Commencement of Voluntary Administration Proceedings at an Equity-Method Affiliate
OzCar Pty Ltd (an equity-method affiliate in which the Optimus Group indirectly holds a 30% interest through OPT AU)
OzCar in New South Wales, Australia. Used-car sales business
OzCar's poor performance and governance concerns became apparent. Based on an interim report from external experts and its current financial and business conditions, the company determined that entering voluntary administration was appropriate in order to contain further cash outflows, preserve assets and maximise the recovery of investments, loans and other exposures.
Consolidated results for the fiscal year ending March 2027
The impact of this matter on consolidated results for the fiscal year ending March 2027 is currently under review. The company will promptly disclose any revisions to its earnings forecasts or other developments.
Related procedures
Voluntary Administration under Australia's Corporations Act 2001
Company response
An interim report has been issued by external experts. The committee name, chairperson's name and establishment date are Not disclosed.
In accordance with the appointment of an Administrator and the voluntary administration proceedings, the company will work to preserve OzCar's assets, including secured assets, maximise the recovery of the Optimus Group's investments, loans and other exposures, and reduce financial risk. The company will promptly disclose any revisions to its earnings forecasts, inability to collect or delays in collecting receivables, or other matters requiring disclosure.
| Item | Details |
|---|---|
| Event name | Commencement of Voluntary Administration Proceedings at an Equity-Method Affiliate |
| Date of occurrence | 7 October 2026 (the date on which the company's Board of Directors decided to transition to voluntary administration. Voluntary administration itself is scheduled to commence in the future) |
| Subject Entity | OzCar Pty Ltd (an equity-method affiliate in which the Optimus Group indirectly holds a 30% interest through OPT AU) |
| Target Locations / Products | OzCar in New South Wales, Australia. Used-car sales business |
| Cause | OzCar's poor performance and governance concerns became apparent. Based on an interim report from external experts and its current financial and business conditions, the company determined that entering voluntary administration was appropriate in order to contain further cash outflows, preserve assets and maximise the recovery of investments, loans and other exposures. |
| Accounting period in which recognized | Consolidated results for the fiscal year ending March 2027 |
| Impact on Earnings Forecast | The impact of this matter on consolidated results for the fiscal year ending March 2027 is currently under review. The company will promptly disclose any revisions to its earnings forecasts or other developments. |
| Type of litigation or proceeding | Voluntary Administration under Australia's Corporations Act 2001 |
| Investigation structure | An interim report has been issued by external experts. The committee name, chairperson's name and establishment date are Not disclosed. |
| Outlook | In accordance with the appointment of an Administrator and the voluntary administration proceedings, the company will work to preserve OzCar's assets, including secured assets, maximise the recovery of the Optimus Group's investments, loans and other exposures, and reduce financial risk. The company will promptly disclose any revisions to its earnings forecasts, inability to collect or delays in collecting receivables, or other matters requiring disclosure. |
| Planned follow-up disclosure | The company will promptly disclose any revisions to its earnings forecasts, inability to collect or delays in collecting receivables, or other matters requiring disclosure. |
Items this document does not state (14)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.As OzCar's poor performance and governance concerns became apparent, and based on an interim report from external experts and its current financial and business conditions, the company determined that entering voluntary administration was appropriate in order to contain further cash outflows, preserve assets and maximise the recovery of investments, loans and other exposures.