Irongate Property Limited (IRONGATEORD)

[Newman]

Below are some interesting arguments and comments, appeared in National Business Review.

Irongate's Podmore responds to trustee refusal
Jazial Crossley | Tuesday December 14, 2010
Listed Irongate Property has been told by the board of Perpetual Trust that it will not grant a waiver for its two banking breaches, and will review the situation in January.

Irongate, a subsidiary of St Laurence which is in receivership, asked Westpac and Perpetual for non-payments of its Westpac facilities to be waivered. Westpac accepted but Perpetual refused.

Irongate’s chairman Kevin Podmore told NBR he understood Perpetual’s decision.

“I can understand from their point of view they just want to see us keep on achieving progress. We have been, in terms of sales, so I think they’re just reserving their decision,” Mr Podmore said.

“We’ve got a few properties under contract at the moment. Everything’s for sale, it’s just a matter of price really. We’re certainly in a selling mode. What we’re focussing on is selling more mature properties we can lease up and look to realise the value.”

Irongate needed to raise $50 million through according to its funding requirements.

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Comments and questions
ok so, they dont actually grant the waiver, BUT they reserved the decision until late January

sounds like a waiver to me

reply report this Posted by DONKEY at 12:43 pm on December 14, 2010Mr Podmore is still day-dreaming Irongate Property can survive under his management. He has been so optimistic about the company and himself that a property in Queenstown was bought last year at a cost of more than $10 millions that produce little return. He did not manage to make $1.5 million available to pay Westpac in middle October, thus creating new troubles with Perpetual.

"everything is for sale". What is he talking about? Has the property on 139 Quay Street been on the market? Searching internet you would not find this is on market for sale.

Be honest Mr Podmore and move quickly.

[JayPe]

Podmore is still day-dreaming Irongate Property can survive under his management.

Podmore has quite a record with property struggles doesn't he? Be it the failure of Albany City Property Investments, St Laurance, and of course the problems at NPT, now Irongate battles "non-payment" issues, with Podmore in the chairman's hot seat again. On the grounds that before purchasing a company look to its management, perhaps it is well worth steering clear of Irongate.