that liquidation would bring, enforcement of recovery by debt seniority, or any other issue.

He notes that Irongate is a separate legal entity. However, it is likely that there will be consequences for Irongate - lapsing of management contracts, etc. There is no analysis of the scope of opportunity, here, for Irongate to escape the St Lawrence hooks.

It was a footnote ... so maybe this explains why there is a complete lack of analysis.

I wonder how much Chis Lee received in commissions, if anything, from all the client money he directed to St Lawrence?

Looks like we will have to wait for Gaynor to provide the first cut of serious analysis.

[sharer]

What is implication for NAP unit holders i wonder? NAP is "managed" by StL & Podmore. Trades at about 40-50% "issue value".
Thanks Enumerate & others for your attempts at a rational description of the masters at play.
More simply, from radio news reports, it sounded as though the only real residual value in the whole mess of interlocking entities may turn out to be the several management contracts held by "StL" . Though which entity has which contract(s) i've no idea. They're apparently worth a few million $/yr, & it sounds as though the masters may be relying on that steady trickle to keep the whole enterprise alive. They seem to regard Perpetual Trustees as the greatest risk to their survival, & imagine they can hold out long enough for the property market to recover. Very ominous, on any view of the possible facts.

[p2r]

Perpetual has put St L in receivership. http://www.stlaurence.co.nz/news.php?news=144 It will be interesting if they can sort out the inter related stuff, one selling loans to the other etc. I think St L needed Irongate to take off but too many development loans for that. iron gate needed NAP to take off. And selwyn Cushing is involved ... might be looking to buy up one of them. Anyway Irongate is obviously going to keep going as they are buying back their securities now at a discount rather than pay back full in a few months. I think sharetrader overall has had the right view over the years on most of these guys going back to feltex, DPC etc

[Snapper]

Given that Chris Lee was St Laurence's most enthusiastic cheerleader and practically deified Kevin Podmore how does he still have the gall to pontificate to all and sundry about financial advice? Wasn't his sister-in-law financial controller?? Obviously a misnomer when it comes to St Laurence. Wonder what he'll say when the whole sorry saga of related party loans comes to light...15 to 20 cents in the dollar anyone??

[sharer]

As to the points i raised above: story in today's DomPost quotes Receivers & at end states that neither of the management companies managing NAP & Irongate are included in the receivership, nor are NAP or the other one, & as far as they are concerned it remains Business as Usual. Bad luck for the rest, & looks like probable bankruptcy for Podmore & maybe others.

[Newman]

Irongate Property is still able to pay interest on its STL030 bonds, regardless of where did the money come from. As the company borrows from Bluestone to pay back banks and other expenses it would eventually loss control to Bluestone. That would be bad news to shareholders, but good news to bond holders. At least they can expect bonds be paid back in May 2011.

[Newman]

Irongate Property paid interest on its bonds (STL030) yesterday. It sold a building in Palmerston North in October, and buying back 6 out 10 shares in its subsidary (SJBPF) to distribute $17 million is being voted. It seems that the company can survive for a while. If so its bonds could be worth more than its current market price (ca 60 c for $1 bond).

Any different views or information?

[Newman]

http://www.stlaurence.co.nz/news.php?news=149

St John Board Announces Approval of Share Buy Back Offer

17th November 2010

St John Balanced Property Fund Limited (St John, the “Company”) has announced today that at the meeting of Shareholders held in Auckland on 15 November, the special resolution to approve the Company’s offer to acquire up to six shares in the Company for every ten shares held, on a pro rata basis, was passed by 99.84 per cent of the voting shares.

The offer follows the recent sale of St John’s Bunnings property in Manukau, Auckland which resulted in St John having cash reserves of approximately $17 million.

St John Chairman Kevin Podmore says, “This offer represented an opportunity for St John Shareholders to realise some of the shares they were issued by the Company in July last year when their mortgage bonds were converted to shares. The buy back price of $1.75 per share is the same price as the conversion ratio used at that time.”

8,590,020 shares were repurchased under the offer and have been immediately cancelled. Consequently the Company now has 7,182,781 shares on issue.

Following the repurchase majority shareholder Irongate Property Limited’s holding has reduced from 59.49 per cent to 52.25 per cent.

[Newman]

Irongate Property is close to making a decision on the sale of its Walton Plaza building in Whangarei. If the sale proceeds Irongate Property would get its 52% share of the sale price (ca $12 million).

Some have sold their STL030 bonds in a panic response to the negative news on Perpetual's waiting and seeing approach on Irongate Property. The bonds should be worth more than price (55 cents) in the last trading.

