Market troubles HFA Accelerator Plus
HFA Accelerator Plus has warned it may not meet the timetable for its off-market share buyback in the face of what it describes as the current global financial crisis and the resultant impact on liquidity of the underlying fund.
The announcement of the buy-back's timetabling problems came at the same time as the company told the Australian Securities Exchange that total revenue for the six months to December 31 last year had been negative $165.18 million due to the change in the fair value of the company’s investment portfolio.
It said the net loss for the half had been $163.8 million.
Explaining its position, the company said its results had been severely impacted by the global downturn in investment markets since September last year, and this had been magnified by the leverage inherent in the company’s investments.
Discussing the buy-back, it said the financial crisis had impacted the liquidity of the underlying fund to which the company’s leveraged instruments are exposed and led to significant uncertainty regarding the timing of the receipt of proceeds from the company’s Strategic Asset Realisation Program.
AUTHOR
Mike Taylor
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