ANZ moves on Opes Prime
ANZ has moved to clear at least some of the air over its share disposal program resulting from the collapse of Opes Prime, releasing a schedule of affected listed companies and declaring that it intends lodging substantial holding notices as soon as practicable.
The bank’s announcement came at the same time it acknowledged that it has increased its provision for bad debts to close to a billion dollars for the half-year.
It said the bank expected its total provision charge for credit impairment (including collective provisions) to be in the vicinity of $975 million for the six months ended March 31.
Dealing with the Opes Prime issue, ANZ said although there was some uncertainty as to whether the bank had a legal obligation to do so, it intended to lodge a substantial holding notice in relation to each of the companies identified in the schedule it published with the ASX today.
It said the substantial holding notices would also include details of shares in which ANZ Group had a relevant interest and of any shares that it holds as a result of securities lending arrangements entered into with other market participants.
Only one financial services company appeared to be named in the schedule released by ANZ today — platform technology provider Praemium.
AUTHOR
Mike Taylor
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
