St Laurence investors vote for moratorium; ends "bugger of a year" for Podmore

Debenture investors in property financier St Laurence Ltd have voted 95.86% in favour of a moratorium proposal that means they may not be repaid in full for up to 13 years. A clearly relieved St Laurence CEO Kevin Podmore said it was now time for the company to start again and restructure for a different world. "It's been a bugger of a year," Podmore told interest.co.nz after the declaration of the vote at the Duxton Hotel in Wellington. Under the restructure plan, investors owed NZ$240 million would see 70% of their debentures turned into "˜Class A' debentures and the remaining 30% turned into "˜Class B' debentures, which would rank equally with capital note holders. Shareholders would not be paid a dividend until Class A debenture holders are paid in full and payments are up to date for Class B holders and capital note holders. * This article was first published on Friday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.