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Geneva investors say yes

Geneva Finance investors have opted for the company's recapitalisation plans over receivership.

Monday, 28 April 2008
Debenture holders and noteholders approved a capital reconstruction plan for the company at a special meeting on Monday.

Under the proposal they have converted a proportion of debenture and subordinated note holdings into NZAX-listed shares in Geneva.

Geneva says all note holders who voted approved the proposal and 93.6% of debenture holders voted in favour.

"Our investors recognised that this proposal will ensure a positive outcome for them," Geneva chief executive Shaun Riley says.

"The company remains operational and continues to lend following the stabilisation and consolidation that took place during the six-month moratorium period.

He says during the moratorium Geneva has generated a $26 million cash reserve.

The company is in "a strong and stable position."

Bank of Scotland, the company's primary banker, has indicated its continued support by retaining a $35 million funding facility for a further three-year term.

The key elements of the proposal are:

  • Geneva will list on the NZAX, with 15% of debenture-holders' and 55% of subordinated note-holders' investments converted to ordinary shares
  • The remaining investments will be repaid in a scheduled plan
  • All interest will continue to be paid monthly, at the increased minimum rates of 11% for debenture holders and 13% for subordinated note holders
  • Forty percent of the outstanding debenture principal will be repaid with interest over eleven months from May 2008.

Geneva Finance will list on the NZX early in May.

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