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PHILLIP LASKER, PRESENTER: Valad Property Group has announced the appointment of receivers to three projects in which it has a major stake.
Valad holds $31 million worth of preferred equity in the two Noosa projects and a Byron Bay development owned by its customer Petrac. Valad says it has another $44 million invested in other Petrac projects, and the company had previously written off an $11 million Petrac convertible note in last financial year's result.
Valad's share price plunging 50 per cent on the news.
Source: Lateline Business
