31 May 2013

More money returned to Aorangi investors

7:28 am on 31 May 2013

The statutory managers of Aorangi Securities are paying out another $4.8 million to its 400 investors.

The firm Grant Thornton says that will bring the total amount repaid to $19.3 million out of the original $96 million invested.

It announced in May that Aorangi's former owner, Jean Hubbard, had agreed to settle the High Court trial over who was entitled to that money.

The terms of the settlement mean that most, if not all, of the capital would be returned to investors.

The statutory managers say they expect to make a further repayment by the end of June.

Grant Thornton also manages the Hubbard Management Fund and says it will repay another $3.2 million to the fund's 260 investors at the end of May.

That will bring the total repayments to 40 cents in the dollar from the capital return pool.