Fidelity says interest payment maybe postponed

Fidelity has warned investors in its Capital Guaranteed Bond that the interest payment scheduled for January 15 may not be made.

Wednesday, 7 November 2007

"Investment markets have remained erratic and although the fund has continued to increase since the annual report was issued, the anticipated growth may not be quite sufficient to cover the full coupon," it says in a statement to the NZX.

"Any suspended interest will continue to earn interest and will be paid at the next coupon date when the fund has accrued sufficient income to cover the arrears after paying the current coupon and fees."

It says the capital guarantee provided by Westpac is unaffected by this trading activity.

Fidelity raised $75 million in the bond offer earlier this year.

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