$4m share buy kicks off Victory chief's fightback

Mr Lord's business empire, Belgravia Group, was dealt a serious blow in early July when ANZ put receivers into securities lending group Primebroker Securities.

The action meant ANZ seized control of almost $30 million of shares in seven listed companies in which Mr Lord was either a director or substantial shareholder.

The companies included technology group UXC, where he is executive chairman, IDT Australia, Ausmelt, MaxiTRANS, Northern Energy Corporation, KLM Group and ComTel.

Interestingly, all the share sales from ANZ to Mr Lord seem to have been done at prices prevailing at or around the time the stock was taken from his control rather than at current market prices.

ANZ was able to claim ownership of the shares because of securities lending arrangements between Mr Lord's companies and Primebroker. Mr Lord's group had borrowed from Primebroker, using its shares as collateral, and is believed to be claiming almost $30 million from the receivers. The broker had in turn passed its rights over that collateral to ANZ, from which it borrowed money.

When Mr Lord put official notices into the stock exchange in mid-July disclosing the loss of the stock under the "nature of change" category, he described the moves as being the result of a "contested dispute under master securities lending agreement".

After negotiations with the bank, Mr Lord has now bought back 1 million shares in electrical contracting group KLM at 18 each, 461,247 shares in IDT at $1.55 each and 2.67million shares in Northern Energy at $1.20 each.

With KLM closing yesterday at 28, IDT at $2.10 and Northern Energy at $1.50, Mr Lord is already a handy $1.15million in front on his purchases - the only fly in that ointment being this is the second time he has had to buy the same shares.

"I am disappointed at the situation, but you have to start the fightback somewhere," Mr Lord said last night.

Interestingly, Mr Lord is yet to reveal whether he has bought back any shares in his most valuable holding, UXC, where the shares he lost were worth $10 million before ANZ acted.

Mr Lord and his business empire, estimated to be worth $177 million in the BRW rich list in May, already did most of their banking through ANZ and are reportedly among the bank's larger customers in Victoria.

The Belgravia Group's private operations range from taxis and formal hire to health clubs and employment agencies - and even investment banking and other financial activities.

Mr Lord and his wife, Nanette, put their family home of more than 20 years, Salisbury Lodge, in Balwyn, up for sale in July, soon after the ANZ stock seizures but that decision is believed to be unrelated to the sharemarket happenings.

Agents handling the sale, which is thought to be seeking up to $8 million, have said the decision was based on the Lords' planning to "downsize" and move to South Yarra now that their youngest child has left the family nest.