Yesterday's demise of Dealtream Securities has been linked to its position in Vox Telecom securities – but the company has moved quickly to assure stakeholders that its securities are safe, although a cash amount of R30-million could be at risk.
Vox today released a statement to this effect.
"Vox has been made aware that Dealstream Securities has ceased trading and that Dealstream`s positions in Vox securities have been assumed by one of Dealstream`s counterparties," the statement reads.
"Vox has had discussions with this counterparty aimed at facilitating an orderly take up of these Vox securities with, inter alia, those parties who held interests in the company`s securities. Many of these parties may have claims against Dealstream and appropriate action and claims are being considered by these parties.
"Vox has not entered into any contracts in which it has any liability to Dealstream, however Dealstream holds Vox cash of approximately R30-million, the recoverability of which the vompany believes has now been materially prejudiced.
"Vox is taking legal advice in regard hereto," the statement continues. "This amount, if unrecoverable, will not impact the delivery of services to Vox customers.
"The company holds no open derivative positions in Vox securities. The company is also aware that its staff hold accounts with Dealstream, none of which, to the best of the company`s knowledge, were in default of their margin requirements at the time Dealstream ceased trading."