[Newman]

The announcement of interest payment this morning suggests that Irongate Property can survive for a while. Sale of its Walton Plaza building (ca$12.5m) in Whangarei has been settled. Giving that no debt needs to be paid before May 15, when the STL030 bonds (about $45m) mature, bondholders can be reasonably optimistic that they have a good chance to get money back.

The bonds last traded at 72.5 cents, much better than the 55 cents a few weeks ago.

[Aaron]

I see the interest payment on the NZX site but nothing on Irongates site re interest or the sale of the Whangarei property.
Where do you get your information from?

Any idea if there are any other sales on the horizon before May?

Based on the financial statements there could be enough security to cover all the lenders but it is a bit scary if they can't liquidate the properties at a reasonable price.

[Newman]

I see the interest payment on the NZX site but nothing on Irongates site re interest or the sale of the Whangarei property.
Where do you get your information from?

Any idea if there are any other sales on the horizon before May?

Based on the financial statements there could be enough security to cover all the lenders but it is a bit scary if they can't liquidate the properties at a reasonable price.

You have to do your own research to find out information. Reading the company's website or the business news from NZ Herald/The Dominion are just not enough to protect your investment.

The Walton Plaza was purchased by Waat, a new company in property syndicate business.

Does anyone on this forum live in Queenstown? If so, please take photos for the property on the corner of Duke Street and Brecon Street. It will be valuable to see if the building is being refurbished or not.

It would also be of value if anyone in Wellington could find whether the property on 55-67 Molesworth Street has new tennants.

[winner69]

It would also be of value if anyone in Wellington could find whether the property on 55-67 Molesworth Street has new tennants.

That's the old ICI House cum Deloittes building?

If so still has For Lease signs on it when I last looked .... although Westpac still on groundfloor

I thought there were big plans to add some stories to this building?

I'll go a bit more slowly up Molesworth St in the enxt day or two and have a closer look

[winner69]

Sorry mate - I was mistaken. Westpac have moved from 55 Molesworth St. Where they were is empty at the moment and the whole building looks pretty empty at the moment

Must be a fair chunk of their portfolio .... sitting empty

[Newman]

Sorry mate - I was mistaken. Westpac have moved from 55 Molesworth St. Where they were is empty at the moment and the whole building looks pretty empty at the moment

Must be a fair chunk of their portfolio .... sitting empty


The announcement 2 days ago (copied below) is probably the best news for STL030 bond holders in the past 6 months. Irongate Property was innovative in turning $6.5 million to $14.5 m in cash by selling Walton Plaza (it has 52% interest of the $12.55 m sale) and selling its property on 450 Queen St to its subsidairy (St John Balanced Property Fund) for $14.5 m.

With $14.5 m in hands Irongate Property has a few options: 1) buyback STL030 bonds on market at a large discount; 2) paydown bank debt and negotiate a new one (current one is due on 31 May 2011); 3) negotiate a new deal with STL030 bond holders; and 4) refurbish some building and win new lease contracts. Whatever it does, Irongate Property is now in much better position than 4 weeks ago when Perpentual Trust said it would review Irongate Property.

---------------------------------

St John Board Announces Changes to Property Portfolio
St John Balanced Property Fund Limited (St John, the “Company”) announced today that its wholly owned subsidiary, St John Whangarei Limited, has sold Walton Plaza, Whangarei for $12.55 million and purchased 450 Queen Street, a multi, level office building located in the upper Queen Street area of Auckland, for $14.5 million.

The sale of Walton Plaza was at a 4.2 percent discount to its book value and involved St John providing $550,000 of short term funding assistance.

St John Whangarei Limited Director Chris Minty says “450 Queen Street represents an attractive added value opportunity for the Company. The Vendor, St Laurence Properties Limited, had recently negotiated a new 12 year to the existing major tenant, Whitirea Community Polytechnic, subject to certain leasing costs.

These leasing costs are budgeted to total $3.1 million and include the provision of new air-conditioning and a facelift to the building. The market value of the property on completion of the works and commencement of the new lease has been assessed by valuers, Jones Lang LaSalle at $20 million.

St John has raised $5 million of bank debt to assist funding the acquisition and associated leasing costs.

“The repositioning of the portfolio has improved the quality of earnings for the Company and its shareholders. The Weighted Average Lease Duration will increase to 8.9 years and pre-tax earnings per share is forecast to increase to 15 cents per share. The unaudited net asset backing of St John shares is forecast to increase to $2.00 following commencement of the new lease.” Mr Minty said.

