Further LKM payment

RECEIVERS and managers for LKM Capital Limited, BRI Ferrier, are planning to make two additional payments to debenture holders next year.

A payment of about 10c in the dollar is proposed for March, subject to the successful sale of retirement villages in Cairns and Mackay and a smaller distribution in June.

This will be the first return of capital for debenture holders since December 2009.

The failed Coffs Harbour investment company went into receivership in 2008.

Its directors, former Coffs Harbour solicitors Rolf Koops and his wife, Sandra Martin, who are now living and working in London, have since been the subject of investigations by the Australian Securities and Investments Commission and a Federal Court hearing.

Supreme Court proceedings on the matter are scheduled for tomorrow. In the ninth report to debenture holders, the joint receivers-managers, Brian Silvia and Andrew Cummins, said they expected the full net return to investors would be 45 to 55 cents in the dollar.

The receivers-managers have so far paid out $12.5 million to investors, or 20 cents in the dollar.

LKM had 1180 debenture holders who were owed $63 million.

BRI Ferrier is currently in the process of exchanging contracts for two properties and the remaining two retirement villages.

“We currently hold approximately $6.60 million in a term deposit, with interest accruing,” the receiver-managers said in their latest report. Future distributions are dependent on the successful sale of the two remaining retirement villages.

“The ability to achieve in excess of 45 cents in the dollar for debenture holders is dependent on the sale of LKM shares in Odyssey, recovery of Loans 2 and 6, and the realisation of other properties, including the retirement villages.”

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