Strategic Finance wins investor approval for moratorium
Dec. 22 - Strategic Finance won support from investors for a plan to pay back funds over time, allowing for the orderly
sale of assets.
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.