Tuesday 2nd December 2008 |
Text too small? |
The finance company intends putting the proposal to a vote on December 22. Under the plan, Strategic Finance will make quarterly repayments of principal and interest through to December 2013. The moratorium is subject to the company's ability to raise funds as its assets are realised, it said in a statement.
Under the moratorium proposal, interest on investments will be re-set at 8% for all security holders including BOS International.
Strategic expects to appoint PricewaterhouseCoopers as the monitoring accountant during the moratorium.
The proposal "allows Strategic Finance the opportunity to work with borrowers, realising assets on an orderly basis to ensure value is preserved and investor money is repaid if and when funds are available," it said.
Should the proposal be approved, Strategic proposes cancelling all future dividends on the perpetual preference shares until the end of the moratorium.
Strategic froze repayments to 15,000 investors owed $325 million in August.
It wants approval for a managed wind-down of its loan book as an alternative to receivership, after a proposal by a management-led consortium to buy the business from Allco HIT, an Australian investment company, fell through.
No comments yet
Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER