Cromwell withdraws from Orchard acquisition
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A lack of support from financiers has seen Cromwell Property Group withdraw its offer to purchase the Orchard Funds Management business.
Cromwell announced its withdrawal from the transaction to the Australian Securities Exchange (ASX) today, saying that its major financiers had not accepted the proposal.
Cromwell chief executive Paul Weightman said that notwithstanding the situation with respect to Orchard, the company would continue to look for opportunities in the direct property space.
The ASX announcement said Cromwell’s major financiers had not accepted proposals in regard to term, interest rate margins and loan to valuation ratio covenants that the company believed would enable it to manage the Orchard funds “in a manner that could best restore lost value to investors over the longer term”.
AUTHOR
Mike Taylor
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