Friday 6 October 2006
Sale of National Finance Loan Book Completed
The receivers of National Finance 2000 Ltd, PricewaterhouseCoopers partners Colin McCloy and John Waller, have today
advised that the National Finance loan book has been sold to a party associated with Cynotech Holdings Limited. The
purchase price of $7.7 million has been received in full.
Receiver Colin McCloy said his team were now in a position to make a partial repayment to some investors. “We plan to
pay an initial dividend of 30% to secured debenture holders next week,” he said.
The receivers were continuing to realise the remaining assets of National Finance. Colin McCloy said that once this
process had been completed, secured debenture holders could recover a total of 40%-45% of their original investment.
“This is at the higher end of the 30-50% scale that we had estimated in June,” he said. “Regretfully the position for
subordinated investors has not changed from our position in June, and they will not recover anything from the assets in
receivership.”
The receivers are assisting various government authorities who are continuing their investigations.
A more detailed report on progress with the receivership will be released to investors shortly.
ENDS