Mr Minty also advised that there had recently been a change in property manager, as a result of Cambridge Asset Management Limited acquiring from St Laurence Funds Management Limited, St John’s management contract late in 2010. All information, including St John’s published Annual Reports can now be found at www.cambridgemanagement.co.nz.

ENDS



For further information, please contact:

Kevin Podmore
Director
St John Balanced Property Fund Limited

Phone 04-903-4826 DDI
Mobile 021 273 2723


BACKGROUND
St John Balanced Property Fund Limited was established in 1999. Active property investment company, Irongate Property Limited is majority shareholder with 52.25 percent ownership. More information on St John can be found in the website of the Manager of the Company, Cambridge Asset Management Limited at http://cambridgemanagement.co.nz/Our+Investments/St+John+Balanced+Property+Fund+Limited

[getontoit99]

Bluestone pulls out of talks to buy management contracts for the St Laurence linked Irongate Property

[With thanks to interest.co.nz)

In a potential blow for the 9,000 investors in failed property financier St Laurence, Bluestone Capital Management has withdrawn from talks to buy two contracts to manage Irongate Property from St Laurence's receiver Deloitte.

Bluestone says it has pulled the plug on discussions that might have led to it taking on Irongate's asset and investment management contracts. This follows several months of talks with the Kevin Podmore-chaired Irongate and Deloitte. Bluestone CEO Peter McGuinness told interest.co.nz amonst other things, Bluestone's objectives included helping Irongate manage its NZ$50 million retail bond repayment due in May this year.

“Despite our offer to work more closely with Irongate to tackle some of the challenges facing the business, the current manager and the board of Irongate ultimately concluded that there were preferred alternatives that should be explored in managing its funding obligations," said McGuinness.

"To avoid further confusion in relation to our potential involvement in the management of Irongate, we have therefore written to the board of Irongate indicating the withdrawal of our interest in the management contracts."

St Laurence also owns a 34% stake in Irongate, formerly St Laurence Property & Finance. An insolvent St Laurence was tipped into receivership by its trustee Perpetual Trust last April owing NZ$245 million to about 9,000 investors. Receiver Barry Jordan of Deloitte told interest.co.nz in December that the prospect of St Laurence's investors' getting back the promised up to one third of the money they're owed depended on the fate of Irongate Property.

Jordan also said in December, however, that the receivers had talked to other parties as well as Bluestone who were potentially interested in taking over Irongate's management and he hoped to have a deal done by the end of January. Irongate has been in breach of two Trust Deed ratios, with trustee Perpetual Trust leaving itself the option of pulling the plug. It faces repaying the NZ$50 million of bonds, paying 9.25% per annum, on May 15 to about 1,500 investors.

In June last year Bluestone arranged a NZ$45 million loan for Irongate with US vulture fund Varde Partners which enabled Irongate to repay NZ$30 million of bonds that matured last July. Irongate also owes money to Westpac and BNZ. Combined with the Bluestone loan, this debt stood at NZ$87.2 million as of September 30 last year.

St Laurence investors received their first repayment, 9 cents in the dollar, last month.

[getontoit99]

STL
18/02/2011 10:22

GENERAL: STL: Irongate Property Ltd Provides Trust Deed Waivers Update

As announced prior to Christmas, Irongate Property Limited (Irongate, the "Company") notified the Trustee, Perpetual Trust Limited (Perpetual) of two Trust Deed ratio breaches caused by valuation losses and provisions recognised in its unaudited half year result. A temporary waiver of both breaches was sought and Perpetual's board notified Irongate that it declined to grant a waiver of either breach at that time and reserved its position until the end of January 2011.

The board of Irongate has today announced that Perpetual has advised the Company that it continues to reserve its position in respect of those breaches and will continue to review its position as information is provided by Irongate. Irongate has advised Perpetual that it will provide further information in the week commencing 21 February 2011.

ENDS

For further information, please contact:

Kevin Podmore
Chairman
Irongate Property Limited
Phone 04 903 4826
Mobile 021 273 2723

[Newman]

As reported on Sunday Star Times:

http://www.stuff.co.nz/sunday-star-times/business/4677822/Podmore-offers-to-go

It seems that Podmore is refusing to sell buildings at the current market, and bondholders have to accept an extention to the mature date (May 15).

While newsmedia focus on the $50 m bonds Irongate Property has bank debt of ca $37 due at the end of May. It is hard to image Irongate Property is able to get $87 m to pay back both.

