ASIC steps in
The Australian Securities and Investments Commission (ASIC) has commenced an investigation into the Opes Prime Group, which has entered voluntary administration.
As reported earlier today on moneymanagement.com.au, major accountancy group Deloitte confirmed it had been appointed receivers and managers of Opes Prime Group Limited, Opes Prime Stockbroking Limited, Leveraged Capital Pty Ltd and Hawskswood Investments Pty Ltd by secured creditor ANZ.
Earlier this month, Money Management reported that Opes Prime had moved one step closer to public listing by completing the next step in a reverse takeover of Reco Financial Services.
At that time, Reco announced it had signed a share purchase agreement with Opes Prime that would see Opes Prime hold about 93.4 per cent of the issue scrip in Reco, which would undergo a name change to Opes Prime Group.
As part of the acquisition, Reco’s existing shareholders were set to hold approximately 6.6 per cent of Reco.
ANZ said in a statement to the ASX this morning that its lending exposure to Opus Prime was supported by security in a portfolio of Australian equities.
“The portfolio is diversified and at current market prices is sufficient to cover the amount outstanding from Opes Prime.
“ANZ believes that based on an orderly realisation of the security portfolio, it is unlikely to incur a material loss on this exposure,” the announcement read.
Opes Prime and Deloitte were not immediately available to comment on the situation.
Opes Prime provides financial services products for high-net-worth clients, stockbrokers and financial advisers, asset managers, banks and other firms.
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