Yes no money for stamps or anything else, there is a seller at 0.1 cents and still no takers! This puts a value on the company of $110K, just enough for a decent burial....
Printable View
Yes no money for stamps or anything else, there is a seller at 0.1 cents and still no takers! This puts a value on the company of $110K, just enough for a decent burial....
Freezing order removed....Liberty purchasing the rest of Pero subject to an independent valuation, current value considered to be $16m
Sparky, I think it is good news for both, the company has a chance to stay alive now and the debenture holders will probably get offered a conversion to shares, albiet at an amount in the dollar which is subject to agreement by the trustees prior to an announcment!
I would doubt that Invessi, NZF Money Debenture holders have nothing to do with Pero or the sale of it. It may benefit the Noteholders and Shareholders who are subscibed under NZF Group which is where the Pero asset sits.
Tony Two Gloves there are two lots of debentures NZF & NZF Money
I don't think so Possum, there are notes under NZF Group but no debentures, NZF Group does not have a Prospectus.
Tony Two Gloves Deposits rates for both NZF & NZF Money were published until not long before the receivership.
You can't issue Debenture Stock without a registered Prospectus, NZF group does not have a Prospectus - join the dots! The only Debenture Stock issued was under NZF Money and these are the poor investors looking at between 0.25 - 0.42 cents in the dollar with no payment to unsecured creditors as per the last Receivers report.
I think you may be getting confused with the Capital Notes.
Thanks Invessi, that probably makes sense for the Group and gets them back in the game with some cash without the burden of having to repay the note holders.
Will be interesting to see what their stratergy will be as they have no staff and without Pero's they don't really have a business - flavoured vodka or scented candles anyone?
Tony Two Gloves Both NZF & NZF Money were issuing prospectuses at one part as I had them not long after the Govt guarantee lapsed & if I remember correctly NZF Money went into receivership first & NZF some months later
Possum you are mistaken, NZF group have never issued Debentures and they are not in Receivership - only NZF Money. Check the Companies Office website but the Group has never had a Prospectus!
The Capital notes where advertised with a rate of somewhere around 9% from memeory, but these are not Debentures. They stopped paying interest on these notes a while back, but the Group did not go into Receivership.
Tony Two gloves I have held many NZF debentures over many years before they even had NZF Money my last lot matured just before the govt guarantee expired & after they had NZF money there were different rates for the two lots of debentures one secured by NZF & one secured by NZF money. I sold my NZF shares very early in the piece for a very nice profit. I only bought their shares as I had money all ready deposited with them.
TTG, it came out in court that NZF are looking at investing in a Kiwisaver related activity and securitisation of vehicle loans, I understand they may have backers for these activities, now that they can carry on with normal course of business, it will be interesting to see how things play out!