Optima ICM calls in the administrators

Optima ICM has appointed joint administrators

Four months after placing its PC assembly, retail and reseller subsidiaries into administration, Optima’s listed entity has brought in voluntary administrators.

In a statement to the ASX, Optima founder and chairman, Cornel Ung, said it had been unable to secure investors for new business ventures and blamed the poor economic situation for its lack of success.

Optima ICM has appointed David Mansfield and Richard Porter of Moore Stephens as joint administrators.

Optima initially brought in Moore Stephens as voluntary administrators for Optima Technology Solutions, 3CShop and the Digital City Group on July 24. All three subsidiaries went into liquidation on August 28.

However, its listed company shell, Optima ICM, which included smaller subsidiaries dealing in company loans, has been attempting to continue operating without success.

“The company has attempted to secure investors to recapitalise and to identify a new business direction. Due to the recent adverse developments in the financial market, the company was unable to achieve the above tasks,” Ung said in his letter to shareholders. “The directors are of the opinion that they will not be achievable in the near future.

“As a result of the uncertainty surrounding the funding and future direction of the company, the directors resolved to place the company in voluntary administration as there were no other options available.”

Neither administrator was available to comment on the latest announcement at time of press. However, Mansfield told ARN last week that it was close to securing a deal which would see a third party takeover Optima’s substantial warranty claims.

According to its creditor lists, the combined subsidiaries owed over $14 million. The company has blamed consistent losses across its Digital City retail chain, as well as fierce competition from branded PC vendors against its assembly business for its demise.

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