Sydney - Wednesday - April 2: (RWE Aust Business News) -...

Sydney - Wednesday - April 2: (RWE Aust Business News) - Destra
Corp's (ASX:DES) November 2007 acquisition of a 10 per cent stake in
Beyond International (ASX:BYI) was financed by Opes Prime under an equity
finance facility.
The facility was structured as a securities lending arrangement
so that the shares acquired by destra were lent by destra to Opes Prime
on terms where title to the shares passed to Opes Prime.
Destra understands that the Beyond shares were pledged to ANZ to
secure borrowings by Opes Prime.
As at 31st March 2008, the amount owed by destra to Opes
Prime was $7.3m.
On 27th March 2008 Opes Prime appointed administrators and ANZ
appointed receivers which amounted to an event of default on the part of
Opes Prime under the terms of the facility.
On 31st March 2008, destra notified Opes Prime of the default.
The consequence of the event of default is that the
obligation of Opes Prime to re-deliver the Beyond shares to destra is
replaced by the obligation to pay an amount calculated by reference to
the value of the Beyond shares.
This amount is netted off against destra's obligation to repay
the amount owed and it is expected that Opes Prime will owe destra
approximately $100,000.
Accordingly, destra no longer has any interest in the Beyond
shares held by Opes Prime and has no obligation to make further payments
to Opes Prime.
Destra will crystalise a loss on its investment in Beyond of
approximately $900,000.
That loss will have no further cash flow impact.
Destra advises that destra shares held directly and indirectly by
two directors of destra are now held by ANZ as a result of the
appointment of a receiver to Opes Prime.
These are 10,591,631 destra shares previously held by CEO Domenic
Carosa and associates.
Mr Carosa still holds a relevant interest in 1,825,224 shares in
destra.
The 10,962,104 destra shares previously held by associates of non
executive director Paul Choiselat are now held by ANZ.
Associates of Mr Choiselat still hold a relevant interest in
248,825 shares in destra.