Hanover to release recapitalisation details at 11 am
20th Nov 08, 9:00am
Hanover will announce plans to release details of its recapitalisation at 11 am morning. Back in September Hanover Finance's shareholders, Mark Hotchin and Eric Watson, said they were close to proposing a finalised debt restructure plan that would see them contribute "shareholder support" of up to NZ$96 million in cash and property. They said they believed this plan would return 100 cents in the dollar to first ranking debenture holders. Hotchin later said the initial injection would be NZ$36 million in cash plus NZ$40 million in property, with an option to inject a further NZ$20 million if required. Hotchin said back in September he expected to send a proposal to investors in early October for a late October vote. I am currently at the Hanover press briefing and will publish a full report at 11am.