Strategic Finance receivers plans to delist

One of Strategic Finance's big investments was lending money to the failed Soho Square property development in Auckland's Ponsonby. Photo / Steven McNicholl

Receivers appointed to Strategic Finance earlier this month have applied to NZX to cancel quotation of Strategic Finance's preference shares and to delist the company.

Receivers John Fisk and Colin McCloy of PricewaterhouseCoopers, who were appointed on March 12, today said they anticipated there would be a shortfall in the amount available for creditors, and no amount available for Strategic Finance's preference shareholders.

The receivers earlier said Strategic Finance had about 10,000 debenture holders owed about $368 million, about 1000 noteholders owed $22m, and 66 depositors owed $1.5m.

They said they were working to determine Strategic Finance's financial position.

"Given the size of Strategic and the complexity of some of the loans, this will take some time," they said earlier.

A report on initial findings would be sent to debenture holders as soon as possible. At that stage the receivers hoped to be able to tell the debenture holders what the potential return would be on their investments.

The receivership ended an earlier moratorium deal.

Trustee Perpetual Trust, which called in the receivers, said Strategic Finance's loan book had declined in value to $220 million in December 2009 from $477m when the moratorium was approved in December 2008.