Strategic Finance Ltd’s receivers said in a letter to investors yesterday they have received the full $22 million they sought from the group’s directors & auditors.
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Strategic Finance receivers collect first settlement $10 million
The receivers of Strategic Finance Ltd have received the first $10 million of the $22 million settlement they agreed with the company’s former directors and auditors BDO Spicers, and expect to make a payment to secured investors within a fortnight.
Read more →Propbd on Q T12Aug14 – Apartment design winner named, East Tamaki unit sells, Strategic payout, Summerset result mixed
S 3 Architects wins brownfields apartment design competition – Small East Tamaki unit sells – Strategic Finance receivers to make first payout within fortnight – Summerset profit up, underlying return down, dividend at low end
Read more →Strategic Finance directors & auditors settle for $22 million
The Financial Markets Authority and the receivers of Strategic Finance Ltd have finalised a settlement with the company’s directors & auditors.
Read more →Strategic Finance receivers complete settlement talks with directors
Strategic Finance Ltd’s receivers have completed settlement talks with the directors but have extended the settlement period while negotiations continue with a third party. The Financial Markets Authority is still negotiating with the directors. Receiver John Fisk said in a report on Friday the estimated range of recoveries to secured debenture investors remained unchanged from […]
Read more →Trustee appoints liquidators as well as receivers to Strategic Finance
Published 28 July 2010 The trustee of Strategic Finance Ltd has followed its March appointment of receivers by appointing liquidators this week. The trustee, Perpetual Trust Ltd, appointed John Fisk & Colin McCloy (PWC) as receivers on 12 March and appointed Andrew McKay & John Cregten (Corporate Finance Ltd) as liquidators on Monday. […]
Read more →Commission warns about third unsolicited offer to Strategic investors
Published 13 June 2010 The Securities Commission warned Strategic Finance Ltd debentureholders on Friday to be wary of the third unsolicited offer for their stock. Stock & Share Trading Co, from Australia, first offered debentureholders 20c:$1, then lowered its offer to 5c:$1. The commission warned investors about an unsolicited offer in January from Marchmont Securities […]
Read more →Strategic Finance receivers to seek offers for loan book
Published 10 May 2010 Strategic Finance Ltd’s receivers want indicative offers for the company’s $229.1 million loan book by mid-June. Perpetual Trust Ltd appointed PricwaterhouseCoopers partners John Fisk & Colin McCloy as receivers of Strategic Finance Ltd & 4 subsidiaries on 12 March, cutting short a 5-year moratorium which began in December 2008. […]
Read more →No money left, so Strategic prefs to delist
Published 31 March 2010 Strategic Finance Ltd’s receivers have asked the NZX to cancel quotation of the company’s preference shares and to delist it because there’s no money available for them. Perpetual Trust Ltd appointed John Fisk & Colin McCloy (PWC) on 12 March as receivers of Strategic & subsidiaries. “Having regard to the […]
Read more →Moratorium sceptic Fisk appointed Strategic receiver
Published 14 March 2010 Perpetual Trust Ltd appointed receivers to Strategic Finance Ltd on Friday, cutting short a 5-year moratorium which began in December 2008 but hadn’t produced the anticipated returns. The trustee appointed John Fisk & Colin McCloy (PricewaterhouseCoopers) as receivers, saying it had given Strategic’s board time to develop & submit offers […]
Read more →Strategic Finance loss worse than signalled
Published 3 March 2010 Strategic Finance Ltd said on Monday it made a $99.8 million after-tax trading loss for the December half – $16 million worse than it signalled in January. For the December 2008 half it made a $32.8 million loss, and for the June 2009 year it was $180 million. Net operating […]
Read more →Strategic book value now less than 75% of debt to investors
Published 18 January 2010 Strategic Finance Ltd hit its second moratorium review event on Friday after $106 million was chopped from the value of its loan book. The first review event occurred when Strategic opted to repay BOSIAL (Bank of Scotland International Australia) all its $25 million priority facility, which meant it couldn’t make […]
Read more →Strategic Finance repays BOS, can’t pay investors
Published 6 January 2010 Strategic Finance Ltd chairman Denis Thom said yesterday the company wouldn’t be able to make its 7 January payment to stockholders, leaving the fate of its moratorium up in the air. Mr Thom had indicated in a 14 December newsletter to investors that the first payment to them was unlikely […]
Read more →Further provisions cut Strategic moratorium payment prospects
Published 2 September 2009 Strategic Finance Ltd has told 2 groups of investors they’re now unlikely to be repaid during the 5-year moratorium period agreed in December, while the third group should get back 85-93c/$. The worse forecast is in line with the caution PricewaterhouseCoopers partner John Fisk expressed in an independent report prepared […]
Read more →Strategic Finance votes overwhelmingly favour moratorium
Published 22 December 2008 Strategic Finance Ltd’s investors voted overwhelmingly in favour of the company’s 5-year moratorium proposal at meetings in Wellington today. Debenture stockholders voted 98.6%, depositors 100% and noteholders 98.9% for the moratorium. The alternative was receivership. Major stakeholder BOS International (Australia) Ltd had already indicated its support, which was crucial […]
Read more →Strategic reaches agreement for moratorium
Published 2 December 2008 Strategic Finance Ltd said today it had reached agreement with Perpetual Trust Ltd & its financier, BOS International (Australia) Ltd, on the terms of the moratorium proposal to be voted on by stockholders, deposit holders & subordinated noteholders in Wellington on Monday 22 December. Strategic chief executive Kerry Finnigan said […]
Read more →Strategic cancels dividend, says moratorium process nearing completion
Published 27 November 2008 Strategic Finance Ltd has resolved not to pay the next dividend payable on the perpetual preference shares on 15 January. Chief executive Kerry Finnigan said yesterday the company continued to progress its moratorium proposal with Perpetual Trust Ltd and this process was nearing completion. Want to comment? Email [email protected] […]
Read more →Allco Finance collapse near complete, Allco HIT calls trading halt, Strategic works on moratorium
Published 5 November 2008 The Australian parent of New Zealand company Strategic Investment Group Ltd, Allco HIT Ltd, called a trading halt today after administrators & receivers were appointed to related company Allco Finance Group Ltd on Tuesday. All this happened as Strategic Finance Ltd – the group company that was subject to a […]
Read more →Strategic deal collapses, new options explored
Published 19 October 2008 Strategic Finance Ltd said on Friday the joint-venture bid to buy & recapitalise the company had been derailed by the global financial crisis & credit crunch. Strategic’s board told the NZX the bid company, Clarence Investments Ltd, had said the agreement for sale & purchase had been cancelled by mutual […]
Read more →Strategic censured for disclosure breach
Published 23 September 2008 NZX Discipline censured Strategic Finance Ltd yesterday for breaching the exchange’s continuous disclosure rules by releasing material information on capital restructure options to third parties first.Strategic Finance chief executive Kerry Finnigan said the company accepted it breached the rules on 7 August, but said it did so inadvertently while providing explanations […]
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