News Column

Strategic Finance Settlement Proceeds to First Distribution

August 11, 2014



AUCKLAND, New Zealand, Aug. 11 -- New Zealand'sFinancial Markets Authority issued the following news release:

In June this year PwC Partners John Fisk and Colin McCloy, as Receivers of Strategic, together with the Financial Markets Authority, announced they had finalised a $22 million settlement agreement with the former directors and auditors of Strategic.

On 8 August 2014 the settlement agreement became unconditional and the first payment of $10 million has now been received.This will enable a distribution to secured investors to be made within the next two weeks.

Following the settlement agreement, there are two further instalments of $6 million due at the end of August and November 2014 which will enable further distributions to be made.

Updates will be provided to investors by the Receivers and the FMA over the coming months as the funds are received and as distributions are made.

The Receivers and FMA are pleased to confirm that the settlement is on track enabling the distributions to be made.

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Source: Targeted News Service


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