Propertyfinance Group recommends voluntary liquidation
Propertyfinance Group’s directors have given up the ghost and will urge shareholders to send the business into voluntary liquidation.
Wednesday, 12 May 2010
by Paul McBeth
In a statement to the stock exchange, the directors said that "in light of the ongoing regulatory and market changes in the New Zealand non-bank and property sectors, well canvassed in the media, PFG no longer has a viable business purpose or avenues to access capital and recommence any new business activities."
They said their decision stemmed from the receivership of the company's principal operating subsidiary, Propertyfinance Securities Ltd. in late 2007, which is being wound down in a moratorium.
The directors thanked its stakeholders and supporters, but said "these efforts have ultimately been unsuccessful as the New Zealand non-bank industry has all but disappeared except for a number of government sponsored entities."
RMB Trustee managing director Darryl Queen said the "proposal has no impact in any manner with regard the RMB programme."
The Rated Mortgage Bond Trusts, which are listed on the NZX, have a combined $38.5 million worth of debt on the exchange, and the residential security this week reset its interest rate for the next quarter to 4.26%. The commercial bond reset its rate in March to 4.1%.
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