Rocky times for whole financial group

Rockstead Financial Services has followed its subsidiary First Capital Securities into voluntary administration. The ASX-listed asset management and property finance group announced yesterday that it had appointed Ferrier Hodgson partners Gregory Moloney and Peter Geroff as joint administrators. Administrators were appointed to First Capital on July 21. First Capital has about $15.8 million of unsecured notes on issue, which are in the hands of about 500 note holders. Rockstead made a loss of $2.2 million in the six months to December 31. It had current liabilities of $30.1 million, including unsecured notes of $15.8 million and loans of $11.8 million. A New Zealand subsidiary is also in trouble. Last week First Capital Gulf Harbour disclosed that it was unable to refinance a $15.3 million loan.

Source: The Sheet

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