Rubicon property trust reports suspended

Two Rubicon property trusts that are related to the defunct investment firm Allco
Finance Group say they will no longer issue annual reports based on the businesses
being a going concern.
"Accordingly, the annual report will be prepared on a liquidation (or non-going
concern) basis," Rubicon America Trust and Rubicon Europe Trust said in statements
on Monday.
Both trusts said the annual reports would be lodged prior to March 31 but not before
February 27, which is the lodgment deadline under Australian stock exchange (ASX)
listing rules.
The stapled securities of the two trusts plus another, Rubicon Japan Trust, remain
suspended from trading on the ASX.
Rubicon Japan Trust said in a statement on Monday that "negotiations with lenders in
relation to assuring the continuing solvency" of the trust would not be complete by
February 27.
"Negotiations have been constructive," it said.
The trust said it would lodge its report for the six months to December 31 after the
February 27 deadline.
It said Rubicon Asset Management Ltd (RAML), which manages the Rubicon trusts, would
seek an extension from the Australian Securities and Investments Commission to the
March 16 Corporations Act lodgment deadline.
Receivers and managers were appointed to Rubicon Holdings (Aust) Ltd, the parent
entity of RAML, on November 7.
Allco appointed administrators on January 2, having collapsed under the weight of $1
billion of debt.