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: NZ shares down, Westpac and A2 drop while NZ Refining gains on throughput margins
NZ dollar rises above 72 US cents as Trumpflation trades unwind
Hawkes Bay kiwifruit farm sells for $40.2mn
Steel & Tube staffer pays 97% premium to fully paid for shares held under 24-year old scheme
Xero mulling chairman Chris Liddell's status after White House appointment
NZ Refining reports record annual throughput, margins for 2016
Liz Coutts named as new chair of Skellerup
NZ dollar rallies vs greenback after Trump comments, falls vs pound on May speech
While you were sleeping: Dollar too strong for Trump
Dairy product prices rise, stemming two straight drops

IRG See IRG research reports