Deposit rate news briefs
Fastsaver growing fast, South Canterbury Finance looks for CFO, Avon raises capital successfully, S&P on Western Bay Finance accounts.
Thursday, 23 February 2006
South Canterbury Finance looks for CFO
Avon raises capital successfully
Chairman Barney Sundstrum said the company was pleased with the response to the offer and that over-subscriptions would be accepted up to the limit of $5.0m The RPS offer a tax paid 7.7% return.
Sundstrum said the proceeds would allow Avon's wholly owned subsidiary propertyfinance securities limited to continue to expand its first mortgage lending activities.
S&P on Western Bay Finance accounts
"As a result of a recent review by the Companies Office in New Zealand, WBF reclassified as debt a tranche of redeemable preference shares previously treated as equity. This reclassification, however, has not changed S&P’s assessment of the quality of capital of WBF, as preference share capital is typically excluded from our adjusted common equity (ACE) calculations. Operational risks, such as accounting reclassifications and the resultant business effects, are within the tolerance of the B category rating."
Bridgecorp and Marauri settle
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