Kelly Slater dealt blow as investment company falters
The Kelly Slater Wave Company has been dealt a blow with today’s announcement that LM Investments has been placed into voluntary administration. LM Investments is being investigated by the Australian Securities and Investments Commission for multiple breaches of corporation law.
LM Investments is a fund manager that reportedly holds $3 billion worth of investors funds and operates in 70 countries and were involved in a property development called Maddison Gardens at Pimpana, north of the Gold Coast. 62.5% of LM Investments entire portfolio is invested in Maddison Estate.
A wave pool was planned at Maddison Estate and this where the Kelly Slater Wave Company becomes involved. Last August LM Investments signed a Memorandum of Understanding with the Kelly Slater Wave Company to develop the world’s first continuous wave pool at Maddison Estate.
The Kelly Slater Wave Company has been in a first-to-market race with Webber Wave Pools and this news appeared to give the Kelly Slater Wave Company the lead.
Today it was announced that LM Investments has been placed into voluntary administration. LM Investments maintain that, if finished, Maddison Estate would be worth between $1 billion and $1.6 billion although it’s unlikely they will get the opportunity to realise that now.
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