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Less than two months after Malcolm Bundey resigned a report of financial trouble for Germinder’s group, Kin which owns much of Pact.
.. and a reprieve till June 30, 2019



November 23, 2018
By Will Glasgow and Christine Lacy
https://www.theaustralian.com.au/bu...d/news-story/42c3f796b3111b42ba5fce72a9fefb7a
“Ruffy Geminder’s shrinking pot of gold

Cartoon: Rod Clement

Is packaging titan and retail suitor Raphael “Ruffy” Geminder set to have his status as one of Australia’s 76 billionaires rejected?

Geminder this week lobbed a $78 million bid for the troubled Reject Shop, via a new subsidiary of his $1.2 billion private investment vehicle Kin Group.

But the Melbourne-based Geminder, 58, who is married to the late billionaire box king Richard Pratt’s daughter Fiona Geminder, has more than just a lowball bid on his mind.

But the value of his investments in the listed Pact Group and the Ahmed Fahour-chaired Pro-Pac Packaging — both of which are held in Kin — have fallen by more than $300m in total since the private group’s June 30 balance date.


Raphael ‘Ruffy’ Geminder. Picture: Stuart McEvoy

Accounts for Kin just lodged with the regulator and signed by Geminder, who is the group’s sole director, show that one of its subsidiaries earlier this month breached covenants on its primary finance facility with a third party.

Thankfully for Ruffy, they have been waived.

The subsidiary’s lender has also agreed to modify the loan agreement to give the Geminder entity a holiday on meeting the covenants until June 30 next year.

Kin’s accounts concede that one of its listed investments has suffered a “material decline” (Pact is off almost 40 per cent this year), but the asset was not written down as Geminder “does not believe that this decline in fair value is permanent”.

Also following the balance date, Kin has agreed to financially prop up two of its subsidiaries for a year so they can pay their debts.

Still, Geminder’s bid for The Reject Shop shouldn’t be affected by Kin’s borrowing issues.

The group has a massive cash balance of $453.2m, which means the $78m first bid is chump change.

Familial businessmen Alex Waislitz, last valued at $1.39bn, and Anthony Pratt, whose more opaque private operation is worth $12.9bn, will no doubt keep an interested eye on Geminder in coming months.

Billionaires enjoy few things more than sibling rivalry.”