GEN - General Capital (was MyKRIS)

[Lizard]

I see this is the latest arrival on the NZAX, courtesy of an IRG-sponsored back-door listing. Looks like it lists at 25cps, giving it a market cap of $15m.

Malaysian based ISP, and hence the favoured "My" prefix (think "MyKAD" identity cards). Looks like they're till getting themselves organised - last news on the web-site (http://www.mykris.net/index.html) is 2010 and they're yet to add the directors names to the organisation structure (coming soon! Though available elsewhere on the site).

The burning question is why a Malaysian company, focussed on their local geographic market, finds it preferable to become listed via the NZAX?

[Snow Leopard]

...The burning question is why a Malaysian company, focussed on their local geographic market, finds it preferable to become listed via the NZAX?

Just in case anyone is wondering:

It has got nothing to do with me!

regards
Paper Tiger :mellow:

[Lizard]

Just in case anyone is wondering:

It has got nothing to do with me!

regards
Paper Tiger :mellow:

That may be so... but we're still expecting deep insights into market share, reputation etc. Oh and perhaps some ideas on why Malaysian companies would want a primary listing on the NZAX... do they figure that after the crowds Plus SMS drew, we might make a good place for a spot of telco related spec P&D? :p

[Stranger_Danger]

Nah, I reckon Lizard is closer to the mark.

A list of every peson who ever purchased Plus SMS shares would be pure gold - clearly, there is nothing those suckers wouldn't buy.

[Snow Leopard]

There is this link (http://www.sharechat.co.nz/article/7c8af377/all-irg-shareholders-will-get-shares-in-mykris-by-way-of-an-inspecie-distribution.html) which has another link to the disclosure document which you may want to read.

The have been around for about ten years and appear to be the only wireless broadband company not to have a sales outlet in the neighborhood.

They were going to list on the Malaysian Stock Exchange but then didn't.

Their website is even by Malaysian corporate standards pretty confusing.

Might keep on eye on it, then again probably will not.

regards
Paper Tiger

[Hoop]

I see this is the latest arrival on the NZAX, courtesy of an IRG-sponsored back-door listing. Looks like it lists at 25cps, giving it a market cap of $15m.

Malaysian based ISP, and hence the favoured "My" prefix (think "MyKAD" identity cards). Looks like they're till getting themselves organised - last news on the web-site (http://www.mykris.net/index.html) is 2010 and they're yet to add the directors names to the organisation structure (coming soon! Though available elsewhere on the site).

The burning question is why a Malaysian company, focussed on their local geographic market, finds it preferable to become listed via the NZAX?

Hi Liz

Nature of Business: Mykris, through three wholly-owned subsidiaries, offers internet access services, application software development and IT-based products and services.

Here is the Directors list
Chew Choo Soon, Chang Wai Hoong, Siow Hock Lee, Brent Douglas King, Huei Min Lim

I guess we had to expect Brent King to be in it somewhere.. as MYK is an IRG (ex-Viking) sponsored vehicle.
I'm surprised Liz you are spending time looking at this one...

Pondered for ages whether to say more on this...but thought better of it...I think you will guess what I was pondering about
.....lets just say Hoop's avoiding this one.

[Lizard]

Ah, well thanks for that PT... looking at the amount of tax they've been paying (MSC status), they certainly can't be moving to NZ for tax advantages!

However, if they can carry on making those massive 68% gross profit margins and booking $2.5m+/yr of NPBT, then it might be worth watching for a result or two.

[Lizard]

I'm surprised Liz you are spending time looking at this one.

I am bored. One of my many investment faults is getting distracted by sniffing around small caps for odd smells (though I'm sure a Tiger would have a better nose than a Lizard).

And yes, I had the director names, but was just amused that the web-site said "coming soon".

[Hoop]

I am bored. One of my many investment faults is getting distracted by sniffing around small caps for odd smells (though I'm sure a Tiger would have a better nose than a Lizard).

And yes, I had the director names, but was just amused that the web-site said "coming soon".

Ahhh hahhh...a gal who likes to live an exciting but risky life in her spare time..:D

[Snow Leopard]

The map of the Klang Valley on page 17 of the disclosure document is a bit vague but it looks like my nearest POP might be Mr Chew Choo Soon's house!

However he lives the other side of the infamous traffic lights (http://wikitravel.org/en/Subang_Jaya#b) from me, so I doubt that I will drop in on him :D

best wishes
Paper Tiger

[kizame]

Love those directors names though!! haha one just doesn't fit though,can you guess?

