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Rates round up

Another payout for Dominion Finance investors; Perpetual gives Dorchester sign-off to go to investors; Sky City buys back capital notes.


Monday, 24 May 2010

Dominion Finance investors to get another 2.5 cents
Some 6,000 investors owed $224 million when Dominion Finance went into receivership will get their next distribution of 2.5 cents in the dollar, taking the total repayments to about $15 million.

Receiver Rod Pardington of Deloitte reiterated his view that debenture holders will get between 10 cents and 25 cents in the dollar, though the bottom end of the range does not assume any recovery from actions against directors, valuers, or other financiers.

Perpetual gives Dorchester sign-off to go to investors
Perpetual Trust has given Dorchester Pacific sign-off to pitch its capital reconstruction plan to investors, six months after executive director Paul Byrne first flagged the proposal at last November's annual meeting.

Though the final touches are being put on the official documents, the meeting for debenture holders is expected to be held next month.

Dorchester needs to win investor approval for the plan, and raise at least $8 million in a proposed rights issue to get its restructuring plan across the line.

SkyCity buys back capital notes
Casino operator SkyCity Entertainment has bought back half its listed capital notes on issue from investors who chose not to renew their investment for another five years. The company will hold the notes, which pay 7.25%, as treasury stock, and hold just about 51% of the assets on issue.

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