LM director identified in related party loans totalling $17 million

Apr 04 2013 Updated July 4, 2023

The Weekly Source

1 min read

The administrators of the $740 million failed Gold Coast funds management group LM have discovered related party loans of approximately $300 million, with $17 million being lent directly to CEO Peter Drake. LM holds several retirement villages as assets following investments it made pre-GFC in the sector. It also has lent funds to existing village operators which may now come under pressure.

Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania

Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...

Ian Horswill

22 Apr 2024

Topic - Aged Care

Breaking news: For Purpose Investment Partners’ aged care platform buys Graeme Croft’s Signature Care

For Purpose Aged Care Australia (FPACA), the aged care provider established by social impact investment vehicle For Purpose Investment Partners (FPIP), is moving forward on its vision of reaching 5,000 beds, acquiring 14 aged care homes – eight on...

Lauren Broomham

24 Apr 2024

Opinion

576 village sellers are waking up: buyers are knocking on doors as the demand and supply penny drops on seniors accommodation

With Aveo selling 16 villages and RetireAustralia, with 29 villages, now also up for full sale (again), we hear a lot about these big players in seniors accommodation, but little about the little guys – and there are a lot of them. In fact we have...

Chris Baynes

22 Apr 2024

Development

Seniors housing faces becoming “the roadkill of the NSW planning system”

Two major policies recently exhibited by the NSW Department of Planning, Housing, and Infrastructure (DPHI) could have major implications on seniors housing, said Ethos Urban Director Daniel West. The Weekly SOURCE stated last Tuesday that Daniel...

Ian Horswill

16 Apr 2024

Breaking news: For Purpose Investment Partners’ aged care platform buys Graeme Croft’s Signature Care

Lauren Broomham

24 Apr 2024

Topic - Aged Care

Low vaccination rates may have impacted death rates in residential aged care

A lack of vaccination data The vaccination campaign began on 22 February 2021, and was criticised for being rolled out too late. Vaccinations in residential aged care were also criticised for being too slow. When the Omicron outbreak began in...

Caroline Egan

24 Apr 2024

Topic - Aged Care

Aged Care Minister Mark Butler’s big change for residential aged care

The Minister for Health and Aged Care Mark Butler announced during the week that pharmacists will be funded by the Government to go into residential aged care homes and deliver vaccines to residents for free, a measure that was previously only...

Caroline Egan

24 Apr 2024

Topic - Aged Care

Opinion: Hospital wait times are a dire sign of the future that awaits ageing Australia

The latest data shows hospital beds are at a premium – and older Australians are the most likely to miss out. Is there a solution? As we report in this issue, emergency wait times are at their longest in a decade while surgery wait times are at...

Lauren Broomham

23 Apr 2024