LKM: nervous wait almost over
INVESTORS in Coffs Harbour company LKM Capital will soon know if their share of $63 million will be returned, with the receivers set to release a detailed report today.
It's been a nervous wait for Coffs Coast residents, some of whom have invested up to $400,000 with the 30-year-old company only to see a freeze put on their interest payments and redemptions in the wake of LKM going into receivership earlier this month.
The receivership came after doubts were raised into LKM Capital's ability to repay $63 million in investments made by 1180 secured debenture holders.
Receivers Ferrier Green Krejci Silvia have spent the past fortnight looking into LKM's assets of commercial property, retirement villages and loans in order to develop strategies to maximise the return for investors.
The result of their investigation will soon be in the hands of investors, with a report due to be mailed to investors by noon today.
The Australian Financial Review reported LKM Capital's portfolio was split between mortgages ($32.26 million), property ($23.81) and stakes in small companies ($6.91 million).