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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