[Balance]

It's courtesy of Brent King, so it's bound to be ok....

Same Brent King who brought to NZX Viking Capital and Bio ICP?

Has to be good.

Good for losing your shirt!

[Xerof]

MyKris = M, risKy

[Balance]

The disclosure notice on transfer from IRG to MyKRIS did say any play into this company was very speculative and risky...

Nice of Brent King to disclose that.

Did he disclose that he is a first class idiot too? His carry ons over Dorchester and Bio ICP were the actions of a mega fool.

[Balance]

Lol, duly noted. Can't help but notice the company turned a profit though.

Why would a Malaysian company list in NZ?

Makes no sense whatsoever unless.

[Silverlight]

Any reason for the SP jump today? Up 76% on a rather large trade...

Market manipulation, how to make your net worth $10m+ higher with just $18,000.

One of the major holders might be applying for a loan somewhere and needs to post "liquid" collateral.

[SCOTTY]

OK so Brent King is there. The other NZ based independent director is Auckland Lawyer, Huei Min Lim. Her credentials look pretty good. Surely she will have done her homework and thorouhgly researched the company?

[Balance]

OK so Brent King is there. The other NZ based independent director is Auckland Lawyer, Huei Min Lim. Her credentials look pretty good. Surely she will have done her homework and thorouhgly researched the company?

Brent King - wealth destroyer extraordinaire!

ICP Bio proved he had no investment expertise, Dorchester showed he could not keep his emotions under control when making investment decisions and Viking Pacific demonstrated he knew how to raise money but destroyed the wealth very quickly.

Kris = short stabbing knife. Must wonder when the next investment stabbing takes place?

[Balance]

It is of some bemusement I see Lyn Lim is on the board of the Shareholders Association.

http://forestharrison.co.nz/partners/lyn-lim/
http://www.nzshareholders.co.nz/shareholders-who-we-are.cfm

Kind of devalues the independence and authority of the NZ Shareholders Association when they serve with directors who have significant blemishes on their records like King.

Perhaps she's mad about cricket?

Me thinkth she is not mad about cricket, just plain mad to be associated with Brent King.

There is no upside for her - bad smell rubs on, good smell does not dissipate bad smell.

[Snow Leopard]

Would I be right in thinking that Mr B D King, via Investment Research Group, still has those 6,000,000 $0.25 MYK warrants?

Nice idea with the FY statuary accounts adding two essentially blank pages to the end, gives you plenty of space for annotations.

Best Wishes
Paper Tiger

PS Nice dividend :D

[biker]

It's courtesy of Brent King, so it's bound to be ok....

Very Droll. IMO, 1. Brent King and the plague have at least one thing in common.
2. A barge pole of infinite length may not be long enough for this one.

[Snow Leopard]

I drag this thread from the depths of obscurity where it rightly belongs, purely for those of you have a data-supplier as lazy as mine.

Today MYK, code for Mykco, became GEN for General Capital.

It is still a Brent King thing so no need to read any further.

[percy]

Been awhile since any one has posted on this thread.
GEN.General Capital Ltd.
Shares on issue 212,657,496
Market cap at 5 cents is $10,657,875
EPS..0.29
PE..17.24
NTA 4.3 cps
Recent market update is positive.

https://www.nzx.com/announcements/386510

Appears GEN has found a niche with its bridging finance offerings.
I note they have been successful placing shares at prices higher than the current share price.
I have put the wife's small toe in the water testing it.

[percy]

https://www.nzx.com/announcements/391404



http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/391404/369737.pdf

[nztx]

No div, no real chance of a multibagger .. one step above a zombie class listing IMO ;)

I think I could find a million better excuses for spending 5c elsewhere ;)

[percy]

https://www.nzx.com/announcements/392078

[nztx]

I think I could still make 5c more than GEN are paying out in lack of a Dividend - elsewhere ;)

even with many suggesting they have seen Bears prowling round on their nightly sleepwalks :)

[nztx]

Why hasn't TRA put this poor outcast Finance Outfit out of it's misery with swallowing
it up into TRA & hocking off the NZX Listing for use by something more interesting ? ;)

That way, it potentially may yield the long suffering holders 10c more than they have now in distant future :)

[percy]

Well GEN's business is a property bridging finance loans,not motor vehicle lending.
However I do note TRA's Grant Baker is GEN's 7th largest shareholder and his mate Stephen Sinclair is the 8th largest shareholder.
GEN's latest announcement shows their business model is sound and working well.

[Balance]

A Brent King company. Enough said!

