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Kevin Podmore chaired Irongate Property late with Westpac payment, breaches trust deed

Kevin Podmore chaired Irongate Property late with Westpac payment, breaches trust deed

Read the company's statement below:

 Irongate Property Limited (Irongate) today announced that it has requested waivers from its Trustee, Perpetual Trust Limited, and Westpac in connection with a non-payment under its banking facilities with Westpac.

Irongate recently extended one of its Westpac banking facilities to 31 December 2010. As a condition of this extension, Irongate was required to make a repayment of $1.5 million to Westpac on 14 October 2010.

Due to a delay in documenting a further funding line with TEA Custodians (Bluestone) Limited, Irongate has not made this repayment and, as a result, is in breach of its facility agreement with Westpac.

As a consequence of this non-payment, Irongate is also in breach of its Trust Deed.

Chairman Kevin Podmore says, “Irongate is well advanced in the process of arranging the funding to make this repayment, but this requires the consent of its Trustee, Perpetual Trust Limited, before it can occur. We expect the necessary consents will be granted and waivers obtained for this non-payment.”

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