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.
No comments yet
Why I am backing Tony Falkenstein for the NZX Board - by Brent King
MARKET CLOSE: NZ shares fall; Contact, Trustpower give up gains
NZ dollar steady, markets looking ahead to next week's US data
Restaurant Brands sales to exceed $700 mln in 2018 as KFC market keeps growing, CEO says
NZ construction sector upbeat on infrastructure work, buoyed by govt injection
Vector signs multi-million battery storage deal with Territory Generation in Alice Springs
NZ wool prices fall; crossbred fleece hits lowest level in 7 1/2 years
Restaurant Brands to seek ASX dual-listing
NZ dollar rises after RBNZ maintains stance in latest rates review
While you were sleeping: Health care stocks rise