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  1. #11
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    Dec 2009
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    Thanks for your reply.

    Can't argue with your sentiment and I did have a look at Deoitte's Website to see how they saw the Irongate contract & shares in relation to the implied payout of 20-30c to SLL secured debenture holders. It appears they have factored in a value and from memory I think they indicated it would have a material impact on funds available to SLL debenture holders.

  2. #12
    Senior Member
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    Aug 2010
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    Posted 28/01/2011 14:04:28

    Irongate Property Limited Announces Director Resignation
    Irongate Property Limited (Irongate) announced today that Mr Geoff McWilliam has resigned from the Irongate board.

    Mr McWilliam, who resides in Australia, has resigned due to an increase in his work commitments in that country.

    Irongate Chairman, Kevin Podmore says, “I would like to take this opportunity to thank Mr McWilliam for his contribution to the Irongate board during his four year tenure. Geoff joined the board in early 2007 and his extensive experience has been invaluable as Irongate has worked through the challenges of operating in a seriously deteriorating economic environment.”

    ENDS

    For further information, please contact:

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

    http://www.unlisted.co.nz/uPublic/un...cement_id=1818

  3. #13
    Senior Member
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    Wellington
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    09/02/2011
    Irongate Property Limited Clarifies Contract Management Status

    The board of Irongate Property Limited (Irongate) wishes to clarify recent media coverage pertaining to the status of Irongate’s management contracts.

    Irongate confirms that it has become aware that contract negotiations between Bluestone Capital Management (Bluestone) and St Laurence Limited (In Receivership) in respect of Irongate’s management contracts have been discontinued. Irongate was not a party to these negotiations and has yet to receive formal notification of their status from either Bluestone or the receivers of St Laurence Limited (In Receivership).

    ENDS

    For further information, please contact:

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



    Background

    Irongate Property Limited (Irongate) is an active property investor with a diversified portfolio of property related investments and operating activities including passive investment property assets, properties held for future development and interests in other property owning entities. Irongate’s investment strategy is to target growth and “add value” assets and to maximise their value through active development and management. Further information on Irongate can be found at www.irongateproperty.co.nz.

  4. #14
    Senior Member
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    Wellington
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    General Announcement for IRONGATEORD Posted 03/05/2011 20:58:14

    Irongate Requests Perpetual Trust to Appoint Receiver
    Further to the announcements made to the market on 13 December 2010 and 18 February 2011, Irongate Property Limited (Irongate) has been progressing asset sales and endeavouring to raise further capital in order to remedy the continuing breach of the two Trust Deed ratios and enable it to repay its listed bonds, in full, on their maturity date (being 15 May 2011).

    Irongate’s manager, St Laurence Funds Management Limited, has advised the Irongate Board that it has been unable to obtain raise sufficient capital, or sell sufficient assets, to enable it to:

    - remedy the continuing breach of the two Trust Deed ratios; and
    - pay to bondholders the amounts required to be paid to them on the maturity of their bonds.

    Accordingly, Irongate Property Limited has requested Perpetual Trust Limited to appoint a receiver in respect of the whole of its undertaking and assets.

    Chairman of Irongate, Mr Kevin Podmore said “It’s extremely disappointing that the Manager’s attempts to raise new equity have been unsuccessful. The moribund commercial property market has not been helpful. The Manager has however been able to put in place sale contracts which should result in a significant de-gearing of the balance sheet and repayment of much of its senior debt, placing bondholders and shareholders in a better position."

    ENDS

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