Finance company news briefs
WesternBay Finance ordered to reissue prospectus, Dominion Finance to raise $40 million, PRG sale unconditional, Provincial Finance doubtfuls increase.
Tuesday, 7 February 2006
Tauranga-based finance company WesternBay Finance issued two public prospectuses with incorrect accounting information, The Independent reports.
The Companies Office has ordered that one, issued last September and offering $13.9 million in debenture stock, be reissued. This was done in December.
The Independent says the issue is that redeemable preference shares have been treated as equity, rather than as debt.
Capital note offer from Dominion
The specific terms of the notes, including their term and coupon have yet to be disclosed.
Sale of Pacific Retail Finance goes unconditional
PRG agreed to sell the Finance Group to GE in November last year for $145 million, and said it would book a $75 million profit from the deal.
Provincial Finance overdues increase
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