While the Perpentual Trust has not announced a decision on Irongate Property it has little options other than letting Irongate Property to continue trade. Puting it in receivership does not help bondholders much though threating to do so would push Kevin Podmore out.

[getontoit99]

It seems that Podmore is refusing to sell buildings at the current market, and bondholders have to accept an extention to the mature date (May 15).

Hi Newman. Sorry to be blunt but, is this statement speculation on your part or are there facts involved?

[Newman]

Hi Newman. Sorry to be blunt but, is this statement speculation on your part or are there facts involved?

I unsucsessfully tried to find out which real estate agents work on selling the remaining buildings of Irongate Property. Assuming Irongate Property get Perpentual Trusr's permission for an extention of STL030 bonds it is in shareholders' interest not to sell buildings now.

The property on Quay Street in Auckland would be saleable at two thirds of its valuation, which would be good to bondholders but bad for shareholders.

[Newman]

The disaster in Christchurch, where the head office of Perpentual Trust has 10 staff unacconted, would suggest that the planned meeting between irongate Property and the Trust either did not proceed or did not arrive a conclusion.

In one sense, no meeting or no conclusion is good news for STL030 bonds. Irongate Property would not be foolish not to find money to pay bondholders back and put itself into receivership. The wording in a statement from Bluestone indicate it prepares to lend money to help pay the bonds (as long as its plan to control Irongate Property at a minimum cost is not blocked by Irongate's directors).

[Newman]

1.25 million shares of Irongate Property were traded at 0.5-1.0 cents just before the unlisted market closed. It seems that a large shareholder had some information that is unknown to the market. The shareholder must know that Irongate Property has no chance to survive. Othewise he would not sell 1.25 million share for $6700.

[Romulus]

Hi Newman, I follow your comments with interest as you seem to have a reasonable handle on Irongate. I downloaded the major s/holders from Companies Office and their is one major holder that has been seller for awhile. INVESTMENT CUSTODIAL SERVICES LIMITED (ICSL who resides in ASB bank centre Ak) did hold last time I looked 23,963,711 and they are the only large holder that could of unloaded the 1.25m yesterday plus others over the last couple weeks/months (suspect the same seller for most trades). The next largest holder is SL fund Mgmt Ltd with 51,320,694 now under the control of Reciever. I am assuming that ICSL respresents more than one shareholder and it may be a forced seller or as you indicated a informed person. Any further thoughts?

[Newman]

Some bond holders have lost confidence in Irongate Property and sold bonds at 40% discount. It is interesting that the poll results on this thread show equal splits among three possiblities, though the sample number (3) is very small.

From what I learnt, Irongate Property still aim to repay the bonds in May. They have until the end of April to convince its Trustees it can achieve its aim.

Giving that Bluestone has a deep pocket, it is still possible at the last minute it lends more to Irongate Property to payback the bonds if it can get the company very cheaply, say at cost of a few million dollars. I think it is waiting for this once in a decade opportunity to grab Irongate Property. Unfortunate to shareholders, Kevin Podmore has been over optimistic about his ability or luck to save Irongate Property. Recently he still though his reputation was valuable by suggesting that his step down could win the support of bond holders and shareholders for an extention of bond maturity date and capital raising.

It would be very interesting to see the final outcome of bonds in 5 weeks time.

[Newman]

I have checked with Computershare and learnt that no instruction has been received regarding the payment of interest on or principal of STL030 bonds, due on May 15. Payment of interest on the bonds was normally announced many weeks before the date of payment.

The Trust required concrete plans for repayment of the bonds by the beginning of April. As nothing has been announced the plans seem have not been finalised. I assume there is a plan and I do not regard default as a plan.

I doubt bondholders would know the fate of their bonds before Friday May 13. Hope it is not a black Friday for bondholders.

[Newman]

Irongate Property is receivership now. It looks likely the bad ending for many bondholders.

[winner69]

It would also be of value if anyone in Wellington could find whether the property on 55-67 Molesworth Street has new tennants.

Brochure in this mornings mail - receivership sale - Bayley's

Vacant

[Newman]

Brochure in this mornings mail - receivership sale - Bayley's

Vacant

It seems that Irongate Property did not have sale contracts in place, as Mr Kevin Podmore claimed on the day of receivership. The property in Queenstown is probably the only building under conditional contract. 139 Quay St is on recevership tender now.

It would take a long time for bond holders to get a part of their money back. Empty building, warehouse, and land are difficult to sell unless on a huge discount. Bond holders could easily lose a quarter or a third of their original investment.

