Time running out for Great Southern schemes
Investors in Great Southern’s almond managed investment schemes have received the grim news from administrators that unless a buyer is found the company will not have the money to make the lease payments on the land on which its almond crops are planted.
As well, they have been told that the insurance coverage on the almond interests expires on September 30.
In an announcement released on the Australian Securities Exchange (ASX) today, McGrath Nicol Corporate Recovery said after advertising for expressions of interest in the assets of Great Southern, there had been four enquiries, with one party carrying out due diligence.
However, it noted that it was not presently possible to say what the outcome would be, and with all scheme assets on land leased from third parties, substantial lease payments were due on October 1.
“In the event that the schemes are unfunded, we will be unable to pay the rent for the leased land,” the announcement said.
It said an approach had been made to the landlords seeking their agreement to a three-month rent holiday effective from October 1 while efforts were made to sell the business.
AUTHOR
Mike Taylor
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