Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.

Today we have some news updates that have come across James Usmar’s desk this week…

St Laurence Receivership

The latest St Laurence receivership reports (PDF 2.8 MB) are out. St Laurence’s receivers told investors the best they can expect to recover is 32 cents in the dollar, including the 10 cents already paid under the finance company’s failed moratorium. The report estimats debenture holders will get between 15 cents and 22 cents more from the company’s remaining assets, while note holders and unsecured creditors will get nothing. The receivers will also pursue guarantees provided by former managing director Kevin Podmore and associated companies pledging to meet any shortfall in funds to a maximum $20 million if St Laurence was put into receivership.

Relief for Hanover and United investors?

Some relief for Hanover and United investors came this week as Allied Farmers has accused Hanover Finance of breaching their agreement and will take legal action against Mark Hotchin and Eric Watson. Allied have not paid them the $5 million dollars they were due to pay as part of the original deal, which is good news. What is also interesting is that they may also try to pursue the Hanover Directors for potentially ducking out of guarantees that were due under the moratorium, potentially $20 million. Small beans to the investors I know but better than nothing.

Ascot Private Equity Limited

There have been some positive changes at Ascot recently. Click here for an interim update (PDF 25 KB).

ING Diversified Yield Fund and Regular Income Fund

Please click here for the latest from ING (PDF 13 KB) regarding their $45 million settlement with the Commerce Commission who investigated the marketing, promotion and sale of the DYF and RIF Funds. There is sadly no clarification available at present as to who is likely to receive a share of this. Is it ANZ customers or all investors? ING aren’t saying but I will let you know as soon as possible.

About James Usmar

James was a qualified financial planner in the UK working for a tax consultancy firm. He specialised in investments through financial centres such as Jersey and the Isle of Man. James joined Saturn Portfolio as an investment adviser after immigrating to New Zealand in 2006.

About Saturn Portfolio

Saturn Portfolio is an investment advisory firm built on a history of trusted advice since 1988. They invest $160 million on behalf of clients. Four experienced client advisers work in the business. Saturn Portfolio is not aligned to any investment manager or product provider. This means they can freely select and recommend the most appropriate investments for you.

Their process is to discover and discuss your current situation, goals and investment knowledge. Once they assess your needs they give you a written plan, which they discuss with you and clarify any queries. They do not implement the recommendations until you give approval to proceed.

Importantly, Saturn Portfolio’s sole source of income is the fee you pay to them. They do not take any commission or brokerage from product providers. www.SaturnPortfolio.co.nz

Tags: Allied Farmers, Ascot Private Equity, Eric Watson, Hanover Finance, ING Diversified Yield Fund, ING Regular Income Fund, Kevin Podmore, Mark Hotchin, St Laurence, United Finance

This entry was posted on Friday 2nd July 2010 and is filed under Q&A Friday, Vestar. Both comments and pings are currently closed.