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News Archive - September 2008

1 Sep 2008Dominion Finance bad debt provision exceeds $80m
Dominion Finance Holdings, whose shares have lost almost 100% of their value, increased its provision for bad debts to NZ$80 million and will write off NZ$26.6 million of goodwill after failing to win support to recapitalise the business.
1 Sep 2008Strategic managers agree terms of $90m buyout
A group led by Strategic Finance's managers and directors agreed terms to acquire the business from Allco HIT in a deal valued at about NZ$90 million.
4 Sep 2008King says Dorchester investment “a disaster”
Investment Research Group’s decision to invest in Dorchester Pacific was “a disaster” that resulted in losses of NZ$5.5 million over two years, managing director Brent King said.
9 Sep 2008New charges laid against Bridgecorp directors
Bridgecorp executive directors Rod Petricevic and Robert Roest have been charged under the Securities Act with signing a prospectus that contained untrue statements.
10 Sep 2008Lombard payout cut - again
Receivers of finance company Lombard Finance & Investments say debenture holders will get between 19 cents and 40 cents in the dollar, down from the estimate made in May, because of deteriorating credit markets.
10 Sep 2008North South not facing receivership
North South Finance, the unit of listed finance company Dominion Finance Holdings, will be spared a receivership for now after its trustee agreed to “an orderly supervised wind down.”
11 Sep 2008Strategic halts interest, dividend payments
Strategic Finance, the ailing finance company being acquired by its managers, halted interest and dividend payments as it finalises a capital restructuring plan.
11 Sep 2008Equitable keeps its S&P rating
Standard & Poor's Ratings has reviewed Equitable’s ratings and left them unchanged at BB+, but has moved them from stable to negative.
18 Sep 2008Hanover's shareholders to inject $96 million into business
Hanover’s shareholders Eric Watson and Mark Hotchin are planning to inject up to $96 million of capital into the business as part of a restructuring plan.
19 Sep 2008Dorchester delays annual meeting on repayment plan
Dorchester Pacific, whose shares have tumbled 96% this year, delayed its annual meeting while it tries to finalize a schedule of deferred repayments to investors.
22 Sep 2008Dorchester suspends interest payments on new plan
Dorchester Finance, a unit of Dorchester Pacific, has suspended interest payments after agreeing to changes to its plans to defer repayments.
22 Sep 2008Strategic Finance censured, fined over sale disclosure
Strategic Finance, the finance company being acquired by its managers, was censured and fined by NZX Discipline over the way it disclosed details of the plan to some brokers prior to telling the exchange.
23 Sep 2008Sheppard seeks sacking of Geneva directors
The New Zealand Shareholders’ Association is seeking support from Geneva investors to oust three directors and to replace them with its own nominees including association chairman Bruce Sheppard.
24 Sep 2008 FAB signed off by Parliament
The Financial Advisers Bill (FAB) passed through Parliament under urgency this afternoon, ending its convoluted path into law.
24 Sep 2008Lombard considers de-listing
Lombard Group, whose main operating unit was put in receivership by its trustee, is considering whether to de-list from the NZX or be sold.
26 Sep 2008IRG buys assets of Ellerie Cornwall
Investment Research Group (IRG), the company formerly known as Viking Capital, agreed to buy Tauranga-based investment adviser Ellerie Cornwall.
29 Sep 2008Geneva spurns attempt to oust directors
Geneva Finance, the lender that closed its branch network to cut costs, has spurned a lobby group's proposal that it hold a special meeting to vote on ousting directors.

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