[percy]

As expected a stunning result.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/392950/371855.pdf

[percy]

As expected the annual report reads well.
First mortgage security is a very big plus.
A good equity ratio and strong liquidity, means GEN are in a sound position to take advantage of growth prospects
https://www.nzx.com/announcements/394640

[Entrep]

Think I have $5 worth of these thanks to the train wreck that was Viking Capital

[nztx]

Think I have $5 worth of these thanks to the train wreck that was Viking Capital


Might pay to recheck, as there was an announcement on sale of unmarketable parcels .. a few years ago that
looked like 2000 shares minimum

[percy]

Should any one read the annual report would they please comment.
In particular on their first mortgage loan security,their equity ratio ,their business model of providing property bridging finance,mainly through brokers.And lastly their business prospects.

[peat]

13940
This is available every quarter from their finance subsidiary.
Notice the significantly increased shareholding by BK.

[percy]

GEN presentation by Brent King is 21 minutes in.

https://www.youtube.com/watch?v=HmAbFP7fwE8

We know GEN's capital ratio is 17.86%

So some sound bites.

Have reached critical mass.

Growth rate.40%to 45%

Lending up to 70% of LVR,all first mortgage, 90% residential..10% commercial.

No unsecured or personal lending.

Term of loans.3 months to 2 years.

[Luckily] No bad debts.

Borrowing cost 4.5%....Lending rate 11%.

NTA 6.36 cents.

Direct Broking show NTA as 4.93 cents and PE of 6.28 [which would be very modest with growth rate over 40%]

Market cap at 4.9 cps is $10.4 mil.

[percy]

Interesting seeing GEN's share price on reasonable volume.
I did note GEN got a mention in The Headliner.Perhaps that has created a bit of interest.?

[stoploss]

Interesting seeing GEN's share price on reasonable volume.
I did note GEN got a mention in The Headliner.Perhaps that has created a bit of interest.?

Lending space very competitive at the moment with the slowdown in the property market.In the 2nd tier space if these guys have a good ,clean book , there
will be some good opportunities for them over the next couple of years .
DISC: Holding, buying.

[percy]

Another extremely positive quarter,with net profit well up.

.http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/396176/375631.pdf

[winner69]

That Brett King sure knows how to keep the excitement up …hasn’t lost his touch

[percy]

Interesting;Strong equity ratio.No bad debts and lending secured on first mortgages on property bridging loans.
A nice niche earner on very modest ratios.
.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/396176/375633.pdf

[blackcap]

Interesting;Strong equity ratio.No bad debts and lending secured on first mortgages on property bridging loans.
A nice niche earner on very modest ratios.
.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/396176/375633.pdf

This one has come onto my radar recently and I have purchased a few $k's just to get a finger in the pie so to speak. PE of 9 with growing loan book does not look bad to me. I guess it is the Brent King effect that has the share price at such low levels. I will be speaking to Brent King in the next few weeks and if he answers how I hope he does, I may flick a bit more money their way.

[percy]

This one has come onto my radar recently and I have purchased a few $k's just to get a finger in the pie so to speak. PE of 9 with growing loan book does not look bad to me. I guess it is the Brent King effect that has the share price at such low levels. I will be speaking to Brent King in the next few weeks and if he answers how I hope he does, I may flick a bit more money their way.

I looked closely at the board before buying.Very impressive resumes.
Bridging first mortgage lending appears to be an interesting niche market, with high NIMs ,and loan periods of approx 2 years.
I spoke to Brent King and found him easy to talk to,and he gave simple clear answers to my questions.

[blackcap]

I looked closely at the board before buying.Very impressive resumes.
Bridging first mortgage lending appears to be an interesting niche market, with high NIMs ,and loan periods of approx 2 years.
I spoke to Brent King and found him easy to talk to,and he gave simple clear answers to my questions.

He is easy to talk to and by all accounts does regret his getting into bed with Rod Petrecevich. But he does have that reputation that well Viking capital, Dorchester Pacific etc. Like you say Percy, it is an interesting niche market with high NIMs and the loan book does not look too dangerous. Rising interest rates will only help (traditionally they have benefitted finance companies) so I think at the 5.5c mark it is a good buying opportunity. I see the CFO has also purchased a small stake but better than nothing. New CEO as well, the jury is still out on him. The change of auditor can be questionable as Baker Tilly resigned. But that might just be them looking for better quality clients and dumping their lower value ones. When I mentioned PE of 9 that was at Annual Report stage. I see there has been a positive market update since then...

[whatsup]

What happened to the Chow investment share, was going to be a BILLION dollar investment company, DYOR !!!

