Hubbard Management statutory managers make further 15 cent payment

Friday 8th March 2013

Text too small?

Statutory managers of the frozen Hubbard Management Funds will make a further payment to investors of 15 cents in the dollar as they work toward full repayment.

The latest payment, due March 15, means 25 cents in the dollar has been repaid to investors from the Capital Return Pool in addition to an initial distribution last year of $9 million.

"We have now realised all the liquid assets of HMF and solid progress has been made towards the realisation of the remaining assets, however due to the nature of these, the realisation process will take some time," statutory managers Graeme McGlinn, Richard Simpson and Trevor Thornton of Grant Thornton said.

"Investors will eventually have all of their original capital returned to them," they said.

The fund's portfolio was valued at $40.75 million as at Dec. 31, and the managers decided to reduce and realign larger holdings in that month.

Last year the statutory managers decided against seeking repayments from investors who were overpaid, and the court-ordered claw-back of overpayments in the interim distribution has been removed.

BusinessDesk.co.nz



Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

NZ dollar soars to 2-month high vs Aussie as RBA cuts key rate on weak inflation
Reserve Bank of Australia cuts to 1.75% on weak inflation, kiwi dollar gains vs Aussie
My Food Bag seeks new equity to expand home delivery meal kit service
2degrees ASX float in the offing
Tegel shares gain 8% so far as NZX cheers first IPO of 2016
FMA defends formal warning over prosecution in anti-money laundering breach
Tegel shares first trade at $1.69, up 9% from IPO price, after being sold near bottom of range
ANZ New Zealand first-half cash profit falls 11% on software charge, while net interest income rises
NZ new vehicle sales at 34 year high in April
FMA formally warns Craigs breaching anti-money laundering rules

IRG See IRG research reports