Strategic wins investor approval for moratorium
Strategic Finance won support from investors for a plan to pay back funds over time, allowing for the orderly sale of assets.
Monday, December 22nd 2008, 1:13PM
by Jonathan Underhill
Holders of the company’s debenture and notes, along with depositors vote more than 98% in favour of the proposal at a meeting in Wellington today, it said in a statement.
“The moratorium allows Strategic the opportunity to work with borrowers, realising assets on an orderly basis to ensure value is preserved and investor’s funds are repaid if and when funds are available,” according to a statement from chief executive Kerry Finnigan.
Managers and directors of the company, led by Finnigan, were thwarted in their attempt to acquire the company from Australian parent Allco HIT which has called in receivers and managers for the group. Strategic and its immediate owner Strategic Investment Group were excluded from the move.
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