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27-03-2012, 02:07 PM
#571
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27-03-2012, 04:10 PM
#572
Which is obviously why they are attempting to negotiate with the Trustee to establish a negotiated price for the equity conversion.
If the notes convert to equity ... the remnant asset values are in the range of $5-10M + a few M ca$h
Do the noteholders want an ordered transition to ownership of these assets? Would they prefer to take a haircut and maintain the subordinated debt position? The notes are clearly not worthless ... the issue is: "do you restructure with the potential to restore to higher value" or "do you go into effective liquidation with no prospect of recovery"?
Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.
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27-03-2012, 04:26 PM
#573
Well they are worthless compared to their $1 face value. This will not be a haircut, this is a fully shaven job.
I know Enumerate you were a keen buyer at 1.9 cents but although you justified it I thought you ignored the mounting bad news, NZF had no future then and it is looking even bleaker now.
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27-03-2012, 06:34 PM
#574
I would point out that the company is still worth something ... say, $10M ...
The issue is that the shareholders will be diluted by the converting noteholders -OR- there will be a messy liquidation in which the noteholders recover alot less than $10M for the $18M of notes.
Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.
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05-04-2012, 11:34 AM
#575
There is hardly any room left on this coffin lid to bang any more nails in.......
5 April 2012 NZF Group Limited (NZF) - announces receipt of notice of proceedings NZF announces The Company has been notified by the receivers of NZF Money Limited that they intend to file proceedings against NZF and certain past and present directors who were directors as at 20 October 2010 of NZF Group. The proceedings relate to an internal restructuring of NZF Homeloans Limited in October 2010 which is alleged to be an insolvent transaction. The receivers have also applied for a freezing order over the assets of NZF Group. A hearing date has not yet been set. The proceedings will be rigorously defended.
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05-04-2012, 01:20 PM
#576
LOL TTG, and I suspect the 'discussions' with the Trustee regarding bond interest/conversion to equity will have just taken a turn for the worse as well. Looks like a messy liquidation comin' up
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05-04-2012, 03:25 PM
#577
Yes indeed, probably the last thing Peter Huljich needs also as he was a director in October 2010 (along with Waddel, Callaghan, Redpath, Sclater and current MD Mark Thornton).
Where oh where has Invessi gone, I would love to see him put a positive spin on all this.....
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10-04-2012, 02:28 PM
#578
Member
Originally Posted by Tony Two Gloves
Yes indeed, probably the last thing Peter Huljich needs also as he was a director in October 2010 (along with Waddel, Callaghan, Redpath, Sclater and current MD Mark Thornton).
Where oh where has Invessi gone, I would love to see him put a positive spin on all this.....
Watching and waiting, could go either way I imagine!
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19-04-2012, 10:31 AM
#579
Junior Member
NZF: Resignation of Chief Financial Officer & Company Secretary
18 April 2012
NZF Group Limited (NZF)
NZF Group Limited advises that one of its officers, David Watton, has left the Company and is no longer employed as the Chief Financial Officer and Company Secretary. NZF will look to appoint a new person to these positions in due course.
Mark Thornton
Chief Executive Officer
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20-04-2012, 01:11 PM
#580
Member
I think it was due to a health issue!
Originally Posted by getontoit99
18 April 2012
NZF Group Limited (NZF)
NZF Group Limited advises that one of its officers, David Watton, has left the Company and is no longer employed as the Chief Financial Officer and Company Secretary. NZF will look to appoint a new person to these positions in due course.
Mark Thornton
Chief Executive Officer
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