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Dominion appoints administrator, cancells AGM

Dominion Finance Holdings, starved of funds because one of its operating units is in receivership and the other attempting a moratorium, will appoint a voluntary administrator.

Wednesday, 8 October 2008

by Jonathan Underhill

The ailing finance company cancelled the annual shareholders meeting it had planned for next week, according to a statement signed by chairman Rick Bettle.

The shares last traded at one cent on October 2, giving Dominion Finance a market value of NZ$716,000. The shares have lost just short of 100% of their value this year.

An administrator looked inevitable this month after the NZX regulator imposed a NZ$65,000 fine on the company for failing to file an annual report by the due date. The company has "very limited cash resources in its own right," it said on October 1, responding to the fine and censure. "Neither subsidiary is in a position to provide funding, it said."

In May, the company posted an annual profit of NZ$8.95 million, generated by Dominion Finance Group and North South, and said it expected earnings to rise in the current year. Within a month, the two units were at risk of running short of cash as the global credit crisis and waning investor confidence dried up liquidity.

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Cash PIE Rates
Cash Funds
Institution Rate 33% 38%
ANZ 3.25 3.40 3.67
ASB 3.40 3.55 3.84
BNZ 3.90 3.71 4.01
Direct Broking 2.85 2.98 3.27
First Mortgage Trust 5.01 5.23 5.66
Forsyth Barr 2.00 2.09 2.30
Forsyth Barr 2.25 2.35 2.58
Forsyth Barr 2.75 2.87 3.16
Forsyth Barr 3.00 3.13 3.44
HSBC 2.70 2.82 3.05
Kiwibank 2.90 2.96 3.15
Kiwibank 3.50 3.58 3.80
Marac 5.50 5.75 6.31
National Bank 3.25 3.40 3.67
RaboPlus 3.50 3.71 4.01
SBS 3.20 3.39 3.66
Spicers 2.68 2.80 3.08
TSB 4.81 5.10 5.52
UDC 3.50 3.66 3.95
Westpac 3.25 3.43 3.71
Term Funds
Institution Rate 33% 39%
ANZ - 90days 4.00 4.25 4.67
Kiwibank - 90days 3.75 3.92 4.23
Kiwibank - 120days 3.75 3.92 4.23
Kiwibank - 6mth 4.50 4.68 4.98
Kiwibank - 12mth 5.20 5.43 5.87
Marac - 12mth 7.25 7.77 8.40
National Bank - 90days 4.00 4.17 4.59
National Bank - 6mth 4.90 5.01 5.42
National Bank - 12mth 5.20 5.53 5.95
UDC - 12mth 5.20 5.51 5.95

Rates as at 02 August 2010

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With the recent movement in five-year term deposit rates in the past week by BNZ and ASB, the above graph looks at the margins between the major retail banks five-year fixed home loan rates and the five-year term deposit rates since the beginning of the year.

The term deposits are based on a $10,000 deposit.

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