Armaguard given deadline of today to accept financial lifeline to keep cash flowing

The ABC understands the cash transport company Armaguard has been given until the end of today to either accept or reject a financial lifeline to avert insolvency and to keep cash flowing to major businesses. Major banks, supermarkets, Australia Post and retailer Wesfarmers proposed a $26 million rescue package last week but the consortium is yet to receive an answer from Armaguard which is controlled by trucking magnate Lindsay Fox. Former ACTU secretary and Linfox director Bill Kelty represented Armaguard at a meeting chaired yesterday by Reserve Bank governor Michele Bullock underscoring the urgency of a resolution. Supermarket giant Coles has “paused” Armaguard services for the pickup and delivery of cash until April 5 given what the company is calling an “evolving” situation.