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Numeria Finance investors get estimate of returns

Investors in Numeria Finance are likely to get between 38 and 51% of their money back.

Monday, February 18th 2008, 10:41PM
The receivers, Grant Graham and Brendon Gibson of KordaMentha, say debentureholders are owed $6.7 million.

"From our early analysis, we expect to return 38-51 cents in the dollar of the principal outstanding at receivership, to debentureholders. A further 19 cents could be returned depending on successful resolution of claims already in dispute with the first receivers of Capital + Merchant Finance," Gibson says.

"While legal issues will determine the outcome in the related party advances under review and in dispute, the profile of the finance book and loans is also a risk area. One-third of the finance book is in arrears."

The receivers are continuing collections of the loan book and are responding to parties interested in purchasing the loan book.

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