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 Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news