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News Archive - April 2010

1 Apr 2010Kerr boosts support for ailing South Canterbury Finance
George Kerr, a cornerstone investor in Pyne Gould, has boosted his support for the ailing South Canterbury Finance with a $22 million injection.
1 Apr 2010Vision Securities, sunk by failed loan settlement
Vision Securities, the specialist retirement village property lender, has been sent to the receivers after it failed to settle a major loan last week. Its 953 investors will be safe as they are covered by the government's retail deposit guarantee.  
6 Apr 2010Rates round up
South Canterbury Finance and PGG Wrightson accepted to extended guarantee, Bank liquidity regime comes into play, Vision Securities sent to receiver
7 Apr 2010Dorchester recapitalisation runs behind schedule
Dorchester Pacific Finance is running six to eight weeks behind schedule on its recapitalisation plan, though it has recently settled its last substantial prior ranking debt.
8 Apr 2010Hawk coy on Cynotech’s future
Allan Hawkins is being coy about the future of minnow finance company Cynotech Holdings after his successful takeover bid last month.
9 Apr 2010Mystery bidder makes low-ball offer for Strategic investors
Strategic Finance’s receivership has drawn out another low-ball offer to investors, this time from a company incorporated in Australia looking for $200,000 worth of debentures.
12 Apr 2010Rates round-up
Strategic investors wait as receiver mulls offers, Fonterra unit trust on cards,  Government brings back one-year bills, Treasury outlook on fin coys gloomier in February
13 Apr 2010SCF first-half loss nudges $200 million
14 Apr 2010Former Justice Ministers prosecuted over Lombard offer documents
Doug Graham and Bill Jeffries, both former Justice Ministers, plus two other Lombard directors facing charges
15 Apr 2010South Canterbury Finance guarantee comes in nick of time
Broker McDouall Stuart has praised Treasury for its quick action in getting South Canterbury Finance (SCF) accepted into the government's extended retail deposit guarantee.
16 Apr 2010Reset rate market discounts, corporate bonds probably past peak
Discounting in the reset securities bond market and the issuance of new corporate bonds are probably past their peak as the major banks look to attract investors, according to AMP Capital Investor’s Grant Hassell.
19 Apr 2010Rates round-up
Lombard directors face criminal charges, NZICA censures Bridgecorp's Roest, Five Star's Bowden, Rural Portfolio Capital breaches trust deed
20 Apr 20102010 worse for NZ defaults than 2009: S&P
Two defaults in the first three months of this year by New Zealand issuers have already doubled the number of missed payments in 2009, according to Standard & Poor’s.
20 Apr 2010Markets start betting against low short-term interest rates
Investors are betting against short-term interest rates staying low as the prospect of the Reserve Bank hiking the official cash rate draws nearer, according to AMP Capital Investors.
23 Apr 2010Pros and cons of moratoria espoused to select committee
PwC's Fisk questions moratoria while Chapman Tripp's Wallis defends them at select committee inquiry.
25 Apr 2010Rates round-up
Transpower puts forward inflation-linked bond, CBS applies for extended retail deposit guarantee, South Canterbury's Gloag hangs up hat, NZ Wool Services pays back loan
26 Apr 2010Mutual Finance changes hands as Bublitz pops up again
Finance company minnow Mutual Finance has changed hands in a deal that has seen Strategic Finance founder Paul Bublitz pop up again.
27 Apr 2010Deposit war shows no sign of abating: KPMG
The ongoing competition for deposits is showing no sign of abating as New Zealand’s banks keep looking for domestic money and reduce their reliance on offshore wholesale funding.
28 Apr 2010St Laurence gives investors ultimatum
St Laurence says its running out of money and investors have the stark choice of receivership or to do a debt for equity swap like Hanover debenture holders.
29 Apr 2010Perpetual sends St Laurence to the receivers, slaps down Podmore
Perpetual Trust has sent St Laurence into receivership a day after the finance company’s managing director Kevin Podmore pitched an offer to debenture holders to swap their debt for equity in a new holding company.

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