Thursday 6 March 2008

Tom takes a dirty bath

Today's The Australian reports...
  • AUSTRALIA'S richest plumber yesterday lost $26 million as a result of the latest ASX property share price meltdown.

    Only weeks after being forced into a $10 million-plus bailout of major pub tenant National Leisure & Gaming, Cairns pub owner and property tycoon Tom Hedley watched as almost 28.5 per cent was wiped from the value of 70 million shares he owns in the Hedley Leisure & Gaming Property Fund.

    Hedley trust shares lost 37c to close at 93c, and that translated to a $26.2 million loss on the day for Mr Hedley, who is reputed to have margin loans of between 30 and 60 per cent on his 56 per cent stake in the trust.

    All up, Hedley trust shares lost $55 million of their value.

    FULL Story.

No comments: