Next Capital's Vitaco the latest to settle convertible notes tax dispute

Tue, 30 Sep 2014

By Paul McBeth Sept. 30 (BusinessDesk) - Vitaco Health Group, the food supplements business majority owned by Australian private equity firm Next Capital, has cut a deal with the Inland Revenue Department which will see it give up $29.9 million of tax losses generated from mandatory convertible notes, which it has also pledged to unwind. The Auckland-based company entered into a settlement deed with New Zealand's tax department on April 2 over $61.1 million of mandatory convertible notes and $24.5 million of convertible preference shares,...

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