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MFS looks to orderly wind up

MFS Pacific looks set to head into a controlled wind-up, saying yesterday that it plans to ask its investors for a moratorium.

Tuesday, February 12th 2008, 5:11AM
"The moratorium will allow MFS Pacific to conduct an orderly realisation of its loans and investments," the company says.

What investors get back will depend somewhat on what sort of deal MFS Pacific can negotiate with its ASX-listed parent company MFS.

"A critical component of the moratorium will be an agreement with MFS around its future funding of MFS Pacific." This will include "an initial cash payment from MFS Limited" once it has sold a 65% of Stella.

"The amount of that initial payment and the process for subsequent payments is currently being negotiated and will be detailed in the moratorium documentation provided to investors," the MFS New Zealand says in an announcement to the NZX.

"We believe it is clear that the Moratorium, coupled with an agreement with MFS Limited around its future funding of MFS Pacific, will result in significantly improved returns for Investors than may otherwise have been available."

The company is aiming to hold a meeting of investors in early March.

MFS Pacific's trustee, Perpetual Trust, says it will be reviewing the proposal before it is put to investors.

"Perpetual Trust will make an announcement about its views on the proposals in due course," chief executive Louise Edwards says.

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