Embattled Trio Capital's $63.47 million Asttar Wholesale Portfolio Service (AWPS) had investments in asset managers and a significant stake in a property developer, administrator PPB has revealed.
The underlying investments of the AWPS include stakes in the Investors Mutual Concentrated Australian Share Fund, with a book value of $10.69 million, Macquarie Special Events Fund ($5.63 million) and Herschel Absolute Fund ($5.92 million), PPB said in a letter to unitholders.
Herschel portfolio manager Mark Burgess said Herschel was aware of the Trio/AWPS investment in the Herschel Absolute Fund, but said there are no special deals or arrangements between the two companies.
Burgess said the fund was still liquid.
AWPS also owns around 65 per cent of shares in property developer Ualan Property Holdings (UPH), which in turn has seven active special purpose vehicle subsidiaries with current property developments, the PPB letter said.
"Of these developments, five are complete whilst two consist of vacant land yet to be developed," the letter said.
AWPS has also provided unsecured loans to UPH to meet ongoing development, holding and administration costs, PPB has found.
"Whilst investigations are continuing, the administrators are unable to determine at the date of this report the likely recoverability of the unsecured loans to UPH or the value of AWPS's interest in the equity of UPH."
AWPS's investment in UPH has a book value of $9.05 million while loans to UPH have a book value of $4.72 million, the PPB letter said.
PPB said decisions would need to be made in the near future on whether to continue to provide UPH with financial support to meet ongoing development, holding and administration costs.
PPB also noted AWPS's investments in the Astarra Cash Pool, which had a book value of $7.84 million, in the Astarra Diversified Fixed Interest Pool ($4.38 million), in the Astarra Overseas Equity Pool ($5.28 million) and in the Millhouse Private Equity Trust 1 and 2 ($3.45 million).
The administrator warned that AWPS is illiquid and that investments in UPH, loans to UPH and units in the Astarra Overseas Equity Pool and units in the Millhouse trusts "are not readily realisable".
PPB said an application for winding up the AWPS was filed on 26 February and is listed for a hearing in the Supreme Court later this month.
