ANZ's sell off of Praemium shares is anticipated to have no real impact on the company.
The sale of Praemium shares as a result of the Opes Prime collapse has had no effect on the firm's operations, according to chief executive Arthur Naoumidis.
In the past week ANZ sold more than 5 million ordinary shares in the online portfolio administration specialist, in which it had an interest.
"It wasn't a substantial percentage (3.63 per cent) and I'm glad the shares went to a nice, good home to two of my long-term supporting fund managers," Naoumidis said.
"A lot of other stocks were severely discounted, whereas ours went almost at market value. It's a good outcome and shows the strength of support for Praemium."
Naoumidis himself lost 215,000 of his own shares in the company after the bundle that was originally put up as security for a loan deal with Opes Prime was passed on to the ANZ and subsequently sold.
"For me it's not the end of the world. It's a nuisance ... but for a lot of other people it was worse. They lost their whole life savings, but for me it was just annoying, that's all," Naoumidis said.
Praemium has lodged a claim against Opes Prime for monies owed on the share bundle used for loan security, but now has to wait until the legalities of receivership and administration regarding the failed stock broking firm runs its course.
"From what we understand there will be some recovery, but as to what extent and when, it's going to take years by the sound of things," Naoumidis said.
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