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

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news