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MFS reassures investors

The ASX-listed MFS has moved to reassure investors in debentures offered by its direct New Zealand subsidiaries and MFS New Zealand that it would continue to fund any shortfall in redemptions.

Tuesday, 8 January 2008

by David Chaplin

In an announcement to the ASX late last year, MFS said redemptions due for any of its associated New Zealand debenture products would firstly be funded out of loan repayments and investment cashflows.

"MFS Limited, if necessary, would contribute any necessary cashflow to enable such redemptions to be met if such cashflows and loan repayments were not sufficient to meet such debentures," the MFS statement said.

The group said in December 2007 A$56 million of debentures in New Zealand associated with MFS fell due but the actual amount redeemed was only A$16 million, or 28% of the total. MFS said the maximum redemptions due in January, February and March 2008 were A$27 million, A$32 million, and A$22 million respectively.

"The actual redemption amount cannot exceed the gross redemption amount and is likely to be significantly less based on, for example, previous redemption rates," the statement said. "MFS Limited continues to see great opportunity to solidify its market leading position in the New Zealand debenture finance market."

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