Strategic Finance's preference shareholders have been told they won't see any money from the collapsed financier as receivers apply for its delisting from the NZX.Two weeks into its investigations, receivers PricewaterhouseCoopers have said there is no mo
Strategic Finance’s preference shareholders have been told they won’t see any money from the collapsed financier as receivers apply for its delisting from the NZX.
Two weeks into its investigations, receivers PricewaterhouseCoopers have said there is no money available to repay Strategic Finance’s preference shareholders and warn there will be a shortfall in the amount available for creditors.
“In these circumstances, the receivers are applying to NZX to cancel quotation of SFL’s preference shares and to delist SFL,” receivers John Fisk and Colin McCloy of PricewaterhouseCoopers said today.
Strategic Finance was placed in receivership on March 12, ending a moratorium arrangement. The company owes 13,000 investors $417 million.
Mr Fisk said this week it was still early days terms of his team’s investigations and a “high priority” was to recover the loans money as quickly as possible.
An interim update is due with investors next month and the receivership report is due in May.
