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Hanover investors set to see repayment

Hanover investors will see the first repayment of their money since 2009 this month.

Friday, November 6th 2015, 4:21PM

Deloitte has revealed it will make a payment to investors on November 20, out of the $18 million settlement the Financial Markets Authority negotiated with Hanover’s directors.

Only investors who put money into Hanover companies between December 7, 2007, and July 23, 2008, are eligible to receive part of the payout.

Hanover Finance secured depositors will received 16c in the dollar, United Finance secured stockholders will received 19c and Hanover Capital bondholders will received 6.5c.

It is the first payment the investors have had since they received 6c in the dollar in 2009, a year after the company collapsed.

“Those eligible investors who receive a payment in this first round of distributions will also receive remittance advice in the mail.  Please note that an eligible investor will not participate in any further distributions once they have received a payment,” Deloitte said.

“There were a large number of eligible investors who returned incomplete information to us or no supporting information at all.  These eligible investors will also shortly receive a letter requesting further supporting information so that we can assess their eligibility for the second  distribution of settlement funds.”

The FMA said the settlement with Hanover was a better deal for investors than taking the case to court.

Tags: Hanover

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