[Rawz]

Who is the typical two year bridging loan customer?

Is it mum n dad or property developers?

[blackcap]

That is a good questions. I will ask Brent when I speak to him. Last I spoke to the company about a year ago they assured me it was lending on small items like vehicles etc. But yes I do remember Dorchester and their property lending that went very tits up.

Apologies, why did I think it was cars. Moms and pops houses. I knew it was moms and pops something. Percy is correct.

[percy]

Who is the typical two year bridging loan customer?

Is it mum n dad or property developers?

He told me it was often someone buying the house next door,or a parent buying a property for a family member.so loan only needed as bridging.
More info on loans page 47 of the annual report.
As at 31 March 2022 the Group’s loan advances are secured as follows: first mortgages 100% (March 2021: 99.8%), second mortgages 0.0%
(March 2021: 0.2%), combined first and second mortgages 0.0% (March 2021: 0.0%). There were no unsecured loans as at 31 March 2022
(March 2021: none).
Loan receivables credit exposures are concentrated in the residential property sector, particularly in the North Island and the Auckland Market.
As at 31 March 2022, advances by the Group in the North Island residential property sector represented 95.2% (March 2021: 93.5%) of its total
exposure, with 73.5% (March 2021 72.1%) being in the Auckland market. The geographical profile of loan receivables is analysed further as
follows:
As at 31 March 2022 the Group’s advances were primarily secured over properties which are categorised as follows: residential housing 85.4%
(March 2021: 85.8%), residential bare land 10.7% (March 2021: 8.5%), residential development property 0.0% (March 2021: 0.0%) and
commercial property 3.8% (March 2021: 5.7%). In some cases, secondary securities may be taken over other property types.

[Balance]

Would not touch anything Brent King is involved in.

Investors should bear great heed to past track record and the old adage:

‘Once bitten, twice shy etc.’

‘Once conned shame on you. Twice conned, shame on me.’

[Rawz]

Would not touch anything Brent King is involved in.

Investors should bear great heed to past track record and the old adage:

‘Once bitten, twice shy etc.’

‘Once conned shame on you. Twice conned, shame on me.’

What did Brent King actually do?

Tried to google and found this article https://www.nzherald.co.nz/business/brent-king-to-run-first-finance-company-since-dorchester-exit/XZWYTAVFMDG34GCEG4NMAUIZ44/
It says King left Dorchester Pacific in 2006 and it was only later that Dorchester ran into trouble.

"King was managing director of Dorchester Pacific from 1988 to 2006 although he sold most of his shares in that company in 2004 to Bridgecorp Capital, then run by Rod Petrecevic, who was later jailed for fraud.

King had founded Dorchester and built it into a $480m company by assets but after his departure it was dragged down by a disastrous investment in St Laurence and went into a moratorium in 2009 because it couldn't meet payments to debenture holders.

However, it had attracted Business Bakery as a cornerstone shareholder and unlike many finance companies, it survived the global financial crisis by convincing investors to accept a complex asset swap. It is now the profitable listed Turners Automotive Group."

[Balance]

https://www.interest.co.nz/news/46814/brent-king-explains-what-he-got-wrong-dorchester-icp-bio

[percy]

https://www.interest.co.nz/news/46814/brent-king-explains-what-he-got-wrong-dorchester-icp-bio

4th September 2008.
???????????????.....
14 years ago.!!!

[Rawz]

https://www.interest.co.nz/news/46814/brent-king-explains-what-he-got-wrong-dorchester-icp-bio

thanks so he's not a crook just terrible with money? lol

[Balance]

thanks so he's not a crook just terrible with money? lol

Yup - that’s the story.

[percy]

Yup - that’s the story.

LOL....
GEN accounts ...Sound solid business.,

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/394640/373866.pdf

[Rawz]

LOL....
GEN accounts tell a very different story.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/394640/373866.pdf

the report is really good! just spent 30mins reading it. so not in depth by any means.

LVRs look good. Deposit reinvestment rates look good. Credit risk approach looks good. They have 96 lending customers. Bit of room for growth ay? lol

I wish they updated the arrears position in their recent quarterly update. would be easy for them to do and show in black and white how the book is performing. Hope to see it in the next quarterly update.

[Balance]

LOL....
GEN accounts ...Sound solid business.,

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/394640/373866.pdf

Dorchester looked great too! LOL x 100

[Rawz]

Dorchester looked great too! LOL x 100

King left Dorchester before they invested in St Laurence. so why is King copping it for Dorchester downfall in your opinion?

