Investors of the Hubbard Management Fund (HMF) have received a further payment of 5 cents in the dollar from the Capital Return Pool, statutory managers announced today in their Fourteenth Statutory Managers’ Report.
“When combined with the first three Capital Return Pool payments, HMF investors have received a total of 45 cents in the dollar, or $9.6 million, of their entitlement. This is in addition to the interim distribution made to investors in February 2012,” the statutory managers said.
“This brings the total amount returned to investors, by way of interim distribution and the Capital Return Pool, to around $18.1 million.”
The statutory managers aim to complete Capital Return Pool payments during the first half of 2014 subject to market constraints. Payments from the Surplus Assets Pool will not commence until all entitlements under the Capital Return Pool have been made.
“Since our last report we have completed the realisation of the more readily saleable assets. We are now working on the private equity investments and less liquid assets.
“Despite equity markets showing mixed performance over the first six months of the 2013 calendar year, we remain committed to making payments to entitled investors promptly as and when we realise assets.
“Since our last report we have resolved all claims between Mrs Hubbard, the Hubbard family and the statutory managers. This is positive for the investors as it allows the orderly realisation of assets to proceed without the distractions and impacts of possible litigation.”
The next report is due in February 2014, covering the period to 31 December 2013.
Julian Light
M +64 (0)212 438 528
E jlight@acumenrepublic.com
Michael Dunlop
M +64 (0)275 747 587
E mdunlop@acumenrepublic.com