31 August 2011
St Laurence receivers schedule next investor distribution
The receivers for St Laurence Limited expect to make a distribution of 3 cents in the dollar to secured investors in the
week of 26 September, a slight delay from the previously advised timing of August.
Loans and guarantees recovered in the past few months have enabled the receivers to return this latest tranche of funds
to investors.
Barry Jordan of Deloitte said that the receivers are nearing the end of the loan recovery process. The largest remaining
loan owed to the St Laurence group relates to a series of industrial blocks outside of Sydney. These properties will
continue to be progressively sold down over the next six months.
The receivers still expect the overall recovery to investors will be at the lower end of the 15 to 22 cents in the
dollar range. St Laurence investors have already received 9 cents in the dollar from the receivers. This is in addition
to the 10 cents paid out by the company when it was in moratorium.
Recently, Perpetual Trust called the $20 million guarantee provided by Kevin Podmore and three associated companies.
They have three months, after the call, to pay the guaranteed sum.
The receivers will provide investors with a further update report when the September distribution is made.
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ENDS