Another One Bites The Dust

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This story features ANZ GROUP HOLDINGS LIMITED.
For more info SHARE ANALYSIS: ANZ
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Greg Peel

Unlisted financial services company Lift Capital today has gone into voluntary administration following losses pertaining to its margin lending business. Lift’s business model is said to have been similar to that of Opes Prime.

Recovery firm McGrath Nicol has been given the job of ascertaining any capital return to investors. The Australian quotes the company as suggesting it’s too early to gauge just what may be recovered, but it suggests the underlying value of share positions is still relatively sound. The shares are now under a fixed charge from Lift’s major secured lender, thought to be US-based Merrill Lynch.

Lift Capital’s switchboard was switched off this morning following a meltdown. An information phone line will be established shortly. A meeting of creditors will be held on April 22.

Lift follows the collapse of Opes Prime, which is still subject to clarification on share ownership between individual clients and secured lender ANZ bank ((ANZ)). Opes is also subject to some curious Underbelly activity offshore.

In the meantime both ANZ and Babcock & Brown are working on a deal to takeover the remains of an earlier casualty – Tricom.

Who’s next?

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