[percy]

13940
This is available every quarter from their finance subsidiary.
Notice the significantly increased shareholding by BK.

Rawz this may be helpful for you.

[blackcap]

King left Dorchester before they invested in St Laurence. so why is King copping it for Dorchester downfall in your opinion?

Correct, I think it was the CEO at the time that really did Dorchester in. There were a few investments that they should not have touched. I sorta can forgive King for his involvement with Bridgecorp but that did not help Dorchester one bit. The problem that King has is that post Dorchester he went into Viking Capital. Not sure if that,s still around but I remember back in the day that did not perform well at all. Still, I did my research on this one and have been following for a while now and just recently put in some $. PE of 9 at the Annual Report time and then a positive quarter update. Gotta be looking pretty good.

[Rawz]

So I assume a lot of these 2 year bridging loans eventually get rolled over to a main bank? Wonder if now because of the market value drop the main bank cant refinance the debt and 2 years turns into 4 years? what was NIM again? :eek2:

[percy]

So I assume a lot of these 2 year bridging loans eventually get rolled over to a main bank? Wonder if now because of the market value drop the main bank cant refinance the debt and 2 years turns into 4 years? what was NIM again? :eek2:

Right.House next door comes up for sale.You decide to buy it.Your house is not ready for sale so you take a bridging loan.Do up your house,sell it,and repay the bridging loan.
NIM.These are the figures Brent King quoted me on 21st April 2022.Borrowing 4.2% Lending at 9.8% NIM 5.6%
However I think the later, or near current figures are :Borrowing 4.5% Lending 11%,NIM 6.5%.
Any more updated figures we will have to wait until Blackcap has spoken to Brent King or you could ring Brent yourself on 021 632 660.

[Rawz]

Right.House next door comes up for sale.You decide to buy it.Your house is not ready for sale so you take a bridging loan.Do up your house,sell it,and repay the bridging loan.
NIM.These are the figures Brent King quoted me on 21st April 2022.Borrowing 4.2% Lending at 9.8% NIM 5.6%
However I think the later, or near current figures are :Borrowing 4.5% Lending 11%,NIM 6.5%.
Any more updated figures we will have to wait until Blackcap has spoken to Brent King or you could ring Brent yourself on 021 632 660.

Yes that is one example.. but you said avg loan term is approx 2 years. So I'm thinking the avg punter is using the funding as a bridge until a main bank can refinance?
Unless you are a sucker for punishment and take 2 years at 11% to get your house ready for sale?

NIM is very good indeed.

[percy]

Yes that is one example.. but you said avg loan term is approx 2 years. So I'm thinking the avg punter is using the funding as a bridge until a main bank can refinance?
Unless you are a sucker for punishment and take 2 years at 11% to get your house ready for sale?

NIM is very good indeed.

I think it easier to just say there is a growing demand for bridging finance,[for so many unknown reasons.]
Average length of loan is approx 2 years.So some maybe 3 months while others are 3 years.
NIM is indeed very good as is the loan security.

[Rawz]

I think it easier to just say there is a growing demand for bridging finance,[for so many unknown reasons.]
Average length of loan is approx 2 years.So some maybe 3 months while others are 3 years.
NIM is indeed very good as is the loan security.

Yes i was just thinking out loud anyway- in part to generate discussion on this awesome forum.
It came from reading a part in the FY22 report where they said they fund some people that banks cant. I was thinking through who that customer may be.

[percy]

From today's agm.
Outlook to 30 September 2022:
- We expect September to be a record 6
monthly profit for the group due to continued growth in the balance sheet.

[percy]

https://www.nzx.com/announcements/401099
Always good seeing a credit rating upgrade.

[percy]

https://www.nzx.com/announcements/401099
Always good seeing a credit rating upgrade.

Even better
https://www.nzx.com/announcements/401367

[nztx]

No sign of any record dividend or buybacks yet ? :)

[percy]

No sign of any record dividend or buybacks yet ? :)

The unaudited quarterly report shows that General Finance’s business has continued to grow with the achievement of new record levels in its total assets ($123m, up 10% from 30 June 2022) and quarterly NPAT ($879k, up 31% from 30 June 2022 quarterly NPAT).

While GEN are achieving this sort of growth they will need to retain all profits to support future growth,and from their recent agm we can note they have made provision for more capital ;
Resolution 1 Ordinary Resolution
Issue of Shares pursuant to a wholesale capital raising
“That the Shareholders approve (for the purposes of NZX Listing Rule 4.2.1) the issue of up to
$5 million of new Shares to such persons (not being Related Parties of GenCap) and in such
numbers and proportions as determined by the Board in its absolute discretion and at such
price and on such terms as the Board believes is fair and reasonable to GenCap and to all
existing Shareholders, but at a price of not less than 5.75 cents per Share.”

