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News Archive - November 2008

5 Nov 2008ASB first big bank to get guarantee
ASB Bank has become the first of the big retail banks to be approved under the government’s retail deposit guarantee firm.
5 Nov 2008Guardian to restructure cash fund for guarantee
Guardian Trust has decided to close and restructure its CashPlus Fund so that it can apply for the government’s deposit guarantee scheme.
11 Nov 2008St Laurence, Dorchester advance revivals as Strategic waits
Ailing finance companies St Laurence and Dorchester Pacific have advanced their efforts to avoid receivership and repay investors after winning support for their revival proposals.
12 Nov 2008SBS records strong investment growth
SBS has seen investment growth of over $75 million in the first month of trading as the country’s newest bank.
12 Nov 2008Wrightson Finance to raise up to $75m in bond sale
PGG Wrightson Finance, the rural financing unit of PGG Wrightson, plans to raise as much as $75 million selling bonds that trade on the NZX debt market.
14 Nov 2008Motor Trade Finance posts annual profit, maintains loan sales
Motor Trade Finance, a cooperative of more than 650 finance outlets, posted a full-year profit after it maintained sales of new loans and kept bad debts under control.
14 Nov 2008Strategic in talks with Perpetual & BOS on moratorium
Strategic Finance managers and directors, who were thwarted in their attempt to acquire the company from Australian parent Allco HIT, are in talks about a moratorium with the trustee and BOS International.
14 Nov 2008Geneva founder ousted from board
Geneva Finance founder Glenn Walker was ousted from the board of the firm at the annual meeting of shareholders this week. Shareholders Association chairman Bruce Sheppard and two of his nominees also failed the vote.
19 Nov 2008Wrightson Finance increases bond sale to $100m
PGG Wrightson Finance, the rural financing unit of PGW Wrightson, increased its sale of 21-month bonds to $100 million from $75 million because of strong demand for the debt.
19 Nov 2008Hanover investors learn their options
Hanover’s investors will find out today details of the company’s restructure package, which is likely to include significant shareholder support, along with plans to repay debenture holders all their principal.
20 Nov 2008Hanover details plans
Hanover aims to pay all the principal back to debenture holders over a five year plan, but there is no certainty interest payments will be made.
26 Nov 2008Strategic halts January pref share payment
Srategic Finance, which is trying to reach agreement with Perpetual Trust on its moratorium, said it won't make the dividend payment due on its preference shares in January.
26 Nov 2008South Canterbury goes to the market again
South Canterbury Finance is looking to do another secured bond offer this time aiming to raise up to $100 million.
27 Nov 2008Money @ Work: PGG Wrightson Finance secured bonds
This week's Money @ Work looks at PGG Wrightson Finance's current bond offer.
27 Nov 2008Marac launches high interest account
Marac has launched a new savings account which gives investors the ability to make automated monthly deposits.
27 Nov 2008Lombard posts loss
Lombard Group, whose Finance & Investments division was put in receivership in April, posted a first-half loss, after writing down the value of its main trading unit.
28 Nov 2008Geneva says BOS reconfirms $35m facility
Geneva Finance, which breached its bank covenants in September, says it has reached agreement with BOS International over the $35 million facility.

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