AWI moves beyond van Eyk loss
Australasian Wealth Investments has told its shareholders it has the assets and the strategy to move beyond the loss it has incurred as a result of the collapse of van Eyk Research.
The company has made its position clear in its annual report, lodged with the Australian Securities Exchange (ASX) on Friday, in which its chairman, Andrew Banes pointed to a net loss of $6,724,534 largely attributable to its investment in van Eyk.
"This loss is disappointing but does not reflect the fact the overall portfolio of assets in the company at 30 June, 2014, is expected to generate positive earnings going forward," he said.
Specifically discussing van Eyk, Banes said, "our minority investment in van Eyk Research Pty Ltd has failed to meet our expectations".
"As you know, the Board wrote down the value of this investment by $5,825,584 during the first half of 2013/14. Since the end of 2013/14, van Eyk Research Pty Ltd entered into Voluntary Administration. We expect this event will impact further the value of this investment during 2014/15," he said.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
