View Full Version : Pyne Gould Wrightson Fiance PWF030

20-07-2010, 08:20 AM
Issuer has called a meeting of bond holders to approve extension of PWF030 under the Govt gtee.

Seems that a meeting is nesessary as extended govt gtee reduces amount covered from $1milion to $250K.

But an extension of the maturity by one year at 8.25% if covered by GG seems like a great deal so I would exhort everyone to vote for the change.

Any disagreement?

20-07-2010, 08:38 PM
The meeting is to amend the terms of the Trust Deed to allow the rollover at the discretion of the company.

The Crown has significantly modified the 2011 retail deposit terms - therefore changes to the Trust Deed are necessary as the existing roll over clause was predicated on no substantive difference between the Crown 2010 and 2011 terms.

I don't own and haven't studied the Trust Deed. On first sight - it looks like an attractive proposition. Get the Trust Deed and check the detail.