New investor in Geneva Finance
NZAX-listed GFNZ Group (Geneva Finance) has announced a share placement giving financial services company Federal Pacific Group (FedPac) a 19.9% stake.
Wednesday, 29 February 2012
Geneva issued FedPac 45 million shares at 2.75c per share, meaning FedPac paid $1.24 million for its stake in the car loan provider.
As part of the agreement with Fed Pac, Geneva has also undertaken, subsequent to the placement, to make an offer of a pro rata rights issue to all shareholders, including Fed Pac, at the placement price of 2.75 cents per share.
Geneva managing director David O'Connell says: "We see this transaction as a significant and positive development for the group.
"Fed Pac's support will enable us to fast-track the new business model expansion while maintaining our scheduled debt repayment program.
"Geneva is operating in a market that has seen many competitors fall away, and we see the expansion of the profitable new business model into this space as the key to putting the group onto a long term and sustainable, profitable platform."
Former Geneva Finance debenture holders last year voted for a debt-for-equity swap that allowed the company to stave off receivership.
Geneva shares last traded at 1.3c.
Commenting is closed
Find a Rate
11 January 2017
21 November 2016
12 November 2016
10 November 2016
7 November 2016
Cash PIE Rates
Weekly Updates including news and commentary
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2017. Tarawera Publishing Ltd. All Rights Reserved.