[percy]

The buy side is looking rather heavy should any one wanting to sell a big parcel.
2.5 mil wanted at 5.4 cents.

[blackcap]

The buy side is looking rather heavy should any one wanting to sell a big parcel.
2.5 mil wanted at 5.4 cents.

Is that you trying to buy a stake Percy? :)

Seems to have scared off all the sellers as well.

[percy]

Not me.
2.37 mil [approx] were traded yesterday at 5.4 cents.

[nztx]

Not me.
2.37 mil [approx] were traded yesterday at 5.4 cents.


Nor me .. but I was tempted given the show of enthusiasm, but alas got beaten to getting in :)

Dividend next year or take out ? :)

[percy]

Placements to fund growth.Positive.Total to be raised $8,677,755

https://www.nzx.com/announcements/401565

[percy]

The momentum keeps building.
https://www.nzx.com/announcements/403274

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/403274/384682.pdf

[blackcap]

Sellers seem to be drying up. Looks like I am "well positioned".

[Sideshow Bob]

https://www.nzx.com/announcements/405555

AGM Presos/speeches

[percy]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/405565/387258.pdf

All resolutions passed.
New capital will mean the market cap will increase from just over $15 mil to around $24 mil.
EPS growth will be driven by how quickly the new capital is put to work.
It will have very little opportunity to work before GEN's year ends 31st March.
But next year's earnings should be very strong.
GEN have been good at giving updates.
I expect they will be keen to keep us updated with their strong ongoing performances.

[percy]

Been awhile since any one has posted on this thread.
GEN.General Capital Ltd.
Shares on issue 212,657,496
Market cap at 5 cents is $10,657,875
EPS..0.29
PE..17.24
NTA 4.3 cps
Recent market update is positive.

https://www.nzx.com/announcements/386510

Appears GEN has found a niche with its bridging finance offerings.
I note they have been successful placing shares at prices higher than the current share price.
I have put the wife's small toe in the water testing it.

I note first trade today will be "matched" at 7.5 cents.
Up 50% in under a year.
And likely to increase by the same amount this coming year.?

[blackcap]

I note first trade today will be "matched" at 7.5 cents.
Up 50% in under a year.
And likely to increase by the same amount this coming year.?

8.2 now on the bid. My 5.4 a few months ago looking pretty good. Might have to do some more numbers and see if 8.2 still stacks up....

[percy]

8.2 now on the bid. My 5.4 a few months ago looking pretty good. Might have to do some more numbers and see if 8.2 still stacks up....

With 205,375 shares trading this morning at between 8.3 cents and 8.5 cents it looks as though GEN has attracted "The Momentum" investors.[I think they are right].
Last sale was for 67,315 shares at 8.5 cents.

[Rawz]

5 star General, Percy, has whipped up the shareies army into a GEN buying spree?

[percy]

5 star General, Percy, has whipped up the shareies army into a GEN buying spree?

Trades of 67,315 and 136,060 look a bit big for Sharies investors.
.

[RupertBear]

5 star General, Percy, has whipped up the shareies army into a GEN buying spree?

That Percy picks some good ones thats for sure! Bit of a legend is our Percy :)

[Rawz]

That Percy picks some good ones thats for sure! Bit of a legend is our Percy :)

agree, wish i followed him into GEN. Thought too risky with the coming doom.

ah well.

[Muse]

That Percy picks some good ones thats for sure! Bit of a legend is our Percy :)

Ill second that

[nztx]

agree, wish i followed him into GEN. Thought too risky with the coming doom.

ah well.


Aye .. chasing the Rest Home bounce might prove more lucrative at this point ;)

[percy]

The unaudited quarterly report shows that General Finance’s business has continued to
grow with the achievement of new record levels in its total assets ($129m, up 5% from 30
September 2022) and quarterly NPAT ($1,036k, up 32% from 30 September 2022 quarterly
NPAT).
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/406046/387765.pdf

[DarkHorse]

Can anyone kindly comment on GEN's market position - who are their main competitors and how are they winning market share? Thanks!

[percy]

Placements completed.
https://www.nzx.com/announcements/406897

[percy]

GEN.Shares on issue after placements,363,574,975.
Market Cap at 7.7 cents $27,657,273.

