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View Poll Results: Will the STL030's be paid on maturity?

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  • Yes! The money will be found

    2 50.00%
  • No. But the maturity date will be extended

    1 25.00%
  • No. Receivership beckons

    1 25.00%
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  1. #11
    Member Snapper's Avatar
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    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??

  2. #12
    Member sharer's Avatar
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    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.

  3. #13
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    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.

  4. #14
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    Default Irongate Property seems on the track foe survival

    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?

  5. #15
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    Default Irongate Property got $10 m

    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.

  6. #16
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    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.

  7. #17
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    Default Payment of interest on STL030 bonds

    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.

  8. #18
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    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.
    Last edited by Aaron; 31-01-2011 at 01:37 PM.

  9. #19
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    Quote Originally Posted by Aaron View Post
    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.

  10. #20
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    Quote Originally Posted by Newman View Post

    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

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