Marchmont keeps mum on identity; Stalls on Strategic queries

Amy Hutton, a partner at RA Fraser & Associates which is acting for Marchmont, told Depositrates.co.nz that "the trustee requires that we keep his name and details of the trust confidential". Questions faxed to her office have been passed on to the trustee, she said.

Strategic, which is currently under review from its trustee after it twice breached the terms of its moratorium arrangement, apologised to investors for the Marchmont offer.

Marchmont is seeking Strategic debentures up to a face value of $5 million, and said the offer will be accepted on a "first come, first served" basis until the close of business on February 3.

Strategic chief executive Kerry Finnigan sent out a letter to investors apologising to them for "any distress or concern" the offer may have caused, but was advised that it was required by law to provide RA Fraser with a copy of its stock register when the agency requested it last October.