St Laurence investors would receive between 15c and 22c in the dollar in the next 18 months, receivers said yesterday.
But that payout was subject to securing an orderly realisation of the remaining management contracts, sale of the National Property Trust units and no further adverse movements in the property sector.
In a letter to investors, receivers Barry Jordan and David Vance, of Deloitte, outlined what work had been done so far to recover funds for investors, an assessment of any likely asset realisation and the anticipated level and timing of any distribution to investors.
However, St Laurence directors Kevin Podmore, Sandra Lee and John Gosney expressed their disappointment at the low forecast distributions to investors.
"We are saddened that investors will get less than one-third of the amount we forecasted to return under our alternative capital restructure plan," Mr Podmore said on behalf of the three directors.
"Instead, the trustee decided to place St Laurence in receivership rather than give investors an opportunity to consider the plan."
The receivers said the expected distribution was in addition to the 10c in the dollar paid out to debenture holders under the moratorium repayment programme before St Laurence went into receivership.
It was not expected there would be any funds available for the repayment of interest to secured debenture stock holders or for the repayment of the capital notes or any St Laurence unsecured creditors.
Mr Podmore said that given the estimated distributions from the receivership, the directors remained convinced that investors should have been given the opportunity to decide on their future.
