Another St Laurence fund faces liquidation
Perpetual's proposed course of action is at odds with the wishes of the manager but Perpetual's head of corporate trusts, Matthew Lancaster, says St Laurence's proposals set out in a letter to investors signed by director Kevin Podmore "are either not possible or, in our view, are misrepresented by the letter."
Lancaster says the investors are owed $20 million in capital and more than $6 million in interest arrears - the fund hasn't paid any interest since March 2009 - and the one point both Perpetual and St Laurence agree on is it won't be able to repay this on the June 30 maturity date.
That default will trigger the appointment of liquidators.
"It is most regrettable that investors have been sent incorrect information, he says.
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