Allco Financial Group was a fully integrated global financial services business, listed on the Australian Stock Exchange and headquartered in Sydney. Major services provided were structured asset finance, funds management and debt and equity funding. At one stage before liquidation, Allco had over A$4.3 billion in assets, and had financed over A$60 billion of transactions. In its most visible public transaction Allco was a part of Airline Partners Australia, the consortium that unsuccessfully attempted to buy Qantas. The company is now in liquidation, after previously being in administrative receivership, following difficulties in refinancing debt and a share price fall of 99% since the beginning of the subprime mortgage crisis.[1]
Allco Financial Group was founded in 1979 by David Coe, a former partner of Sydney law firm Mallesons Stephen Jaques to originate and arrange structured finance transactions for aircraft, ships and rolling stock. Over the years, Allco grew to provide funding for other services, including infrastructure and commercial finance. Allco operated globally and employed over 500 people.
Allco listed on the Australian Stock Exchange in 2006 after merging with Record Investments, which was set up by Allco as its listed investment vehicle in 2001. At the time of listing, the merged entity was valued at A$3billion.[2] Mr Tim Dodd, previously CFO of the BT Financial Group was appointed as chief financial officer in 2006[3] and former Westpac senior executive David Clarke as the new CEO.[4] Ray Fleming took over the CFO role in June 2008 after Tim Dodd's departure.[5]
In December 2006, Allco, along with several other firms, formed the Airline Partners Australia consortium as a bidding vehicle to Qantas although the deal failed in May 2007.
In December 2007 Allco led the acquisition by Australian investors of a series of power plants in the U.S. Northeast from Consolidated Edison, owner of New York City's electric utility, for US$1.48 billion.[6]
Sub-prime crisisedit
Fallout from the subprime mortgage crisis caused major problems for the company, prompting investor concerns about rising debt levels and causing Allco to refocus its operating model to within business sectors it knew well. Chairman David Coe and two other directors, Gordon Fell and David Turnbull, resigned from the board in March 2008.[7]
Banks seized 14% of the company's shares after it defaulted on margin loans.[8] The company went into voluntary administration on 4 November 2008, at the request of its directors.[1] Major news agencies ran the details of the first major victim of the credit crisis in tandem with the fall of ABC Learning the following day.
David Coe died of a suspected heart attack in Aspen, Colorado, US, 21 January 2013.[9]
Investment areasedit
Allco invested in many different offerings, mainly in the property and transport areas:
Aviation – Allco owned or managed 54 commercial jet aircraft, with another 40 on order. Most were on lease to carriers such as Qantas
Shipping – Allco owned or managed 38 shipping vessels with another 23 on order
Rail – Allco owned over 3100 railcars and 29 locomotives
Infrastructure – Ownership of various facilities, including power generation (including wind), waste water treatment, pipelines, port facilities and energy distribution facilities
Property – Ownership of over 117 major properties in 8 countries
Referencesedit
^ ab. The Australian. 4 November 2008. Archived from the original on 7 November 2008. Retrieved 5 November 2008.
^Murray, Lisa (3 May 2006). "Record-Allco decision to go to shareholders". The Age. Melbourne.
allco, finance, group, allco, financial, group, fully, integrated, global, financial, services, business, listed, australian, stock, exchange, headquartered, sydney, major, services, provided, were, structured, asset, finance, funds, management, debt, equity, . Allco Financial Group was a fully integrated global financial services business listed on the Australian Stock Exchange and headquartered in Sydney Major services provided were structured asset finance funds management and debt and equity funding At one stage before liquidation Allco had over A 4 3 billion in assets and had financed over A 60 billion of transactions In its most visible public transaction Allco was a part of Airline Partners Australia the consortium that unsuccessfully attempted to buy Qantas The company is now in liquidation after previously being in administrative receivership following difficulties in refinancing debt and a share price fall of 99 since the beginning of the subprime mortgage crisis 1 Allco Finance GroupIndustryFinancial servicesFounded1979FateliquidationHeadquartersSydney AustraliaKey peopleDavid Coe Company FounderDavid Clarke Chief executive Office Contents 1 History 2 Sub prime crisis 3 Investment areas 4 References 5 External linksHistory editAllco Financial Group was founded in 1979 by David Coe a former partner of Sydney law firm Mallesons Stephen Jaques to originate and arrange structured finance transactions for aircraft ships and rolling stock Over the years Allco grew to provide funding for other services including infrastructure and commercial finance Allco operated globally and employed over 500 people Allco listed on the Australian Stock Exchange in 2006 after merging with Record Investments which was set up by Allco as its listed investment vehicle in 2001 At the time of listing the merged entity was valued at A 3billion 2 Mr Tim Dodd previously CFO of the BT Financial Group was appointed as chief financial officer in 2006 3 and former Westpac senior executive David Clarke as the new CEO 4 Ray Fleming took over the CFO role in June 2008 after Tim Dodd s departure 5 In December 2006 Allco along with several other firms formed the Airline Partners Australia consortium as a bidding vehicle to Qantas although the deal failed in May 2007 In December 2007 Allco led the acquisition by Australian investors of a series of power plants in the U S Northeast from Consolidated Edison owner of New York City s electric utility for US 1 48 billion 6 Sub prime crisis editFallout from the subprime mortgage crisis caused major problems for the company prompting investor concerns about rising debt levels and causing Allco to refocus its operating model to within business sectors it knew well Chairman David Coe and two other directors Gordon Fell and David Turnbull resigned from the board in March 2008 7 Banks seized 14 of the company s shares after it defaulted on margin loans 8 The company went into voluntary administration on 4 November 2008 at the request of its directors 1 Major news agencies ran the details of the first major victim of the credit crisis in tandem with the fall of ABC Learning the following day David Coe died of a suspected heart attack in Aspen Colorado US 21 January 2013 9 Investment areas editAllco invested in many different offerings mainly in the property and transport areas Aviation Allco owned or managed 54 commercial jet aircraft with another 40 on order Most were on lease to carriers such as Qantas Shipping Allco owned or managed 38 shipping vessels with another 23 on order Rail Allco owned over 3100 railcars and 29 locomotives Infrastructure Ownership of various facilities including power generation including wind waste water treatment pipelines port facilities and energy distribution facilities Property Ownership of over 117 major properties in 8 countriesReferences edit a b Allco goes into receivership The Australian 4 November 2008 Archived from the original on 7 November 2008 Retrieved 5 November 2008 Murray Lisa 3 May 2006 Record Allco decision to go to shareholders The Age Melbourne 403 Forbidden permanent dead link John Danny 23 March 2007 Allco calls in former banker for transformation scene The Age Melbourne Ray Fleming is Allco s new CFO Australian Associated Press 18 June 2008 Allco to Acquire Con Edison Plants for 48 Billion Update1 Bloomberg 11 December 2007 Susan Murdoch 4 March 2008 Three Allco Finance Directors to Resign The Australian Archived from the original on 7 March 2008 Retrieved 8 March 2008 Australia s Allco Finance executives lose 14 2 percent stake to banks report Retrieved 8 March 2008 dead link abc radio 702External links editAirline Partners Australia website Retrieved from https en wikipedia org w index php title Allco Finance Group amp oldid 1066057013, wikipedia, wiki, book, books, library,
