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News Archive - August 2008

1 Aug 2008AMP puts property fund in the freezer
AMP Capital has frozen redemptions from its $420 million New Zealand Property Fund. The AMP Capital Fund invests in an underlying direct commercial property portfolio as well as some listed property trusts.
4 Aug 2008AXA halts wholesale withdrawals from $229m MBS fund
AXA New Zealand suspended wholesale withdrawals from its NZ$229 million mortgage-backed bond fund and said it may freeze access for small investors if there's a dramatic increase in demand.
4 Aug 2008Hanover updates advisers on progress
While insisting the Hanover group companies remain solvent and its shareholders will continue to provide support, chief executive Bruce Gordon is unable to say whether investors will get all their money back.
7 Aug 2008 Finance firm failures claim new victim: Axis quits ratings
Axis Ratings will stop offering credit ratings, citing a depleted market after the collapse of more than two dozen financial companies.
7 Aug 2008Strategic suspends redemptions
Strategic Finance, whose managers and directors are seeking to buy out the firm, today suspended redemptions of debentures and notes citing dwindling liquidity.
15 Aug 2008Allco Hit, Strategic bidders reach preliminary agreement
Allco HIT Ltd. has reached revised, preliminary terms to sell Strategic Investment Group to a group comprising managers, directors and BOS International.
20 Aug 2008Strategic has loss of $15.5m on bad debts
Strategic Finance, whose managers are seeking to buy the ailing company, had a full-year operating loss of about NZ$15.5 million on write-offs and provisions for bad debts.
22 Aug 2008Geneva to review loan book
Geneva Finance is carrying out a full review of its loan portfolio in response to the ongoing deterioration in market conditions.
25 Aug 2008South Canterbury profit falls 9.5% but still standing strong
South Canterbury Finance emphasised its longevity, and that it survived the great 1930s depression and World War ll, as well as its diversified lending portfolio and strong cash position when announcing its latest results.
26 Aug 2008MARAC Finance reinvestment rate rises
MARAC Finance, the finance company owned by Pyne Gould Corp., said it held its reinvestment rate at 63% last financial year and lifted profit by 5%.
29 Aug 2008Dorchester to take charge on St Laurence stake
Dorchester Pacific, whose shares have tumbled almost 85% this year, will take a one-time charge to write down the value of its quarter stake in finance company St Laurence.
29 Aug 2008Dorchester’s deferred payment plan goes to trustees
Dorchester Pacific, whose shares have tumbled almost 85% this year, said it presented trustees with a plan to defer payments to debenture and note-holders.

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