Broker`s collapse sends out shockwaves

Broker`s collapse sends out shockwaves	3.04.2008
SMALL companies listed on the Australian Stock Exchange are revealing details of their exposure to the collapse of stockbroker Opes Prime. Gold explorer Blackham Resources said today it could not give surety of the total number of securities affected by the Opes margin lending facilities. Blackham shares were placed in a trading halt on Monday after a director and a shareholder of the company advised that some of their shareholdings were subject to equity finance contracts with Opes Prime. The company said its best estimate was about one million shares or 3.3 per cent of issued capital. Gold and nickel explorer Hodges Resources, whose shares also were placed in a trading halt on Monday, following notification from two company directors that some of their shares were affected by contracts with Opes Prime, similarly said that it was not certain how many shares were involved. But it estimated that holdings totalling about 2.9 million shares representing 6.3 per cent of the company`s stock may be linked to Opes. Molybdenum explorer Catalyst Metals said it estimated that about 1.6 million of its shares, or 6.9 per cent of the company, were subject to Opes Prime equity finance contracts. Minerals explorer Conquest Mining`s best estimate was that about 28.5 million shares or 10.5 per cent of the company`s stock, potentially were affected. The holding company of the Newcastle and Bendigo stock exchanges, NSX, said about 5.3 million NSX shares were held as part of an arrangement between a shareholder and Opes Prime. Mobile and e-marketing company ComTel Corporation said today that all of its shares subject to an Opes Prime margin lending facility had been sold in an orderly manner. ”ComTel has been actively facilitating interested parties to acquire all of these shares, working with a broker acting on behalf of the receiver of Opes Prime,`` ComTel said. Opes Prime, which specialised in the lending and borrowing of shares, was placed in the hands of receivers Chris Campbell and Sal Algeri of Deloitte Corporate Reorganisation Group last Thursday after trading “irregularities`` were uncovered. Opes owes more than $1 billion to secured creditors, primarily ANZ and Merrill Lynch. ANZ, which is owed about $650 million, and Merrill Lynch secured their loans to Opes Prime against a portfolio of shares. They have been selling the shares to get their money back. Those shares originally were pledged by Opes clients in return for margin loans from Opes. Share this article Digg this Post to del.icio.us Post to Newsvine Post to Facebook Add to kwoff
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