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

 

Aorangi Statutory Management concluded

Aorangi Statutory Management concluded


22 September 2014

Aorangi Statutory Management concluded – investors to receive 99 cents in the dollar back

Investors of Aorangi Securities Ltd (“Aorangi”) have now received 99.037 cents in the dollar, amounting to a total payment of around $101 million, the Grant Thornton Statutory Managers announced today.

The Statutory Management of Aorangi has now concluded.

“While we have signalled for some time that investors in Aorangi were likely to receive most, if not all, of their capital back it is never-the-less pleasing to have reached this conclusion,” the Statutory Managers said.

“Our approach through the Statutory Management was to return funds to investors as quickly as possible without undertaking asset fire sales.”

In their final report to investors, they noted that over the last four years the Statutory Management of Aorangi had:

· Realised over 30 assets which involved farms and commercial property worth an estimated $420 million in order to recover Aorangi’s share of these investments

· Undertaken operational reviews and established processes for ongoing governance and management of over 50 entities to ensure that Aorangi’s return would be maximised

· Recovered $24.3 million of loan repayments

· Realised over $17 million of Te Tua Charitable Trust loans and investments for the benefit of the Aorangi investors

· Entered into an amicable agreement over the introduced assets with Mrs Hubbard that enabled the orderly sale of the assets

· Conducted and executed realisation strategies including sale of underlying farm assets, appointment of agents, introduction of buyers and all process steps to achieve completion of sale of assets.

“Now that the statutory management has concluded and all available assets have been realised Aorangi has been returned to the directors and shareholders,” the Statutory Managers said.

– ends –

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: