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Opus Capital Limited Capital Injection and Resolution of ASIC Concerns
13 October 2011
Opus Capital Limited (OCL) Chairman Mr Matthew Madsen is pleased to announce today that the ongoing actions between ASIC and OCL relating to OCL’s compliance with the Net Tangible Asset (NTA) condition of its Australian Financial Services Licence (AFSL) are at an end.
The parties have agreed to consent to the AAT making orders to end court proceedings on the basis that OCL now complies with its NTA requirements without including either a Deferred Tax Asset or Sale and Performance Fee Assets in its calculation of NTA.
OCL has settled with ASIC on its concerns that OCL had breached its NTA license requirements. OCL has acknowledged ASIC’s concerns and has offered an enforceable undertaking to ASIC.
OCL has arranged from the major shareholder a $2.5M subordinated loan to OCL which enabled OCL to comply with the NTA requirements.
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