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Irongate Property misses $1.5 mln payment

Friday 15th October 2010

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Irongate Property, one of the units of the St Laurence group that escaped receivership, missed the deadline for a $1.5 million payment on its facility with Westpac.

The property investor has sought waivers from Westpac and from its trustee, Perpetual Trust, for missing the October 14 payment. The payment was required from Westpac in return for extending the term of one of its banking facilities to December 31.

“Due to a delay in documenting a further funding line with TEA Custodians (Bluestone), Irongate has not made this repayment and, as a result, is in breach of its facility agreement with Westpac,” chairman Kevin Podmore says. “As a consequence of this non-payment, Irongate is also in breach of its Trust Deed.”

Podmore said Irongate is “well advanced in the process of arranging the funding to make this repayment, but this requires the consent of its Trustee.”

“We expect the necessary consents will be granted and waivers obtained for this non-payment,” he said.

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