News

Cynotech buys up finance company loan books

Friday 18th of April 2008
Allan Hawkins' listed company Cynotech has bought $30 million worth of uncollected loans from the receivers of collapsed finance company Western Bay. It has paid $1.5 million for the book of receivables, made up of $1 million cash and 3.12 million Cynotech shares at an issue price of 16c each.

Cynotech says: "The quality of the Western Bay receivables as they now stand is not good," but the c...

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