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

 


Aorangi investors payments reach 92 cents in dollar

Media statement

Aorangi Securities investors payments reach 92 cents in dollar

Aorangi Securities investors have now received 92 cents in the dollar and the Statutory Managers remain confident that they will be able to return most, if not all, of the Aorangi investors’ capital.

“Since the amicable settlement with Mrs Hubbard, reached in April 2013, 77 cents in the dollar has been distributed to investors, taking the total to 92 cents,” said the Statutory Managers in their latest report to investors.
The return of most, if not all, of the investors’ capital represents an excellent outcome for investors, particularly considering the litigation risk that surrounded the “introduced assets” claim.  If the court case had proceeded and been lost, Aorangi investors would have only received an estimated return of 35 cents in the dollar,” concluded the Statutory Managers.

The return of capital to investors is occurring in accordance with the 2010 estimate by Mr Hubbard, in conjunction with the Statutory Managers that it would take 3 – 4 years to return the capital.

In due course, when most if not all of the investors’ capital has been returned to investors and the statutory management of Aorangi ceases by Order in Council, control of Aorangi will be passed back to the director. As part of this process the Governor-General has recently signed an Order in Council that will release Temple Bar Family Trust from statutory management with effect from 20 March 2014.

The next report from the Statutory Managers is expected to be issued in July 2014.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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