[nztx]

Time for a share consolidation .. or not yet ? :)

[percy]

Time for a share consolidation .. or not yet ? :)

Possibly.
Maybe when at 20 cents a 1 for 5.

[percy]

https://www.nzx.com/announcements/407005

The Chairman of the Board, Mr. Rewi Bugo, said, “Ms. Megan Glen has substantial experience in investment banking and funds management. This will bring additional relevant skills to the Board of General Capital. The appointment of Ms. Megan Glen coincides with the capital injection from API No. 1 Limited Partnership which will support the growth in both assets and profits.”

[Muse]

The addition of Megan to the Board is a coup for GEN.

She's probably one of the most numerate and commercial individuals in NZ and has outstanding experience with Jarden, Credit Suisse, a portfolio manager for NZ Super, Ascentro and Forsyth Barr. She'll bring tremendous capability and oversight to GEN.

[percy]

8.2 now on the bid. My 5.4 a few months ago looking pretty good. Might have to do some more numbers and see if 8.2 still stacks up....

Last sale was a 9.3 cents.

[blackcap]

Last sale was a 9.3 cents.

wow have been away from the screens for a while. Almost doubled my money from the 5.4 days. This one has got room to move.

[percy]

wow have been away from the screens for a while. Almost doubled my money from the 5.4 days. This one has got room to move.

Do not move away from your screen...lol.
Last sale was at 9.6 cents.
Currently there are 7 buyers wanting 1,089,449 shares at 9.6 cents.
However there is only 1 seller with 1,000 shares at 9.7 cents,then 10,000 at 9.9 cents,before getting to the seller with 75,000 at 10 cents..
Hang on the seller with 1,000 has withdrawn his sell order.

[nztx]

Do not move away from your screen...lol.
Last sale was at 9.6 cents.
Currently there are 7 buyers wanting 1,089,449 shares at 9.6 cents.
However there is only 1 seller with 1,000 shares at 9.7 cents,then 10,000 at 9.9 cents,before getting to the seller with 75,000 at 10 cents..
Hang on the seller with 1,000 has withdrawn his sell order.


How many of them were yours ? or are you a spectator ? :)

[percy]

How many of them were yours ? or are you a spectator ? :)

Finished buying sometime ago.
Long term hold . Not a seller.
Next few updates should give a good road map to where GEN is going.
At this stage "all the ducks are starting to line up."

[nztx]

Finished buying sometime ago.
Long term hold . Not a seller.
Next few updates should give a good road map to where GEN is going.
At this stage "all the ducks are starting to line up."


Just kidding earlier there :)

Still a relative minnow though


Anyone remember the General Finance of 25-30 years or longer ago ?

a British owned outfit I suspect

[percy]

The 11 buyers wanting to buy 1,037,043 shares at 9.6cents will be disappointed the seller at 9.6 cents only has 3,118.
Next seller has 10,000 at 9.9 cents then there are 175,000 for sale at 10 cents.
Bit surprised the large buy orders have not attracted more sellers.

[percy]

Bit of volume has seen the share price hit 10 cents ,with the last sale of 75,000 at that price.
Currently buyers at 9.9 cents for 933,047, and a seller with 50,000 at 10.1 cents.
That 10 cents is a milestone,as the share price has doubled in the past year.
Can it double again in the next year.?
Time will tell.

[RupertBear]

Bit of volume has seen the share price hit 10 cents ,with the last sale of 75,000 at that price.
Currently buyers at 9.9 cents for 933,047, and a seller with 50,000 at 10.1 cents.
That 10 cents is a milestone,as the share price has doubled in the past year.
Can it double again in the next year.?
Time will tell.

Well done Percy!!

[nztx]

Time for a Cap Raise to double up on the corporate growth yet in volatile times ? :)

Have to make sure the balance sheet is locked down real secure ..

Shouldn't do things by halves either - how about a 2 for 1 @ 8.0cps just for good measure ? ;)

GEN can't let a few punters and players have all the fun and spoils, can they ..

[percy]

Time for a Cap Raise to double up on the corporate growth yet in volatile times ? :)

Have to make sure the balance sheet is locked down real secure ..

Shouldn't do things by halves either - how about a 2 for 1 @ 8.0cps just for good measure ? ;)

GEN can't let a few punters and players have all the fun and spoils, can they ..

This placement will increase our Equity by over 50%
https://www.nzx.com/announcements/406897

[percy]

This placement will increase our Equity by over 50%
https://www.nzx.com/announcements/406897

Link should now work.

