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  1. #1
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    Default Irongate Property Limited (IRONGATEORD)

    Irongate Property Limited AGM presentation
    The presentation made to shareholders at the Company’s AGM on 24 September 2010.

    http://www.unlisted.co.nz/uPublic/un...cement_id=1764

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    Irongate Property Limited Announces Director Resignation

    http://www.unlisted.co.nz/uPublic/un...cement_id=1769

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    Irongate Property Limited Announces Request for Funding Waivers

    http://www.unlisted.co.nz/uPublic/un...cement_id=1774

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    Irongate Property Limited Announces Approval of Funding Waivers

    Irongate Property Limited (Irongate, the ‘Company’) today announced that it has obtained funding waivers from Westpac in respect to a non-payment under its facilities with the bank.

    As announced by Irongate earlier in the month the Company recently extended one of its Westpac banking facilities to 31 December 2010. As a condition of this extension, Irongate was required to make a repayment of $1.5 million to Westpac on 14 October 2010.

    Due to a delay in documenting a further funding line with TEA Custodians (Bluestone) Limited, Irongate had not made this repayment and, as a result, was in breach of its facility agreement with Westpac. The non-payment also resulted in Irongate being in breach of its Trust Deed.

    The repayment is now due to be made on 29 November 2010.

    Irongate also announced today that Mr John Gosney has been appointed to the board as an alternate director for Mr Kevin Podmore.

    http://www.unlisted.co.nz/uPublic/un...cement_id=1785

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    Irongate Property Limited unaudited results for the six months to 30 September 2010

    http://www.unlisted.co.nz/uPublic/un...cement_id=1800

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    Irongate Property Limited Announces Update to Trust Deed Waivers
    Irongate Property Limited (Irongate, the ‘Company’) announced today an update to the information contained in the Company’s preliminary announcement of its unaudited result for the six months ended 30 September 2010. As previously announced, Irongate had notified its Trustee, Perpetual Trust Limited, that the valuation losses and provisions recognised in its unaudited half year result had caused it to breach two Trust Deed ratios. A temporary waiver of the breaches has been sought by Irongate.

    Perpetual Trust’s board has now notified Irongate that it has declined to grant a waiver of either breach at this time. The Perpetual Trust board has reserved its position until the end of January 2011 when, in the event that either of the two breaches remain, it will review its decision.

    Irongate’s Chairman, Kevin Podmore said, “Irongate’s current strategy is to reduce debt through asset sales and the Company continues to pursue this sales programme. If successfully completed, this should result in the Trust Deed breaches being remedied.”


    ENDS
    For further information, please contact:

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



    http://www.unlisted.co.nz/uPublic/un...cement_id=1812

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    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.

    Follow NBR on Twitter Print
    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.

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    Quote Originally Posted by Newman View Post
    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.

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    Newman, I note in your post for STL030 the comments on St John's Fund redemption and about $10m cash will remains with Irongate. You appear to have a good handle on this enitity and wonder if you are in a position to expand on the Oz loans and properties? I assume they are all loans and given that Ozzie is still in a property boom does this bode will for Irongate? I did a google map search of the Queeenstown property corner of Duke & Brecon St that appears to have been acquired mid 2009- is it the corner that has various real estate business as tenants? Only asking you since you appear to be reasonable informed? Any comments much appreciated.

  10. #10
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    Quote Originally Posted by Romulus View Post
    Newman, I note in your post for STL030 the comments on St John's Fund redemption and about $10m cash will remains with Irongate. You appear to have a good handle on this enitity and wonder if you are in a position to expand on the Oz loans and properties? I assume they are all loans and given that Ozzie is still in a property boom does this bode will for Irongate? I did a google map search of the Queeenstown property corner of Duke & Brecon St that appears to have been acquired mid 2009- is it the corner that has various real estate business as tenants? Only asking you since you appear to be reasonable informed? Any comments much appreciated.
    If you are a shareholder of Irongate Property you can forget the company now. There is little left for sharholders. If you are bond holders, do not worry too much about the current negative news. Actually it might be better for bondholders if Irongate Property is placed into receivership now. Because that would create a certainty.

    Irongate has some buildings that if sold at a discout could pay back bondholders a large part of their intial investment. In my view, Bluestone would be an evil to Irongate. It creates uncertainty for Irongate and destroys it residual value. Bluestone has been talking about buying management contracts from St Laurence for many months but nothing has happened. I guess at the end Bluestone would get Irongate Property free or close to free at the expenses of other shareholders.

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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.

  12. #12
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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

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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.

  14. #14
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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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