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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news