19 Sep 2008

Hanover gives details of rescue package

6:48 am on 19 September 2008

Hanover Finance says its investors will vote on its plan to restructure the company in late October.

In July, Hanover froze investments and repayments totalling $554 million, blaming market conditions.

The plan involves shareholders pumping $96 million dollars worth of cash and property assets into Hanover coffers.

Company director and shareholder Mark Hotchin says the terms of the restructure agreement will be presented to the trustees soon.

He says the plan is aimed at getting investors back "a hundred cents in the dollar".