No Christmas goodies for 1180 LKM investors
INVESTORS in Coffs Harbour company LKM Capital will not receive any money before Christmas, despite the latest report from the receiver budgeting for a first distribution in late December.
In the November report to investors, receiver Ferrier Green Krejci Silvia - who has changed their name to BRI Ferrier following a merger - said the 1180 investors could receive three cents in the dollar on their $60 million worth of debentures before Christmas.
But in a statement the receiver said the first distribution was subject to expected settlement of loans prior to Christmas, which have not occurred.
“Therefore we are unable to make this first distribution before Christmas,” the statement said.
However, the receiver said the March/April distribution, which was initially calculated at five cents in the dollar, would increase as a result.
The receiver also said a meeting for debenture holders proposed in the latest report would not be occurring at this stage, due to only nine out of 298 investors requesting the meeting.
Meanwhile, an investor organising a group to 'keep the information flowing' has been inundated by expressions of interest.
The investor, who wished to remain anonymous, said he has been contacted by more than 50 investors in LKM Capital and he has set up a computer link where investors can keep in touch to exchange information.
For information on how to access the computer link, email email@example.com.