Statutory Managers to make third payment to HMF investors

Press release
8 March 2013
Further payment to HMF investors
Statutory Managers to make third payment to HMF investors

The Statutory Managers for the Hubbard Management Fund (HMF) today announced that on 15 March they will be making a further payment of 15 cents in the dollar to those investors entitled to payments from the Capital Return Pool.

“This is more welcome news for investors in HMF. We intend to keep making payments as we progressively realise the assets of HMF and investors will eventually have all of their original capital returned to them,” said the Statutory Managers.

“Including this latest payment, investors will have been paid 25 cents in the dollar of the Capital Return Pool, in addition to a $9 million pay-out to investors made last year.

“We have now realised all the liquid assets of HMF and solid progress has been made towards the realisation of the remaining assets, however due to the nature of these, the realisation process will take some time.

“We remain committed to maximising the return to investors and we will be undertaking a full and proper marketing process to interested parties for each remaining asset.

“The total amount distributed to date to HMF investors, including next week's payment as well as payments to distressed investors will be $14.366 million,” concluded the Statutory Managers.

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About Hubbard Management Fund (HMF):
The gross value of HMF portfolio before allowances and the interim distribution was $40.75 million as at December 2012. The 262 investors received their first payment in March 2012 of around $9 million. HMF’s initial value was overstated by Allan Hubbard at around $83 million, but was subsequently re-valued. It was placed into statutory management in June 2010. A High Court decision in December 2012 confirmed how payments would be distributed, and 223 investors received their second payment under the terms of the decision in February. A total of $14.366 million will have been distributed by next week.

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