Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Most HMF Investors About To Get Payout


Press release
31 January 2013
Most HMF Investors About To Get Payout

Investors will start receiving payments from Hubbard Management Funds during February because no appeals have been made against the High Court’s formula for distributing the funds, the statutory managers have announced today.

“The news of a forthcoming payout is positive for most of the 300 investors and will come as a welcome relief. We will immediately commence the implementation of the Court's directions,” said the statutory managers.

“The lack of an appeal has cleared the way for distributions to Hubbard Management Funds (HMF) investors in the first quarter of 2013 as the opportunity to appeal the High Court’s 4 December 2012 decision expired on 23 January 2013.

“The Court’s decision was reached only after a huge effort by the statutory managers to work out who was due what. We’ve been working hard to get to the point where money can finally flow to investors.

“Approximately 70 investors are unlikely to be entitled to any further payment as the interim distribution they received in March 2012 exceeded their entitlement under the final distribution order calculation. The final numbers in this category will change depending on the ultimate asset realisation values.”

In early 2012 following extensive analysis, the statutory managers sought direction from the High Court on the fairest way of calculating what each investor in HMF should receive. Interim directions from Justice Chisholm were received in June 2012, which required further analysis of each investor’s net cash position to be undertaken and a final direction given on 4 December 2012.

“We have now almost completed the verification process of the capital repayment each investor will receive and aim to make the first repayment from the capital return pool during February 2013,” said the statutory managers.

“In the coming weeks, we will be writing to investors to advise the date and level of the first repayment from the capital return pool.”

The next update from statutory managers will be a formal report to HMF investors in mid February 2013.

- ends -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news