The trustee and receiver of Rural Portfolio Capital (RPC) said an interim payment of 47c per share will be made on May 28 to investors but added that a final payment is likely to be less than 1.25c per share based on the known available assets.Trustees Ex
The trustee and receiver of Rural Portfolio Capital (RPC) said an interim payment of 47c per share will be made on May 28 to investors but added that a final payment is likely to be less than 1.25c per share based on the known available assets.
Trustees Executors, the trustee, and receivers Kerryn Downey and Andrew Grenfell of McGrathNicol, have together written to investors in redeemable preference shares issued by RPC, a subsidiary of Rural Portfolio Investments (RPI).
The letter comments on events leading up to the appointment of receivers, to explain asset sales since and issues of both the trustee and the receivers.
It has already been reported that receivers sold 46.8 million shares in PGG Wrightson at 52c per share and the company's shares in NZ Farming Systems Uruguay at 41c per share.
"These sales mean that we will be in a position to make an initial payment of 47c for each redeemable preference share held," the letter said.
The trustee is considering what, if any, further action should be taken in relation to the unsecured guarantees.
The trustee will pursue legal claims where it considers there is a realistic prospect of a return to the investors. It is possible the RPC and RPI companies will be put into liquidation.
"After these processes are completed, the trustee will arrange a final payment to investors. The final payment is likely to be less than 1.25c per share based on the known available assets."
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