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

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news