Sharechat Logo

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

MARKET CLOSE: NZX50 at new record as global equities rise
Govt seeking business and philanthropic boost for predator-free policy
Augusta shareholders back Finance Centre sale
Caltex's AA smartfuel deal to cost Z Energy $5 million
Electromagnet manufacturer Buckley Systems doubles factory space
Hot Stock - Collins Foods (CKF)
House prices to peak next year on new supply, lower migration: Infometrics
Two of Hugh Green's children ask court to overrule High Court, remove their sister from family trust
NZ export log prices drop to 7-month low as higher currency bites
Woolworths writes down EziBuy by A$309M and puts it up for sale

IRG See IRG research reports