SCF investors get a repayment date

Thursday 14th October 2010 1 Comment

All South Canterbury Finance (SCF) debenture and deposit holders will receive full repayment of their investment and applicable interest next Wednesday.

Trustee Executors regional manager Yogesh Mody says the audit and transfer of the register from the company to Computershare Investors Services, who are the paying agent, was a detailed and complex process.

"Getting to this point has taken a few days longer than the four to six weeks initially estimated," says Mody.

"But we wanted to take a prudent approach to ensuring investor details were as up-to-date and accurate as possible.

Payments will be made either by direct credit for those investors where bank account details met the required audit standard or by cheque where that has been stipulated or where there was insufficient confidence in the bank account detail on hand to enable a direct credit payment.

Debenture and deposit holders are being repaid their principal and net interest up to 30 August 2010 at their specified interest rate plus an additional 3% interest - the current Official Cash Rate - from 31 August 2010 up to but not including the repayment date of 20 October.

Investors will receive a letter outlining repayment details as well as personalised remittance advice.

When the receiver was appointed, the Government made a full settlement under the terms of its guarantee to the Company's depositors by paying the Trustee on 31 August.

As a result the Trustee has been holding money on behalf of some 35,000 investors since then.

On 23 September some 7000 bond holders were repaid and the remaining debenture and deposit holders will be repaid next week.

Comments from our readers

On 14 October 2010 at 6:31 pm Stewart Dangerfield said:

About Damn time! How many times does the register need to be checked!!!!