No flood of RMG shares

The company says it has reached agreement with vendor shareholders to voluntarily extend the escrow period for 78% of their shareholdings for a further 12 months, to the end of June 2002.

The vendor grouping includes the original owners of the 16 receivables management companies in Australia and New Zealand that joined together prior to the listing of RMG last year, plus shareholders in a further six companies that merged into the group following listing.

It also includes major shareholder Cullen Investments and founding shareholder and director Paul Cooney, both of whom have escrowed 100% of their shareholding.

RMG chairman, Tony Hodgson, says the 264 million shares remaining in escrow represent 49% of the total stock in the company.

"It is a great show of confidence by these shareholders in the future growth of the company, the largest receivables management group in Australia and New Zealand, and in the new management team led by the recently appointed deputy chairman and chief executive officer, Mr Jim Boult."

Former Baycorp chairman Jim Boult replaced Paul Cooney last month, and has promised to concentrate on reducing the company's operating costs while looking to grow business, particularly by acquiring distressed debt ledgers.

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