Black Robin suspends interest payments

Jasmine Yao: unable to provide further information to investors. (Image: BRG)

Tue, 23 May 2023

Black Robin Equities didn't pay last quarter's "guaranteed" cash distribution to its wholesale investors as it restructures its business into a residential and retirement village developer.The residential investor, which placed two of its "troubled" Wellington residential assets into liquidation on April 19, will offer its equity convertible note-holders - who are guaranteed a 10% return payable quarterly - into redeemable preference shares into a new holding company, Black Robin Group (BRG), on a 1:1 basis.That will...

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