Elders MIS goes to market without bank finance
The challenges facing the agricultural managed investment scheme (MIS) sector have been brought further into focus, with Elders announcing it will not be able to facilitate bank finance to investors in Elders Forestry’s 2010 MIS project.
The company announced to the Australian Securities Exchange that finalisation of a firm agreement with the Rural Bank had not been possible.
“As a result, Elders Forestry will not be in a position to introduce bank finance to investors in its 2010 product offering,” the company said.
It said Elders Forestry would continue to offer limited internally funded finance to approved investors as it had in previous years.
The company said Elders Forestry had typically funded 12-month grower finance of between $5 million and $15 million in recent years and, subject to demand, anticipated providing finance of up to $15 million to investors in the 2010 project.
It said market indications were that this might well be sufficient to what now appeared to be reduced demand levels.
AUTHOR
Mike Taylor
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
