20 February 2014
Aorangi Securities investors have now received 92 cents in the dollar and the Statutory Managers remain confident that they will be able to return most, if not all, of the Aorangi investors’ capital.
Since the amicable settlement with Mrs Hubbard, reached in April 2013, 77 cents in the dollar has been distributed to investors, taking the total to 92 cents.
As stated in the latest report, the return of most, if not all, of the investors’ capital represents an excellent outcome for investors, particularly considering the litigation risk that surrounded the “introduced assets” claim. If the court case had proceeded and been lost, Aorangi investors would have only received an estimated return of 35 cents in the dollar.
The return of capital to investors is occurring in accordance with the 2010 estimate by Mr Hubbard, in conjunction with the Statutory Managers that it would take 3 – 4 years to return the capital.
In due course, when most if not all of the investors’ capital has been returned to investors and the statutory management of Aorangi ceases by Order in Council, control of Aorangi will be passed back to the director. As part of this process the Governor-General has recently signed an Order in Council that will release Temple Bar Family Trust from statutory management with effect from 20 March 2014.
The next report from the Statutory Managers is expected to be issued in July 2014.
27 February 2014
An update on Hubbard Management Fund can be found in the February 2014 report, available here: 15th HMF Statutory Managers’ Report.
We expect to provide you with a further report during August 2014 covering the period to 30 June 2014.
A list of frequently asked questions are available. Click here to view. These questions will continue to be updated from time to time as new questions and information come to hand. It is recognised that not all investors will have computer access so copies of these questions will be available to be mailed to investors on request.
Copies of the Aorangi and HMF Statutory Managers' Reports are posted to investors on the date of release.
We will look to keep investors informed on a regular basis.
The Media are asked to contact Julian Light of Acumen Republic on +64 (0)4 494 5146 or email@example.com