One of Melbourne’s investment elite has found himself tied up in the messy collapse of Apricity
Former Jana Investment Advisers director Peter Guy is claiming to be owed more than $14m as a result of the collapse of Bowral-based Apricity Finance Group, with investors currently still in the dark as to how the invoice financing firm came to grief.
While the administrators of both Apricity Finance Group and Apricity Transasia Finance - which were both placed in administration in the past month - are not talking as yet, a list of creditors seen by The Australian indicates the debts owed to investors are north of $40m.
It is understood a first creditors’ meeting for Apricity Finance was held this week, and a circular ahead of the meeting indicates companies owned by Peter Guy are claiming about $14.5m.
Mr Guy, who lives in Melbourne’s leafy Toorak, was one of the original directors of Jana Investment Advisers back in 1987. However, documents sourced from the corporate regulator indicate he stepped down as a director back in late 2000.
He is also linked to fund manager Zero Fee Collective, which counts Chris Cuffe as a member of the investment committee.
ZFC lists Mr Guy as an alternate member of its investment committee, touting his “long and successful career as a fund manager, including co-founding Warakirri asset management in 1993 before going on to deliver more than 20 per cent annually for over a decade and the Warakirri Charitable Equities Trust before his retirement’’.
Mr Guy has been contacted for comment on his dealings with Apricity, with documents showing seven of Mr Guy’s entities are claiming to be owed about $14m, with the largest amount of $9.5m claimed by a company called Contemplator, and another vehicle called Cogitator claiming $2m.
The Australian has tried on several occasions to contact Apricity managing director Linden Toll however his phone is not being answered and sources say he is proving difficult to contact.
Apricity Transasia Finance was forced into administration in late March by specialist debt provider GCI Funds, with Apricity Finance Group following it into administration not long after.
Bowral-based Apricity offered an invoice financing product under which it would lend up to 95 per cent of the value of approved invoices to business borrowers.
The company’s website has been offline since at least March 27 and the company phones have not been answered when The Australian has attempted to make contact.
A letter from Apricity non-executive director Andrew Meakin to investors, which appears to have been sent shortly after Apricity Transasia was placed in administration on March 27, speaks of a “significant shortfall’’ in the group’s loan arrangements.
Mr Meakin writes that the whereabouts of Mr Toll are “unknown, but he is in limited contact with very few people. I am not one of them.’’
“I would describe the condition of the Apricity Finance Group in Australia as poor and as such I am consulting advisers about that position at this time,’’ Mr Meakin’s letter says.
“We have looked at several strategies ... including the possibility of an equity/debt swap to reinvigorate the company under new management.
“Other arrangements may be possible with other parties follow (sic) a significant realignment.’’
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