[Aaron]

Southside's offer of 30 cents I hope is a little low. Irongate may be getting to the last of its properties but hopefully valuations in the financial statements weren't that far out of wack. I wonder why they need to buy the bonds. I'm sure if they got a list of bondholders from the company they could contact them(large holders) directly and form a bondholder committee to take over from perpetual. It almost seems a bit Bernard Whimpish.

[Newman]

Southside's offer of 30 cents I hope is a little low. Irongate may be getting to the last of its properties but hopefully valuations in the financial statements weren't that far out of wack. I wonder why they need to buy the bonds. I'm sure if they got a list of bondholders from the company they could contact them(large holders) directly and form a bondholder committee to take over from perpetual. It almost seems a bit Bernard Whimpish.

I think Southside would be a winner regardless of the amount of bonds it buys from bond holders. If Southside has cash, it can wait for eventual payout (should be much higher than 30 cents) from the receivership. If the receivers cannot sell Irongate's buildings at reasonable price in 12 months time, owning 10% of bonds would put Southside in a good position to grab one or more of the properties cheapily.

[getontoit99]

Updates to Bondholders from Deloitte on the Irongate Property receivership can be found at http://www.deloitte.com/nz/irongate.

Bondholders received the first repayment of principal from the receivers of 22c in the dollar, on 14 October.

From the letter to bondholders dated 6 October:



Further distributions

In our initial letter we provided a distribution range of between 67 cents and 84 cents in the dollar of principal to secured debenture stock holders over the next 1- 1½ years. As previously advised there is an investment in a property development in Australia which Irongate has a 2nd mortgage security that is likely to take at least 2 years before any funds may start to be recovered. The level of recovery from this particular asset remains very uncertain.

We do not expect there to be any funds available for the repayment of interest to secured debenture stock holders, or of Irongate unsecured creditors and shareholders.

Based on the current progress and realisations to date we have retained this realisation range.

It is estimated that a second distribution will be made by late February 2012 or early March 2012. The timing of this realisation will be determined by when the sales complete of the remaining larger assets.

[Aaron]

Latest distribution today. Has anyone estimated a final payout if all properties are sold.

[Newman]

Latest distribution today. Has anyone estimated a final payout if all properties are sold.

67 cents, if you believe in the receivers. The next question would be when you would get the next payouts. $1 now is different from $1 in 2013.
Have a look at www.unlisted.co.nz and you would know how much buyers would like to pay the bonds.

[Aaron]

Is this all done? I thought the receivers were going to get back to us in April 2013. I sent them an email but have no response.
I thought there was another 5cents to come.

[Newman]

Is this all done? I thought the receivers were going to get back to us in April 2013. I sent them an email but have no response.
I thought there was another 5cents to come.

I got a reply 3 or 4 weeks ago, saying that the final payment would be made likely at the end of June.

[Aaron]

Thanks Newman, nothing on their website, so will wait patiently.

[Romulus]

Hi Newman,

You appear to be better informed than the rest of us, have you heard anything further regarding the final washup payout.

Kind Regards

[Newman]

Hi Newman,

You appear to be better informed than the rest of us, have you heard anything further regarding the final washup payout.

Kind Regards

I checked www.computershare.co.nz and did not find any payment that would be made this week.

[Romulus]

Thanks for the reply.

I assume somewhere on Computershare website it shows upcoming flows for the week like dividends, bond coupons etc or am I reading more into it.

[Aaron]

update on deloittes website. enter irongate properties in google and it takes you right to the update page.

[getontoit99]

From the receivership website...


Update to Irongate Investors
Dated: 27 June 2013

This brief update follows on from our last investor update dated 18 December 2012.

The receivers have been successful in realising all but one of the remaining Irongate investments. This is related to one of the Direct Property Investment Companies.

The receivers are currently in negotiations with interested parties to realise this final investment. The receivers currently envisaged that the investment should be realised before the end of July 2013, with the final distribution to Bondholders occurring by the end of August 2013. The receivers will provide a more detailed investor update upon the final distribution being determined.

Upon making the final distribution, the receivers will be retiring with the control of Irongate being passed over to the liquidators to conclude the affairs of the company.

[Romulus]

Thanks for bringing the latest update to light.

Lets hope its worth waiting for.

Regards

[Newman]

The 5th payment scheduled on Friday 20/9/2013- 6.5 cents per bond.
I found the information from my Computershare account.

[Romulus]

The 5th payment scheduled on Friday 20/9/2013- 6.5 cents per bond.
I found the information from my Computershare account.

Thanks for bringing that to our attention, I was starting to doubt if it would materialise.

Appreciated:eek2: