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Cymbis Australia misses repayments

Two of the Australian Cymbis funds have missed their debenture repayment dates.

Monday, July 21st 2008, 10:00PM
A number of the Australian dollar Cymbis Finance Enhanced Debenture Stock and Cymbis Finance Australia debenture stock were due for repayment on July 15 and 17.

However, payment was missed and under the terms of the trust deed an additional three days was available for repayment. Good Returns understands this extended deadline has been missed too.

Cymbis’s Owen Tallentine has, reportedly, told the trustee that these defaults will be remedied during the next week.

“The issue of non payment of a maturity has arisen for the first time and it is as a result of a mis-match between our repayments of loans and our repayments of debentures.�

He says Cymbis has a “substantial repayment of a loan delayed through paperwork issues not of Cymbis’ making. It is a repayment occurring through a bank refinance and the timing has slipped back to now be next week. The sum being repaid will cover all maturing debentures.�

Tallentine also says there has been a large volumes of individual maturities which has created a “paper bottle neck�.

“However the very large repayments caused by the unbundling of the pooled Aegis funds is almost over and we should get back to normal soon.�

He says that Cymbis is “comfortable with its maturity profile, going forward and we have no defaulting loans on our books at this time.�

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