Important information for debenture holders
Frequently Asked Questions
Who are the receivers for Elderslie Finance Corporation Limited (EFC)?
Why has EFC been placed into receivership?
What is Perpetual’s role as trustee of EFC?
Is Perpetual a secured creditor?
What is Perpetual doing to ensure I receive my money?
My debentures are secured, so why won't I receive a full return on my investment?
How much money will I get back?
When will I get my money back?
Will I be receiving further information on the EFC situation?
How will the receivership impact my payments now that a receiver has been appointed?
Where can I go for further information?
I am calling from outside Australia and cannot access the PwC’s 1300 number. What is an alternative number?
Who are the receivers for Elderslie Finance Corporation Limited (EFC)?
Perpetual has appointed Mr Gregory Hall and Mr Philip Carter of PricewaterhouseCoopers (PwC) as receivers to Elderslie Finance Corporation Limited and certain of its subsidiary companies. Perpetual made the appointment in its capacity as trustee under the debenture trust deed dated 7 December 1992.
Why has EFC been placed into receivership?
Perpetual appointed PwC as an investigative accountant in April 2008 to make an assessment of EFC’s financial position, review its forecast model and determine the company’s security position, and to assess the impact of a proposed sale of EFC to a new purchaser. In late May, PwC issued its report which suggested that unless EFC received a cash injection to meet its short term liquidity requirements then it is likely that EFC is, or will become, insolvent. Further, the report concluded that in an insolvency scenario there may be a deficiency in assets over liabilities and, as a result, a significant shortfall in the security position of secured debenture holders in EFC.
Exhaustive efforts were made to facilitate a sale of the company. The sale did not eventuate and Perpetual formed a view the company would become insolvent and unable to meet its obligations to debenture holders.
What is Perpetual’s role as trustee of EFC?
Perpetual Trustees WA Limited is the Trustee appointed to act on behalf of debenture holders, pursuant to the Debenture Trust Deed. Perpetual Trustees WA Limited is a wholly-owned subsidiary of Perpetual Limited.
Is Perpetual a secured creditor?
Yes. It holds a floating charge over all the assets and undertaking of EFC and certain of its subsidiary companies.
What is Perpetual doing to ensure I receive my money?
Perpetual’s primary concern is to protect the interests of debenture holders in EFC. Perpetual concluded the most effective way to achieve the best outcome for debenture holders in the current circumstances was to appoint a receiver.
My debentures are secured, so why won't I receive a full return on my investment?
The amount you will receive will depend on what price is obtained from the sale of the assets on which your debentures are secured. Initial indications are that this will not realise the full amount of the debentures. PwC will provide regular updates to debenture holders on the timing and quantum of the asset sale process. Return to top
How much money will I get back?
The receiver has made a current estimate of less than 40 cents in the dollar. We will keep debenture holders informed of any developments in this matter.
When will I get my money back?
The timing of returns to debenture holders will primarily depend upon the timing of the sale of EFC’s assets. The receivers will provide regular updates to debenture holders on the timing and quantum of the asset sale process.
Will I be receiving further information on the EFC situation?
Debenture holders will soon receive a circular from PwC that will provide more information regarding the receivership process. This note will also be available on www.pwcrecovery.com in the ‘Businesses under management’ section, refer ‘Elderslie Group’.
How will the receivership impact my payments now that a receiver has been appointed?
PricewaterhouseCoopers will be sending a letter to debenture holders which will include information on future payments.
This note will also be available on www.pwcrecovery.com in the ‘Businesses under management’ section, refer Elderslie Group.
For further enquiries, debenture holders can call 1300 788 510 for the cost of a local call or contact PwC via email at efcl@au.pwc.com.
Where can I go for further information?
There is additional information in Perpetual’s press release on Elderslie which is available under Media releases on our website.
However, debenture holders in EFC can call PwC on 1300 788 510 for the cost of a local call or send an email to efcl@au.pwc.com
PwC will be sending a circular to debenture holders, which will also be available at www.pwcrecovery.com in the ‘Businesses under management’ section, refer Elderslie Group.
An alternative number is +61 2 8266 2500.
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