Geneva investors say yes
Geneva Finance investors have opted for the company's recapitalisation plans over receivership.
Monday, 28 April 2008
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 Finance will list on the NZX early in May.
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