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AUSTRALIAN DKN OFFERS US$2.65 MLN TO APPEASE WESTPOINT INVESTORS.
SYDNEY, Oct 1 AAP - DKN Financial Group (ASX:DKN) has increased an offer to clients it advised to invest in failed property developer Westpoint to A$3 million.
DKN said today it had agreed to offer creditors of its advisory arm Deakin Financial Services (DFS) A$3 million (US$2.65 million), conditional upon DFS creditors agreeing to a full release of any liability of DKN.
DKN has also waived its rights to receive any part of the A$1 million it is owed by DFS.
The A$3 million offer will have a one-off net profit impact of about A$2.1 million for the current half-year, DKN said.
"While DKN considers that it has no legal obligation to pay this sum, it believes it has a moral responsibility to ensure that the creditors of DFS achieve a meaningful settlement of their Westpoint claims," ...
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...report) AUSTRALIAN COMPANY NEWS BITES STOCK REPORT Dkn Financial Group (ASX: DKN) has strengthened above its trend. The 200-day...Beta is 2.8. Access current Stock Report PDF DKN.pdf FUNDAMENTALS The fully franked dividend yield...
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Source: HighBeam Research, AUSTRALIAN DKN OFFERS US$2.65 MLN TO APPEASE WESTPOINT INVESTORS.