Liquidators of Peregrine Fixed Income have exceeded forecasts with a plan to pay a HK$1.5 billion second dividend to creditors.
With the latest payment, the Peregrine group's largest operating arm has outstripped projections of a minimum 25 HK cents dividend in less than three years. The maximum dividend forecast within three years is 40 HK cents.
With the second dividend of 12.7 HK cents, paid on October 10, creditors will have received a total of HK$3 billion. The first dividend was 12.5 HK cents.
Claims against the company from nearly 300 creditors - both large institutions and individuals - are, however, in the region of HK$15 billion.
Lead liquidator Simon Copley, a partner at PricewaterhouseCoopers, said most of the money had come from the 'good books' - European and United States' debtors and 'other banks who can afford to pay us'.
Asset realisations were more than HK$4.1 billion, a factor which has accelerated the dividend distribution.
