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There should be! Their loan book is becoming an issue as S&P well know, the optimism in this company was poorly formed and their cash has almost gone. I would certainly be concerned if I had funds due shortly.......
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The news today won't help get the deal over the line, pulling the Prospectus is the worst look possible IMHO.
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Now they tell us they voluntarily withdrew the prospectus on Monday 18 July. Hmm - no market disclosure on that trivial development. So what was in those discussions with the FMA?
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Further good news.....NOT. The death spiral is back!!
NZF
22/07/2011 09:28
CREDIT
REL: 0928 HRS NZF Group Limited
CREDIT: NZF: NZF Group Limited (NZF) - Continuous Disclosure
Further to our market announcements made earlier today, NZF advises that the
long-term issuer credit rating assigned to its wholly owned subsidiary
company, NZF Money Limited (NZFML), has been lowered one notch from"CCC-" to
"CC" by International Credit Rating Agency Standard & Poor's(S&P).
A copy of S&P's Research Update is attached to this Market Announcement,
which indicates that S&P will lower the issuer credit ratings assigned to
NZFML to "D" if the company fails to meet any of its creditorobligations
next week.
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If Directors don't move, I'm sure the Trustee will - dark thoughts prevailing .......
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Looks like they are disclosing as they go, apart from the time lag on the Prospectus withdrawal - obviously tyring to avoid community service or worse in the future....
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Hey Mini is it just me and you in here, all the positive (blinded / stupid) people seem to have disappeared..... After reading numerous articles it looks like the FMA made them withdraw the Prospectus over poor disclosure of assset quality and liquidity issues, not all this BS that NZF voluntarily withdrew because of a defaulting borrower. In my opinion they have been holding on by a thread for well over a year and all the nay sayers that S&P were over reacting were wrong - they weren't and next week they will more than likely default and be given a "D".
I have never been able to understand the positivity some people have had for NZF, you canot keep losing 4 - 5 mil a year and keep harping on about your experienced lending team, Pero's is making no money and in reality is another broken model just like their consumer finance arm which they took a bath on. They do not have a viable business. The final straw for me was when Huljich resigned from the board, that was the day that the last remnants of hope disappeared!
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Originally Posted by Tony Two Gloves
Hey Mini is it just me and you in here, all the positive (blinded / stupid) people seem to have disappeared.....
I remain saddened by the lack of insight investors show in their decision making. Often we don't need protecting from rogues in the market - we need protecting from ourselves. So often we see, not rational investment decisions but gambling. In itself I have no problem with this - people are free to loose their own money as they see fit. But I despair when it is dressed up as "investment". And what really gets to me is that we won't learn from our past mistakes. We'll continue to get taken in by those who are able to spin a semi credible yarn. I just can't figure out why people insist on throwing good money after bad when the warning signs seem so self evident to me. At least with NZF I'm not having to pick the pieces up for others like I've had to do with Hanover, ALF and SCF.
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Hey Mini is it just me and you in here, all the positive (blinded / stupid) people seem to have disappeared
Hey TTG, give me some credit - I've been smeared for my negativity and crystal clear insight too you know
FMA is performing well so far.....lots more ground to cover but a good start
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And that would appear to be that, took a long time but looks like our opinions were vindicated - or does Invessi still see a light at the end of the tunnel??
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