Investors wait

Investors in collapsed Albany business The Rare Coin Company continue a wait to learn the fate of their investments after the company was placed into voluntary liquidation last Monday.

Perth-based Sheridans Chartered Accountants confirmed on Tuesday it had been appointed as liquidators of the company which is believed to owe hundreds of local investors millions of dollars.

The company, which also operates as Arcabi Pty Ltd, closed its website on Tuesday afternoon and investors who visited its Sanford Road premises were advised via a small note left on the front door to call the liquidators.

Managing directors, husband and wife Robert and Barbara Jackman, could not be contacted.

Established in 1982, The Rare Coin Company attracted investors by offering average capital growth of between 10 to 15 per cent a year and its numismatic rarities were approved by the Australian Government for inclusion in self-managed superannuation funds.

A spokesman for Sheridans said two senior staff members were in Albany this week and were endeavouring to contact investors, but put no time frame on when creditors would be fully informed of how their investment would be affected by the situation.

“This is in its very early stages,” he said.

Many investors who contacted the Albany Advertiser yesterday were unaware of the collapse and were concerned for their investments and if they would be able to collect their coins and banknotes stored in the company’s vault.

Some said they had been attempting to sell their investments through the company for up to 18 months without success.

It is understood some Albany residents had invested up to $300,000 in rare coin and note portfolios, while some claimed to be “small investors” of at least $20,000.

A creditors meeting is expected to be called within the next week and Haynes Robinson director Jamie Hodgkinson, an insolvency law specialist, is hosting a free information seminar to help answer legal questions next Thursday at the Albany Club.

Mr Hodgkinson, also an executor of an estate which had a substantial investment in coins being sold on consignment by the company, said he believed currency entrusted to the company would be returned to owners on demand.

In February, the company was hoping to sell eight banknotes from the first printing of currency in Australia almost 100 years ago.

Mr Jackman said then the notes ranged from 10 shillings to 1000 pounds and were expected to fetch $5.5 million on the open market.