Secured creditors will receive less than half their investment and unsecured creditors nothing from the receivership of two Dunedin-based investment companies.
The final report in to the receivership of Rural Portfolio Investments (RPI) and Rural Portfolio Capital (RPC), released yesterday by receiver McGrath Nicol, says secured creditors who hold redeemable preference shares will receive up to 48.25c a share, or $29 million of the $60 million they were owed.
In the report, the receiver said a final payment would be made of less than 1.25c a share following an earlier distribution of 47c a share.
The amount owed to unsecured creditors was not determined by the receiver.
The receiver recovered $29.2 million consisting of $800,000 in cash from the RPI and RPC dividend escrow account and other cash, $24.3 million from the sale of 46.8 million shares in PGG Wrightson at 52.01c a share, and $4.1 million from 10 million shares in New Zealand Farming Systems Uruguay at 41c a share.
Costs associated with the receivership came to $205,000, including $115,900 in receiver's fees and $21,703 in GST.
Net realisations were $29 million, of which $28.2 million has already been paid to secured creditors, leaving $863,000 left to be paid out.
Trustees Executors called in the receiver when RPI and RPC, the investment vehicles of Craig Norgate and Dunedin's McConnon family, twice failed to meet an undertaking to pre-fund each six-month dividend payment.
