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News Archive - June 2011

6 Jun 2011Geneva Finance to write down more loans
Geneva Finance (GFNZ), says its annual results will show an increased level of provisioning in respect of old ledgers.
10 Jun 2011Allied Farmers staves off receivership
Allied Farmers has staved off receivership by extending the due date of $7.5 million owed its former finance company from July 1 to March 31 next year.
10 Jun 2011Bridgecorp's Petricevic fails in latest bid for legal aid
Former Bridgecorp managing director Rod Petricevic has failed in his latest appeal against being denied legal aid.
14 Jun 2011Geneva chalks up another $6.2 mill in losses
Geneva Finance, has reported a $6.2 million net loss for the year ended March after writing off a further $7.4 million off its pre-July 2007 loan book.
14 Jun 2011Heartland to buy PGG Wrightson Finance
Heartland Building Society is to buy PGG Wrightson's finance company for a nominal amount of about $100 million although the net cash position will see Wrightson forking out $2.5 million.
15 Jun 2011FMA orders Geneva to stop issuing debentures
The Financial Markets Authority (FMA) has ordered GFNZ Group, formerly Geneva Finance, to stop issuing debentures while it investigates the breach of its banking covenant revealed in GFNZ's results late yesterday.
17 Jun 2011FMA withdraws civil proceedings against Insured Group
The Financial Markets Authority (FMA) has withdrawn civil proceedings against Insured Group over allegations of continuous disclosure breaches when it was known as Lombard Group.
20 Jun 2011SFO lays 50 fraud charges against Allan Hubbard
The Serious Fraud Office (SFO) today announced that it has made a decision in relation to its investigation into the affairs of Aorangi Securities Ltd (ASL); Hubbard Management Funds (HMF); and ASL directors Allan and Margaret (Jean) Hubbard.
20 Jun 2011Comment: Why so much time on Hubbard?
Was I surprised that Alan Hubbard has be charged with 50 counts of fraud relating to the way he ran his investment vehicles? No. I was surprised though by the number of charges? 50. Yes [Read On]
21 Jun 2011Heartland hopes to leave guarantee scheme early
Heartland Building Society would like to remove itself from the government's retail deposits guarantee scheme before it officially expires on December 31 if it feels its depositors are ready, says group treasurer Craig Stephen.
22 Jun 2011Funding and liquidity key issues for Heartland
Funding and liquidity remain key issues for Heartland Building Society and, on the face of it, its maturity profile looks awful with its acquisition of PGG Wrightson Finance only making the picture look even worse.
27 Jun 2011Another St Laurence fund faces liquidation
Yet another company in the St Laurence group, St Laurence Property Development Fund, is about to collapse with Perpetual Trust warning it will seek to appoint liquidators on June 30.
28 Jun 2011F & P Finance departs govt guarantee scheme early
Fisher & Paykel Finance has decided to do without the government guarantee of its retail debentures more than six months before it has to.
29 Jun 2011Z Energy to sell up to $150m in seven-year bonds
Z Energy, formerly Greenstone Energy Finance, plans to sell up to $150 million in seven-year bonds yielding 7.25%.
30 Jun 2011GFNZ gains banking covenant breach waiver; writes off $2.4m more
Geneva Finance, has gained a formal waiver of its banking covenant breach and has increased its reported annual net loss to $8.6 million after deciding to write off its $2.4 million deferred tax asset.

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