8 January 2009
PriceWaterhouseCoopers has released a December 2008 Update which provides guidance on the following:
-
The order in which creditors including investors are repaid
-
The progress made in regard to asset realisations and future outcomes
-
Past and future distributions to debentureholders
The key points are:
-
Enhanced Debenture holders will be paid in full (principal + interest) before any distribution is made to Ordinary Debenture holders
-
The majority of loans held by Cymbis Australia are now in default
-
A further distribution of funds is expected to be able to be made in February 2009
-
The view of the receiver is that despite market conditions Enhanced Debenture Holders should receive their principal and interest in full.
November 2008
A payment of 7c in the dollar has been made to all Enhanced Debentureholders on the basis of interest first then principal. This will be considered and dealt with by your GWM tax report for the end of the financial year.
The receivers of Cymbis Australia have given notice that they will be making a payment of 10c in the dollar to all Enhanced Debentureholders on the basis of interest first then principal on the 31st October 2008.
9 October 2008
GWM has been maintaining ongoing contact with the receivers for Cymbis Australia. A recent update from the Receivers indicated that they believe that the Enhanced Debentureholders have priority over Ordinary Debentureholders in terms of repayments. They are requesting a Court ruling on this interpretation which they expect by the end of October.
There has been a delay in the original intention to make a distribution in September however the Receivers have stated that they intend to make the initial 10c distribution to Enhanced Debentureholders by the end of October.
PriceWaterhouseCoopers has produced their second report on the state of Cymbis, dated 9 September 2008. Their initial view after reviewing the company’s loan files and holding discussions with company management and borrowers is that returns to debenture holders should be high. They believe that they company also holds sufficient funds to make a distribution to debenture holders of approximately 10c/$ by 30 September 2008.
A FAQs sheet has also been provided, please
click here to read
11 August 2008
Gould Wealth Management have written to clients today regarding Cymbis Australia including the intial letter from the receivers PriceWaterhouseCoopers.
7 August 2008
Cymbis Australia has been placed into receivership as at 6 August 2008. We have requested information from both the Trustee and the Receiver and will provide further details as soon as we recieve this information. We will be writing to all affected clients over the next couple of days with all the information we are able to gather at this point in time.
28 July 2008
Cymbis Australia have failed to make scheduled repayments over the past two weeks. We were unaware of any issue until the 16 July and have been in active dialogue with Michelle Gilbert, General Manager of Cymbis Australia, since then. We have received assurances from the Trustee that they are fully aware of the situation and have allowed Cymbis Australiato continue despite the breach of the Trust Deed, on the basis that the company has 14 days to remedy the issue under its Trust Deed.
We will provide an update as soon as further information is available
