MFS Boston's Investors Give Strong Support
14 March 2008
MFS Boston's Investors Give Strong Support For Moratorium
MFS Boston's investors today voted strongly in favour of a moratorium at a meeting held for investors.
Over 99 per cent of investors who voted were in favour of the moratorium. 77 per cent of MFS Boston's approximately 1,700 investors voted.
Recent events in the finance sector, in New Zealand and internationally, resulted in MFS Boston proposing a moratorium in late February as the best option for investors.
At the meeting the directors reiterated their confidence that, based upon the information currently available to them, investors would be repaid their investment together with interest.
The directors were pleased with the outcome of the meeting and the strong level of support shown by investors. The directors said that the vote today was a positive and prudent step forward for the company in the circumstances.
The trustee, Perpetual Trust, said the company's decision to seek a structured moratorium was an appropriate action to take in the circumstances and was pleased with the level of support shown by investors for the moratorium.
Investors have approximately $38.5 million invested in MFS Boston.
The moratorium period is from March 2008 to November 2009.
MFS Boston is owned by ASX-listed MFS Limited.