PPB Advisory is pleased to confirm the sale of land associated with the Caroline Chisholm Retirement Village in Lane Cove to Retire Australia.

The outcome of the sale will result in all employees and trade creditors being paid in full, as well as approximately $375,000 returned to each shareholder, which exceeds the original purchase price paid by any of the 47 shareholders.

The Liquidator, PPB Advisory’s Phil Carter, said the sale process generated significant interest from a mix of property developers and aged care providers resulting in 13 strong offers.

“We are very pleased with the result for all stakeholders including shareholders, residents, their families, and the village’s loyal employees who will receive their full entitlements. The local community is set to benefit on a longer-term basis with the property being redeveloped as a retirement facility in the hands of an experienced new owner.

This outstanding result would not have been achieved without the assistance of all shareholders and relatives in meeting the conditions of the sale, or without employees maintaining exceptional standards of care for residents throughout the process. We appreciate this was a difficult time for everyone involved,” Mr Carter said.

The three highest bidders in the sale process all provided bids in excess of the valuation. Colliers International conducted the sales campaign.

Settlement on the land owned by Caroline Chisholm Lodge Pty Ltd and Caroline Chisholm Manor Pty Ltd in liquidation – trading as Caroline Chisholm Retirement Village – completed on 10 August 2017.

Shareholders will receive their first dividend payment this week, with the balance of monies owing to employees and unsecured creditors to be paid by 31 August 2017.

The final payment to shareholders will be made once the Australian Tax Office has provided tax clearance.

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For further information, contact:

Kim Lovely

klovely@ppbadvisory.com

+61 3 9269 4261