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Home News

Lonsec eyes van Eyk assets

Lonsec Fiscal has confirmed its interest in acquiring van Eyk's iRate business as the administrator moves to wind up the troubled research house.

by Tim Stewart
October 21, 2014
in News
Reading Time: 2 mins read
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In a statement to InvestorDaily, a Lonsec spokesperson said Lonsec Fiscal is “extremely interested in acquiring the iRate technology and its clients”.

“We did submit a bid to acquire these assets, however we are bound by a non-disclosure agreement,” the spokesperson said.

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“At this stage no legally binding documents have been executed. However, in the event that Lonsec enters into a binding transaction, we will inform the market immediately,” said the spokesperson.

At the same time, the voluntary administrator of van Eyk, Trent Hancock of Moore Stephens, has released a report to creditors recommending van Eyk be wound up.

A second meeting of creditors will be held this morning to consider the report of Moore Stephens and “determine the future of the company”, according to a statement released by the administrator.

“It should be noted that if creditors do elect to wind up the company, this will not preclude the sale process currently underway for the assets and business of van Eyk Research Pty Ltd,” said the statement.

“A deal is well advanced with a party for the New Zealand business. With regard to the Australian business, the administrator has entered into an exclusivity agreement with a preferred purchaser, who is currently conducting due diligence.

“The administrator will provide further details about progress with these sales at the creditors’ meeting [this morning],” it said.

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