Tech companies caught in Opes web

By on

After the collapse of margin lender Opes Prime, more than 25 percent, or 50 companies, of the 180-listed major technology firms have been revealed to be in the books since it went into administration last week.

Exposure, according to The Australian, does not appear to be large but it’s creditors, ANZ and Merrill Lynch, have seized the stocks attacked to those who are well known in the tech and communications sector.

The group includes Destra, internet media start-up; ERG, the supplier of the NSW canned Tcard project; internet service providers iiNet and Chariot and pay television operator Austar.

It is expected that the lower end of the sector will be the hardest hit with the collapse. iiNet and Austar have said that they did not expect Opes to have a material effect on their stocks.

Yesterday, ANZ released a number of companies names that it has now have stocks, or substantial ownership, over 5 percent; and many have struggled with the publicity.

Mooter Media has said that it was not able to trace an owner who holds of about 3.1 million shares that was included in the list.

Powerlan, an IT services and outsourcing company, is the most vulnerable with about 21 percent of its stock owned by ANZ. It has not made any statement yet.

However; one of Jumbuck, an instant messaging specialist, directors have launched a legal bid to stop the shares of the company from ANZ. Paul Choiselat’s private investment bank, Beconwood Securities, have on an injunction to stop the sell of what remains of the 3.5 million shares to Opes for a $1.3 million loan.

The matter will be heard in the Federal Court in Melbourne on Thursday.

Thanks for coming onboard!
We're excited to have you.