Background and Liquidation Information:
John Ross Lindholm, Peter Damien McCluskey and Adrian Lawrence Brown were appointed joint and several Administrators pursuant to section 436A of the Corporations Act 2001 on 27 March 2008 to the following companies (OP Hedged Strategies Pty Ltd appointed Administrators on 28 March 2008). At the second meetings of creditors, creditors resolved to wind up the companies and appoint the Administrators as Liquidators. Investigations into each company’s affairs and the conduct of their officers are continuing.
- Opes Prime Stockbroking Ltd (In Liquidation) (Scheme Administrators Appointed)
- Opes Prime Group Limited (In Liquidation) (Scheme Administrators Appointed)
- Leveraged Capital Pty Ltd (In Liquidation) (Scheme Administrators Appointed)
- Hawkswood Investments Pty Ltd (In Liquidation) (Scheme Administrators Appointed)
- Opes Prime Global Securities Pty Ltd (In Liquidation)
- Trader Dealer Pty Ltd (In Liquidation)
- OP Hedged Strategies Pty Ltd (In Liquidation)
If creditors have any information they believe relevant to these investigations, they should write to the Liquidators setting out full particulars. For any further information, or copies of documents in relation to the liquidations, please contact Mr Hitch on the above details.
Schemes of Arragement
The Liquidators proposed schemes of arrangement between Opes Prime Group Ltd, Opes Prime Stockbroking Limited, Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd and their respective creditors pursuant to section 411 of the Corporations Act 2001 (Cth) ("Schemes"). The liquidation administrations continue concurrently with the Schemes.
Court Approval and Outcome of the Scheme Meetings – Approval of the Schemes of Arrangement
At the Scheme Meetings of creditors held on 24 July 2009, the requisite majorities of each class of creditor of each Scheme Company resolved to approve the proposed Schemes of Arrangement.
The Court approved the Schemes (without amendment) at the hearing held on Tuesday, 4 August 2009. The Schemes became effective on 4 August 2009. One creditor filed an application for leave to appeal Justice Finkelstein's decision to approve the Schemes on 4 August 2009. On 28 August 2009, the court ordered that the application for leave to appeal and the appeal be heard before the Full Court of the Federal Court on 3 September 2009. On 3 September 2009, the Full Court of the Federal Court dismissed the appeal.
Initial Creditors’ Committee
The following creditors were elected to the initial Creditors’ Committee at the Scheme Meetings held on 24 July 2009:
| Mr Kris Knauer |
Mr David Andrews |
| Mr Ross Dobinson |
Ms Geraldine Sweeney |
| Mr Paul Dickson |
Mr Kevin Robertson |
| Mr Paul Choiselat |
Mr Robert Fowler |
Dividends under the Schemes
The Scheme Administrators have declared and paid the following interim dividends.
• 30 cents in the dollar on 16 December 2009
• 3.0 cents in the dollar on 14 April 2010
• 2.5 cents in the dollar on 9 July 2010
• 1.5 cents in the dollar on 27 August 2010
• 2.0 cents in the dollar on 12 December 2012
The Scheme Administrators have now paid total dividends of 39 cents in the dollar; The amount estimated in The Explanatory Statement. The Scheme Administrators believe that further dividends will be paid. The amount and timing depends primarily upon asset realisations and agreement of claims.
The following important documents can be found below:
• Schemes of Arrangement
• Explanatory Statement
• Final Scheme Proof Form
• Circular sent with Interim Dividend dated 16 December 2010
• For copies of circulars sent to Scheme Creditors since the commencement of the Schemes, please contact Mr Chris Hitch (details below)
Queries
If you have any questions regarding the liquidations or Schemes, or require any past documents, please direct your requests to Ferrier Hodgson via email: opsl@fh.com.au
Alternatively, if you do not have access to email, please contact Mr Chris Hitch of this office on:
Telephone: (03) 9600 4922 (within Australia) or +61 3 9600 4922 (outside of Australia) or
Facsimile: (03) 9642 5887 (within Australia) or +61 3 9642 5887 (outside of Australia)