$4.8 million payment made to Aorangi investors

Aorangi investors are set to receive 5 cents in the dollar as statutory managers make the first payment from the fund since settlement.

“We’re very pleased to be making this repayment of $4.8 million to the 400 Aorangi investors. This is the first repayment following the settlement between the statutory managers and Mrs Hubbard, announced in early May,” said the statutory managers.

The $4.8 million payment follows the recent settlement between the two parties over the ownership of “introduced assets”. The terms of the settlement meant that most, if not all, of the Aorangi Investors' capital would be returned over time.

This is the fifth payment to Aorangi investors and takes the total amount repaid to $19.3 million, or 20 cents in the dollar.

“Scheduled farm settlements occurring at the end of May and early June should allow a further distribution to be made by the end of June 2013,” said the statutory managers.

“Our asset sales programme is designed to ensure that we obtain full value of these assets for investors.  Future payments will be made as and when we realise these assets.

The next statutory managers’ report due late July will provide a further update on the asset realisation process for returning capital to Aorangi investors.