“The [individual applicants] retain beneficial and economic ownership of the lent stock, including full exposure to dividends and corporate actions, and exposure to market risk. The transaction can be reversed at any time.”
Extract from Page 5 of the FSG document (April 2005 version) signed by Opes Prime clients.


Wednesday, April 2, 2008

Tricom Crossings Reversed

Some (minor) good news for Opes clients in that the shares transferred out of Opes by ANZ controlled Tricom after accounts were frozen has been reversed. That means up to $200million of value has been restored to the Opes asset list. These special crossings were unwound at Tricoms request. Read into this what you will, but do you think they did it because they thought it was unfair and out of sympathy for Opes clients? This is getting laughable (then I remember my portfolio is gone). Surely ASIC/ASX must further investigate this matter. Did Tricom think they could get away with this...it seems pretyy desparate. It means that Tricom and by extention the ANZ bank are to some extent in the same boat as the (innocent) Opes clients, as unsecured investors. Will this now be enough to bring down Tricom?

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