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Strategic investors wait as receiver mulls offers, Fonterra unit trust on cards,  Government brings back one-year bills, Treasury outlook on fin coys gloomier in February

Monday, April 12th 2010, 6:42AM

by Paul McBeth

Strategic investors wait as receiver mulls offers

Investors in Strategic Finance may have to wait a little longer to find out when and how much of their principal they might receive from the company's receivers, who are mulling several offers for the failed finance firm's loan book.

John Fisk of PricewaterhouseCoopers told depositrates.co.nz that several parties had indicated an interest in buying the company's loan book, and any announcement on how much investors stand to recover will require completion of their first report by the end of the month.

Strategic was sent to the receivers last month after it twice breached the terms if its moratorium arrangement by missing its first repayment to investors and exceeding its required ratio of assets to debt.

Fonterra unit trust on the cards for investors - if farmers let it

Investors may be able to get exposure to the country's largest company if farmers approve a new capital structure that will let them trade shares amongst themselves, and let the public and institutional investors buy into a fund tied to Fonterra's stock.

Little is known how the units will be traded, and the dairy exporter is currently looking at potential bourses for the securities.

Government brings back one-year bills

The Debt Management Office, which sells government debt and oversees its debt programme, will bring back the one-year Treasury Bill from next week's tender onwards.

Treasurer Phil Combes said it will boost the range of funding options available for the government, and offer investors more short-term government securities.

Treasury outlook on fin coys gets gloomier in February

The Treasury beefed up its estimate on how much it expects taxpayers may have to stump up under the retail deposit guarantee in the eight months through February, raising its provision for defaults to $849 million. While that's less than the $899 million forecast at the half-year, it's $78 million more than what they were thinking in the seven months through January.

 

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

« Mystery bidder makes low-ball offer for Strategic investorsSCF first-half loss nudges $200 million »

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