Van Eyk enters voluntary administration
Research consultancy van Eyk has gone into voluntary administration, weeks after the closure of its four Blueprint funds.
The group has appointed Trent Hancock of Moore Stephens Sydney Corporate Recovery Group as voluntary administrator.
Hancock said the closure of the Blueprint funds created short term financial challenges due to the structure of parent company, van Eyk research.
Chief Executive Officer of Van Eyk Research Pty Ltd, Mark Thomas said: "It is regrettable that we have had to initiate this course of action but it is necessary under our current corporate structure. We will work actively and constructively with the Administrator and all our stakeholders to facilitate a more sustainable corporate platform to ensure certainty and growth for our core businesses."
"We remain absolutely committed to providing our client's with a seamless quality research and consulting service and it will remain business as usual for van Eyk in delivering on this commitment while the VA process is underway."
Four of van Eyk's blueprint funds had redemptions suspended in early August after an illiquid investment was made in the van Eyk Blueprint International Share Fund.
The investment, made by UK-based hedge fund Artefact Partners, set off a chain events which saw responsible entity, Macquarie, shut down all but one of van Eyk's remaining Blueprint funds.
In response to today's announcement, one of van Eyk's largest shareholders, Australian Wealth Investments, said it was keeping an eye on the situation and would inform the market of any further developments.
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