Torchlight Fund makes final $3.5M repayment on Perpetual loan, pays $6M management fee

Tue, 24 Jul 2012

By Paul McBeth July 24 (BusinessDesk) - Torchlight Fund No 1 LP, an entity managed by Pyne Gould boss George Kerr, has made the last $3.5 million repayment of a loan that raised the ire of the market watchdog. The payment of the loan from Pyne Gould's Perpetual Cash Management Fund means the $28 million facility has been fully-repaid before the end of July, as previously indicated. The fund also paid $6 million in accrued management fees to Pyne Gould subsidiary Torchlight (GP) 1, the company said in a statement. Today's payment comes afte...

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