|5 Nov 2008||ASB 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 2008||Guardian 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 2008||St 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 2008||SBS 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 2008||Wrightson 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 2008||Motor 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 2008||Strategic 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 2008||Geneva 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 2008||Wrightson 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 2008||Hanover 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 2008||Hanover 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 2008||Strategic 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 2008||South 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 2008||Money @ Work: PGG Wrightson Finance secured bonds|
This week's Money @ Work looks at PGG Wrightson Finance's current bond offer.
|27 Nov 2008||Marac launches high interest account|
Marac has launched a new savings account which gives investors the ability to make automated monthly deposits.
|27 Nov 2008||Lombard 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 2008||Geneva 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.