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News Archive - April 2008

2 Apr 2008South Canterbury buys from receivers
South Canterbury Finance has purchased part of the loan book held by Finance and Investments from receivers PricewaterhouseCoopers.
3 Apr 2008Hanover confirms profit
Hanover Finance has confirmed its audited profit before tax of $17.2 million for the six months to December 31 and says cash reserves at the balance date were "just over $80 million".
4 Apr 2008Money at Work
This week in Money at Work we review the National Bank's new PIE compliant cash fund.
4 Apr 2008First Five Star payment not so starry
Five Star Consumer Finance investors area getting their first payment, however they have also been told they are likely to recover less of their investment than previously indicated.
4 Apr 2008Nathans investors still in the dark
Investors in Nathans Finance are still unaware of how much of their money they will receive from the failed finance company which collapsed seven months ago.
7 Apr 2008Tower winds up $242m mortgage fund
Tower's $242 million conservative fixed interest fund is being wound up as it is uncompetitive under the new tax rules and faces a stiff challenge from banks.
10 Apr 2008Perpetual pulls pin on Lombard
Lombard Group's wholly-owned subsidiary Lombard Finance & Investments has been placed into receivership by its trustee, Perpetual Trust.
11 Apr 2008South Canterbury Finance expanding
South Canterbury Finance has purchased Nelson-based finance company, Fairfield Finance for an undisclosed sum.
11 Apr 2008Allied Nationwide appoints independent directors
Allied Nationwide Finance, part of the NZX-listed Allied Farmers group, has announced the appointment of John Spencer and Susie Staley as independent directors to its board.
14 Apr 2008Geneva unveils its new survival plan
Geneva Finance is preparing to come out of its moratorium and is hoping that debenture holders will step up to help its recovery.
18 Apr 2008Cynotech buys up finance company loan books
The Hawk buys loans from the receivers of collapsed finance companies Western Bay and Capital + Merchant Finance.
21 Apr 2008Hanover's rating reconfirmed
Fitch has confirmed its rating on Hanover at BB+, one step below investment grade. It has also assigned a "stable" tag to the rating indicating that it doesn't expect to raise or lower it in the near future.
21 Apr 2008Receivership better ending for Kiwi Finance: Trustee
Kiwi Finance, the little New Plymouth-based finance company which fell over at the end of last week, owed $2 million to 41 debenture holders.
23 Apr 2008Bluestone offer for Geneva frustrated
Bluestone has confirmed it wants to make an offer for the assets of Geneva Finance and is frustrated neither Geneva's board nor its trustee will entertain its approach.
27 Apr 2008First finance company PIE fund
UDC is the first finance company to roll out new products under the Portfolio Investment Entity tax rules. It's two offerings are a term fund and a cash one.
28 Apr 2008Geneva investors say yes
Geneva Finance investors have opted for the company's recapitalisation plans over receivership.
29 Apr 2008S&P upgrades Geneva, but turns negative
Standard & Poor's has increased Geneva Finance's rating three notches, but remains negative on the company.

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