Keybridge Capital Limited

Media Releases

Market Update
10 July 2009

On 10 June 2009, Keybridge Capital announced that it anticipated significant investment writedowns in its end-of-year accounts. A consequence of this was expected breaches of covenants in the Company’s loan facility.

The Company has been working with its banks with the aim of altering its loan terms to enable it to continue realising investments in the ordinary course, facilitating the repayment of its debt, and ultimately, a return of capital to shareholders.

This work is ongoing. The Company’s banks – Commonwealth, Bankwest, St.George and NAB – have commissioned a report from an investigating accountant. This report is due to be finalised shortly.

Our objective is to have a resolved position with the banks ahead of the release of the Company’s annual accounts in August 2009.

In the meantime, the Company continues to make no new investments, focusing on managing its existing investment portfolio with the aim of preserving value, whilst looking to take advantage of opportunities to accelerate cash realisations.

Opportunities to realise cashflow are limited in the market conditions presently prevailing in Keybridge’s core asset classes. These conditions include continuing low levels of available senior debt and generally subdued trading levels.

The Company is scheduled to release its 2009 annual accounts on 11 August 2009.

Keybridge Capital is a financial services company that has invested in, or lent to, transactions which predominantly are in the core asset classes of property, aviation, shipping and infrastructure.


For further information, please contact:

Mark Phillips
Managing Director
Tel: +61 2 9321 9000
Karen Penrose
Chief Financial Officer
Tel: +61 2 9321 9006