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St Laurence Limited Board Doubts Trustee Decision

St Laurence Limited Board Doubts Trustee Decision

The board of St Laurence Limited (SLL) is disappointed that the Trustee, Perpetual Trust, has appointed a Receiver to the company and some of its subsidiaries. The Trustee has substituted its view for those of the investors in respect of the investors’ own money.

SLL Director, Kevin Podmore says, “Perpetual has declined to give us reasons for its decision and did not consult with us as to the likely value outcomes for investors before making it.

“We are extremely disappointed that the Trustee has deprived investors of the opportunity to decide themselves on whether our proposed debt for equity swap plan is in their best interest. The letter we sent to investors yesterday was neither misleading nor did it require Trustee approval. The Trustee should not suggest otherwise.

The Directors remain of the opinion that the plan we intended to put to investors in June would provide a significantly better overall result for investors than a receivership. Investors still have the right in a meeting to change the Trustee’s decision if investors consider that appropriate.

We will of course cooperate with the receiver because our commitment remains, as always, to maximise investors’ recovery,” Mr Podmore says.

The receivership does not include the companies which are the managers of The National Property Trust, Irongate Property Limited and its proportionate ownership schemes and syndicates.

ENDS

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