Strategic Finance receivers seek to delist company

Receivers for the troubled Strategic Finance have applied to delist the company and cancel repayment of preference shares because it has not got the money to pay back those creditors.

Perpetual Trust Limited announced to the New Zealand Stock Exchange this morning that an assessment to date had revealed there would also be a shortfall in the total amount available to creditors.

"In these circumstances, the receivers are applying to NZX to cancel quotation of SFL's preference shares and to delist SFL," the statement said.

Strategic went into receivership on March 12, unable to meet the terms of its debt scheme.

It was New Zealand's second-largest finance company receivership after Bridgecorp collapsed in July 2007 owing 18,000 investors $458.7 million.

Strategic owes about $416 million to 13,000 investors.

The Bank of Scotland is the company's largest creditor, believed to be owed about $75 million.

- NZ Herald staff