opes saga turns nasty

  1. 1,508 Posts.
    It's all happening: Opes client court injunctions against ANZ, cancellations of Tricom share transfers, banks bid on big licks of bargain small caps stocks, ASX disclosures in disarray, emerging Melbourne mafia connections, Goldmans chopping out a chain of placements, ANZ bankers getting gardening leave for canoodling with Opes, the Opes saga is nowhere near over. It's mayhem.

    One of the Opes banks - the honour roll includes ANZ, Merrills and Dresdner Bank - confided that Tricom was trying to pull off a last-minute swifty to save itself from lining up with Opes' unsecured creditors. ANZ said it did not know.
    As you can see, Opes is a nightmare. Elsewhere, reports are emerging of money laundering through Opes and assorted shady transactions with the Melbourne mafia. There are no reports of devil worshipping yet but don't be surprised.

    A few observations: the original storyline from the banks that the bulk of Opes exposure was Top 200 Australian shares would appear to be calculated on the alphabet, or perhaps the uranium exploration index rather than on market capitalisation.
    Many of the holdings are substantial and some more than 19.9% which is the trigger for compulsory acquisition. This means that ANZ and others may technically be forced to make takeover bids. IMA is a case in point. The CEO had $35 million of stock tied up in there, which, if true, represents 29% of the company and would therefore trigger a takeover.

    Disclosure has become a joke as the regulators have lost control of the situation. Substantial shareholding notices have failed to materialise for a rash of recent cent changes in five per cent-plus holdings.
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