NZF Group (NZF and NZF010)

[Enumerate]

If you want to review the various statutory reports, as they fall due, you can inspect the following link:

http://www.business.govt.nz/companie...DNZF%2520Money

[minimoke]

So, the bottom line is that interest on your NZF020 is still due and it is probable that it will be paid (due to the cashflows from Homeloans).

Interest for NZF020's at 6% will be paid. Record date is 5 September, payment 15 September

[invessi]

NZF back in business
Friday, September 9th 2011, 6:40AM
Non-bank lender NZF Home Loans has rolled out home loan rates for new business it receives. The rates are for its varible. six month and one year terms and there are different rates for various LVR levels. It says the rates are only for new business Introduced to NZF HomeLoans, no pre approvals are accepted and the LMI is payable by the borrower where LVR is greater than 80%. The LMI can be capitalised to a maximum LVR of 95%.

[minimoke]

Minimoke, (and TTG) don't you think a bit of good faith is in order.......

NZF home loan deal still on: Thornton

NZF Group's deal with the unnamed Australian private company which is expected to take a majority stake in NZF's home loans division should still proceed despite the group's subsidiary NZF Money going into receivership last week, says chief executive Mark Thornton.
Tuesday, July 26th 2011, 3:00PM
by Jenny Ruth

"As late as today (Tuesday), we have confirmation that the proposed transaction with the Australian investor should take place as that business is not linked to NZF Money," Thornton says.

"The receivership does not have any effect on the rest of the group apart from some brand damage I suspect," he says.

NZF continues to own its home loans division and 50% of the Mike Pero Mortgages franchise group, both of which are profitable.

But what about an update on this ongoing promise?

[invessi]

But what about an update on this ongoing promise?

I understand this is still in progress1

[Tony Two Gloves]

I am sure they would want to be involved after this article - incompetence springs to mind, but this is positive right Invessi?? I think it would be safe to say NZF Groups equity in this has GOOOOONE

Debenture holders in failed lender NZF Money face a likely shortfall as the receivers expect to write down the value of loans on its books.
Receivers Grant Graham and Brendon Gibson of KordaMentha expect to make a "material" impairment to the $28.3 million loan book, which will probably lead to a shortfall for debenture holders owed some $16.4 million.
Unsecured creditors owed $115,000 will probably go away empty-handed, they said in their first report.
"We are continuing to review the loan book and have commenced the process of collection of outstanding loans," the report said.
"We note however that several loans of significant size have already been subject to previous restructuring, and in many cases valuations for security properties are well out date.
These factors, logically give rise to concerns that there will be a material level of impairment in the loan book."
NZF Money, the deposit-taking subsidiary of NZF Group, was put in receivership in July after its parent failed to secure short-term funding needed to keep the finance company afloat.

The shortfall arose after the Financial Markets Authority forced the company to pull its debenture prospectus which hoped to raise $350 million over the issues around asset quality and liquidity disclosure.
Since the receivership began, some $33,000 in employee entitlements have been paid.
The report said the company has several security interests with Motor Trade Finance Ltd., Marac Finance, Magnolia Lee Lease & Rentals, and UDC Finance.
Receivers noted that they had yet to receive a claim from the Inland Revenue Department.
In addition to its loan book, Korda Mentha said the company had an estimated $1.7 million in other assets which would be realise, consisting of inter-company loans, subordinated notes owned by NZF Mortgages, cash holdings and fixed assets.
Shares in parent company were unchanged at 3.5 cents today, and have declined 77 per cent so far this year.

[invessi]

Expect the good and the bad, not so good for debenture holders unfortunately but good for shareholders, not sure where the incompetence comment comes from.......do you think this might have been the cause of the receivership "The shortfall arose after the Financial Markets Authority forced the company to pull its debenture prospectus"!! I think you must be referring to bridgecorp and the like!

[Tony Two Gloves]

Not so good for Debenture holders? Any loss of capital is disastrous for them and they will lose some that is for sure - re read some of NZF Moneys ads over the last 12 months - were different, we have survived, our experienced lending team and prudent management - what a load of BS, their poor lending and management will cause retail investors to lose money and that is unforgivable. Not sure how you get good news for shareholders out of this, from memory didn't NZF have approx $10M of equity in NZF Money? I don't think anyone will want to partner with them now including Westpac.

The receivership isn't the fault of the FMA, they were hiding bad loans from Covenant, restructuring them and relying on outdated valuations to keep up appearances, i'm not getting mixed up with Bridgecorp just seeing a lot of simalarities. If the directors have signed off the Prospectus knowing this info then we could see further action, I believe Mr Feeley already has their email address's......

[invessi]

All conjecture on your part TTG, Westpac are in support, NZF home loans are lending as we speak and the JV is emminent!

Not so good for Debenture holders? Any loss of capital is disastrous for them and they will lose some that is for sure - re read some of NZF Moneys ads over the last 12 months - were different, we have survived, our experienced lending team and prudent management - what a load of BS, their poor lending and management will cause retail investors to lose money and that is unforgivable. Not sure how you get good news for shareholders out of this, from memory didn't NZF have approx $10M of equity in NZF Money? I don't think anyone will want to partner with them now including Westpac.

The receivership isn't the fault of the FMA, they were hiding bad loans from Covenant, restructuring them and relying on outdated valuations to keep up appearances, i'm not getting mixed up with Bridgecorp just seeing a lot of simalarities. If the directors have signed off the Prospectus knowing this info then we could see further action, I believe Mr Feeley already has their email address's......

[Tony Two Gloves]

It is not conjecture if it is backed up by the Receiver is it. Stop listening to the directors, listen to the Reciever, Standard & Poors, Covenant and their Auditors!!

Also look up emminent in the dictionary, this has been going on for ages. You have stated on several occasion they are prudent lenders, do you still stand by that?