SOUTH EASTERN SECURED INVESTMENTS LIMITED
(RECEIVERS AND MANAGERS APPOINTED)
NOTICE TO DEBENTURE HOLDERS
A number of changes to the administration of the Receivership have been made in order to enhance its efficient operation. MEDIA RELEASE - 11 FEBRUARY 2009 Mark
Korda and Craig Shepard of KordaMentha were today appointed Receivers and Managers
of South Eastern Secured Investments Limited (SESI), a Gippsland-based rural
finance company. Directors
of the unlisted public company asked the Trustees of the company’s debenture
trust deed to appoint Receivers and Managers to manage and protect the
interests of debenture holders who are owed an estimated $180 million. Craig
Shepard said that SESI would no longer be accepting deposits and that the
existing deposits of debenture holders would be frozen from today. Mr
Shepard also indicated the Receivers and Managers would be calling for
immediate expressions of interest in the sale of the business as a going
concern and that the business would continue to operate on a “business as usual
basis” whilst the sale process is conducted. SESI’s
headquarters are in Korumburra and regional offices are located in Sale,
Leongatha, Wonthaggi, Cowes and Yarram. SESI was established in 1995 to lend to
the local market. It has issued 10 prospectuses, most recently in September
2008. Mr
Shepard said it was too early to predict the ultimate position of debenture
holders or to be too precise about the reasons for the company’s problems.
However, the company has recently been adversely affected by the financial
difficulties of a major debtor and the decision by the Federal Government to
exclude companies like SESI from the Bank Deposit Guarantee Scheme. SESI
customers and debenture holders can find more information in the creditor
section of www.kordamentha.com, including
contact numbers for further enquiries. Media enquiries : Michael Smith
0411 055 306
The Trust Company as Trustee of the SESI Debenture Trust Deed dated 29 May 2009, have engaged a specialist registry provider, MainstreamBPO Pty Limited to maintain the debenture holder register, including name, address and banking details.
MainstreamBPO Pty Limited will respond to letters, emails and other debenture holder correspondence in the first instance, with more serious matters escalated to the Trustee for attention.
Going forward, please direct all queries in relation to your SESI debenture holdings to:
MainstreamBPO Pty Limited Phone: 1800 722 414 Fax: 02 9251 3525 Email: sesi@mainstreambpo.com Post: GPO Box 4968, Sydney NSW 2001
Any queries not related to SESI debentures should be forwarded to KordaMentha on 03 8623 3333.
From time to time, the Trustee will write to debenture holders updating them on any information relevant to their investments including the progress of asset realisations and the likely level of distributions to them. A website is now available for debenture holders to access published material issued by the Trustee at www.thetrustcompany.com.au/dcm.
These changes will enable the Receivers to focus solely on the realisation of the outstanding assets of SESI. The Trustee will continue to provide oversight and commercial input into that process.