Fifth Hubbard report released

In their report on the statutory management of Aorangi Securities, Hubbard Management Funds, Mr and Mrs Hubbard and associated charitable trusts Grant Thornton managers Richard Simpson, Trevor Thornton and Graeme McGlinn said the September cash collection is still $2 million less than expected and that there has been little improvement in the collection of arrears of $3 million.

"Requests will go out shortly for payments due on December 31 and we are guardedly hopeful that the level of collection will be greater this quarter. With dairy cash flow expected to be stronger over the next six months, we anticipate both better returns and a payment of arrears," the managers said.

The statutory managers said a key focus over the last month has been the ongoing analysis of Aorangi Securities, divided into three categories: