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St Laurence receivers schedule next investor distribution

31 August 2011

St Laurence receivers schedule next investor distribution

The receivers for St Laurence Limited expect to make a distribution of 3 cents in the dollar to secured investors in the week of 26 September, a slight delay from the previously advised timing of August.

Loans and guarantees recovered in the past few months have enabled the receivers to return this latest tranche of funds to investors.

Barry Jordan of Deloitte said that the receivers are nearing the end of the loan recovery process. The largest remaining loan owed to the St Laurence group relates to a series of industrial blocks outside of Sydney. These properties will continue to be progressively sold down over the next six months.

The receivers still expect the overall recovery to investors will be at the lower end of the 15 to 22 cents in the dollar range. St Laurence investors have already received 9 cents in the dollar from the receivers. This is in addition to the 10 cents paid out by the company when it was in moratorium.

Recently, Perpetual Trust called the $20 million guarantee provided by Kevin Podmore and three associated companies. They have three months, after the call, to pay the guaranteed sum.

The receivers will provide investors with a further update report when the September distribution is made.

About Deloitte in New Zealand
Deloitte New Zealand brings together more than 900 specialist professionals providing audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. Our people are based in Auckland, Hamilton, Wellington, Christchurch and Dunedin, serving clients that range from New Zealand’s largest companies and public sector organisations to smaller businesses with ambition to grow.

Deloitte’s local experts draw on best practice and innovative methodologies from around the world as part of Deloitte Touche Tohmatsu. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s approximately 182,000 professionals are committed to becoming the standard of excellence. For more information about Deloitte in New Zealand, go to our website www.deloitte.co.nz

ENDS

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