Will I still receive quarterly statements and an annual tax statement?
You will receive a tax statement at the end of this financial year being 31 March 2009, however you will not receive one on an ongoing basis while your interest is being accrued. Once interest is paid out you will then receive a tax statement. When you start to receive principal repayments you will receive statements each quarter to show that principal payments that have been made.
How are you reducing your costs?
The overhead structure of Strategic Finance’s business has been significantly reduced and will continue to be reviewed and reduced where appropriate to ensure the business is wound down in an orderly and efficient manner over the Moratorium Period.
Strategic Finance’s largest cost will be salaries and wages, which are expected to reduce significantly throughout the moratorium period as loans are repaid and the need for staff reduces.
Rental costs will also reduce significantly, for reasons described below:
| • | Strategic Finance will close its Australian and Christchurch offices. |
| • | Strategic Finance’s lease of its Wellington office premises will expire on 30 June 2009 and, at that time, Wellington based staff will relocate to smaller premises. |
| • | Following staff reductions in the Auckland Office, Strategic Finance does not require all of its current Auckland leased premises. Strategic Finance intends to sublet part of the premises to a related part of Strategic Finance to reduce rental costs. |
How can I gain information on how you are progressing with the Moratorium?
The Board and management are committed to keeping investors informed by way of regular investor updates – you will also be able to download these from this website.
Who is involved in the management of this moratorium?
For so long as the Moratorium continues, Strategic Finance will remain under the control of the Board, which would operate Strategic Finance under the supervision of the Trustee and PricewaterhouseCoopers (as Monitoring Accountant) and in accordance with the restrictions imposed under the terms of the Moratorium.
Kerry Finnigan, Strategic Finance’s Chief Executive Officer, has committed to remain with Strategic Finance for at least the first year of the moratorium, at which time a review will be carried out.
Strategic Finance has experienced staff with specialist skills and an in-depth knowledge of all of Strategic Finance’s key loans. We believe the skill and existing knowledge base of Strategic Finance’s staff are important to ensuring the timely repayment and realisation of Strategic Finance’s loans.
The management and staffing structure of Strategic Finance will continue to be reviewed throughout the Moratorium Period and adjusted to reflect progress made on the recovery of loans and to maintain the appropriate level of resources required to effectively manage Strategic Finance’s loans and operate its business.
Are my securities transferrable?
Yes. You are entitled to transfer your debenture stock, deposits, or subordinated notes to another person. Please contact us or call us on 0800 275 735 for the appropriate transfer documents.
For any further queries please email us at info@strategicfinance.co.nz
