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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. #31
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    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.

  2. #32
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    Default No news from Irongate Property

    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.

  3. #33
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    Irongate Property is receivership now. It looks likely the bad ending for many bondholders.

  4. #34
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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.
    Brochure in this mornings mail - receivership sale - Bayley's

    Vacant

  5. #35
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    Default The first receiver's report would be available in about 2 weeks time

    Quote Originally Posted by winner69 View Post
    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.

  6. #36
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    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.

  7. #37
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    Quote Originally Posted by Aaron View Post
    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.

  8. #38
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    Default Updates to Bondholders from Receivers, First repayment of principal

    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.

  9. #39
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    Latest distribution today. Has anyone estimated a final payout if all properties are sold.

  10. #40
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    Quote Originally Posted by Aaron View Post
    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.

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