tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, February 22nd, 6:22PM

Investments

rss
Latest Headlines

Strategic investors about to get first payment

Strategic Finance is gearing up to make its first payment to debenture holders under its moratorium agreement, and expects this to go through over the Christmas-New Year's period.

Tuesday, December 1st 2009, 9:30PM

by Paul McBeth

Chief executive Kerry Finnigan said the finance company has asked its secured debenture holders to confirm their bank details so it can prepare to make its first payment under the terms of its moratorium agreement by the end of the year.

He is more upbeat about the state of the market compared to his September letter to investors, which reaffirmed the deteriorating picture of the property market, saying "property values are stabilising and are showing signs of recovery after a tough six to 12 months."

"We got hammered by the IFRS requirement, which will reverse over time," he said

After 12 months in moratorium, Finnigan says Strategic is in the same boat as everyone else as things slowly recuperate: "The reason we went into a moratorium is that we don't want to sell in a distressed state at prices below fair market value."

The finance company froze repayments to 15,000 investors owed some $325 million in August last year, before a majority of investors voted in favour of the moratorium in December.

Strategic has not changed its outlook on repayments yet, under which debenture stockholders will receive between 85 cents and 93 cents in the dollar over a five-year period.

 

Paul is a staff writer for Good Returns based in Wellington.

« Dorchester to end its moratoriumHome loans help NZF grow its assets »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com