Investors in IMP Diversified Fund, a small finance company chaired by former National Government Finance Minister Ruth Richardson, have granted it a two-year moratorium on repayments of interest and principal.
Richardson told the Business Herald 99.4 per cent of votes cast at a meeting yesterday in Auckland were
in favour of the proposal.
The $16.5 million debenture-issuing fund owned by Auckland venture capital firm I-Cap took mezzanine debt positions "in a range of technology, biotechnology and healthcare businesses that are seeking to become export based".
Two weeks ago it said the weakening economy, the investor switch away from debentures, and the likely inability of its borrowers to repay on time would leave it unable to meet repayments to its own investors.
