Jan Cameron reaps $36.6m payday from sale of Bellamy’s Organic holdings

JAN Cameron has sold out of baby food company Bellamy’s Organic for $36.6 million.

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TASMANIAN-based discount retailer Jan Cameron has sold out of baby food company Bellamy’s Organic for $36.6 million as events come to a head in the receivership of her chain DSG Holdings ­Australia.

The Launceston-based Bellamy’s Organic has lodged a prospectus with the Australian Securities and Invest­ments Commission for a $100 million initial public ­offering.

Ms Cameron became a ­director of the company, then named Tasmanian Pure Foods, in March 2013, according to ASIC records.

Bellamy’s Organic shares have reportedly been sold to a variety of funds and investment managers across South-East Asia and Australia.

The initial offering was significantly oversubscribed.

Other Tasmanian directors of the firm, Robert Woolley, Robert Wilson and Tony Shadforth, also sold down their holdings.

Meanwhile Korda Mentha has received 55 expressions of interest in parts of Ms Cam­eron’s discount retail chain DSG Holdings Australia, which went into receivership on July 1.

Ms Cameron’s Bicheno Invest­ments invested more than $100 million into the company which operated Crazy Clarks and Sams Warehouse stores.

A Korda Mentha spokesman said 40 stores had been closed so far with about 25 more expected to go on Friday – a total loss of about 1000 jobs.

The spokesman said ­expressions of interest in the remaining 85 stores had come from other retailers although none was for the total.

DSG Holdings owes staff entitlements of more than $10 million and is seeking to sell as much stock as possible.

The spokesman said expressions of interest would close today and receivers would then ask for a bid.

Deloitte, the liquidator of Ms Cameron’s Retail Adventures, parent company of Chickenfeed, is preparing to publicly examine her financial affairs on August 4.

Deloitte believes the chain traded while insolvent from July 2011 until it collapsed in October 2012. It is seeking up to $48.24 million for creditors.