Strategic halts January preference shares payment

Wednesday 26th November 2008

Strategic Finance, which is trying to reach agreement with Perpetual Trust on its moratorium, said it won't make the dividend payment due on its preference shares in January.

The moratorium process is near completion, the company said in a statement today.

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.

By Jonathan Underhill

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