18th of October 2011 is when the warehouse facility with Westpac expires.
Just remember that NZF Money (which is the unit subject to the S&P rating review) was at about $32m of debentures in September 2010. With the sale of the Finance Direct unit - this should now be down to about $30m. Total assets, in NZF Money are about $43.5m. So, equity does not seem to be an issue - just as they have been saying it is the maturity profile of the retail debentures.
The biggest and most profitable unit of the NZF Group is the Home Loans Division (they did the $100m RMBS issue and are the unit funded by the Westpac facility). This unit has assets of $208m.
There are problems to sort ... but I think it sounds worse than it is ... these guys have time, ideas and altitude (as the airline pilots say) and seem to be working on the problem.
I bought some more at 2.3cents!!
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