South Canterbury Finance's trustee, Trustees Executors, says the failed finance company's debenture and deposit holders will get their money - with applicable interest - back next Wednesday, October 20.
The collapse into receivership of the company on August 31 triggered a NZ$1.6 billion payout to 35,000 investors' under the Crown retail deposit guarantee scheme. Trustees Executors paid 7,000 bondholders about NZ$350 million on September 23, but says the audit and transfer of the investor register from the company to paying agent Computershare Investors Services has been a detailed and complex process and taken longer than expected.
"Now that the transfer is complete, we can confirm October 20 as the payment date," Trustees Executors' regional manager Yogesh Mody said.
Investors' will be paid either by direct credit or cheque. See Trustees Executors' full statement here.
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