Harvey Norman Holdings Limited updated on Coomboona Holdings Pty Limited

Disclosures & Update on Coomboona Holdings Pty Limited: Harvey Norman Holdings Limited’s (ASX: HVN) stock rose 2.4% on July 10, 2018 after the company disclosed that NCF and HNM are wholly owned subsidiary of HVN. HNM Galaxy holds 49.9% of the issued shares in CH. Gerald Harvey is a director of each of HVN and NCF, HNM Galaxy and CH. The directors of CH have appointed Ryan Eagle and Stewart McCallum of Ferrier Hodgson as administrators of CH and subsidiaries of CH (Administrators) and National Australia Bank Limited ABN 12 004 044 937 (NAB) appointed Peter Anderson, Jamie Harris and Matthew Caddy of McGrath Nicol as receivers and managers of CH and subsidiaries of CH. The NAB Debt has been secured by various first ranking mortgages and securities granted by CH and subsidiaries of CH to NAB. Additionally, HVN has received information that indicates that the aggregate of the respective carrying amounts of each of the NAB Debt and the HNM Galaxy Debt, exceeds the aggregate of the recoverable amounts of each of those respective assets, as at 6th July 2018 by an amount in the range between $13.656m and $29.134m. Meanwhile, HVN stock has fallen 3.69% in three months as on July 9th, 2018  and is trading at a P/E of 9.45x.


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