[percy]

Well another interesting day ahead.
The 2 buyers want 550,154 shares at 10.7 cents.
1 seller at 10.7 has 154 shares.
Next seller has 2,000 for sale at 11 cents,
Luckily there are 50,000 for sale at 12 cents....lol.

[RupertBear]

Geez Percy this thing just keeps going up and up! BOOM to the Moon! :t_up:

[percy]

Geez Percy this thing just keeps going up and up! BOOM to the Moon! :t_up:

Pleasing seeing the share price rise on good volume.
Next few company updates should be interesting.

[blackcap]

Pleasing seeing the share price rise on good volume.
Next few company updates should be interesting.

I am getting tempted to take a little off the table, but think its got a bit more to go with the new appointments and what they have achieved in the last 6 months. Looking for a 15 cent or so partial exit...

[nztx]

Pleasing seeing the share price rise on good volume.
Next few company updates should be interesting.


Very interesting - Percy .. more run left in - you reckon ?

Tempted to give it a bit of a hand :)

[percy]

Very interesting - Percy .. more run left in - you reckon ?

Tempted to give it a bit of a hand :)

Read all the announcements for the past 6 months.
Then decide for yourself.

[nztx]

Not staying on fully for a longer ride after 15 pennies mark - blackcap ? :)

[percy]

Been awhile since any one has posted on this thread.
GEN.General Capital Ltd.
Shares on issue 212,657,496
Market cap at 5 cents is $10,657,875
EPS..0.29
PE..17.24
NTA 4.3 cps
Recent market update is positive.

https://www.nzx.com/announcements/386510

Appears GEN has found a niche with its bridging finance offerings.
I note they have been successful placing shares at prices higher than the current share price.
I have put the wife's small toe in the water testing it.

Above post nearly a year ago on 29-03-2022.
New shareholder via a placement has 23.92% of the company,and has appointed 2 new directors,Megan Glen and Anton Douglas.
The Chairman [Rewi Bugo] holdings are via Borneo Capital and total 34.91%.
Brent King has 2 holdings [maybe more/] that total 10.17%
These 3 major shareholders control 69% of the shares.
Total number of shares now on issue ;363,574,975.
Market cap at 11cents is $39,993,247.
So we can see at lot has happened during the past year.
We now have to wait for announcements as what will happen during the next year and beyond.

A year ago I put the wife's big toe in to test the waters.
She is now up to her head in the waters...lol.

[percy]

[xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

[RupertBear]

Above post nearly a year ago on 29-03-2022.
New shareholder via a placement has 23.92% of the company,and has appointed 2 new directors,Megan Glen and Anton Douglas.
The Chairman [Rewi Bugo] holdings are via Borneo Capital and total 34.91%.
Brent King has 2 holdings [maybe more/] that total 10.17%
These 3 major shareholders control 69% of the shares.
Total number of shares now on issue ;363,574,975.
Market cap at 11cents is $39,993,247.
So we can see at lot has happened during the past year.
We now have to wait for announcements as what will happen during the next year and beyond.

A year ago I put the wife's big toe in to test the waters.
She is now up to her head in the waters...lol.

She is a very trusting wife. :p Sounds like she is well positioned :D

[blackcap]

Not staying on fully for a longer ride after 15 pennies mark - blackcap ? :)

I definitely will stay on. Taking my initial investment off the table at that mark. Got in at about 5.5 after doing some digging on the company and having spoken with Brent King. That said, tis speculative but they have been doing all the right things and I though at 5.5 that it was undervalue and since then they have done good things.
Happy to let this one ride but going to take some off the table at the right time.

[nztx]

I definitely will stay on. Taking my initial investment off the table at that mark. Got in at about 5.5 after doing some digging on the company and having spoken with Brent King. That said, tis speculative but they have been doing all the right things and I though at 5.5 that it was undervalue and since then they have done good things.
Happy to let this one ride but going to take some off the table at the right time.


at those levels just 4-5 months ago too :)

quite a nice ascent - thanks Percy

[clip]

I am getting tempted to take a little off the table, but think its got a bit more to go with the new appointments and what they have achieved in the last 6 months. Looking for a 15 cent or so partial exit...

Might blow straight past 15c anyway..

14517

[percy]

The appearance of a large seller at 12 cents has stopped the upwards trajectory,[ in the meantime ].lol

[nztx]

A slight retrace there .. time now to bring in the wheelbarrows ? :)

[percy]

Well the fun continues.
We saw the big buyer [s] drive the share price up to 12 cents.
Now it is the turn of the big sellers with 937,857 shares for sale at 8.8 cents.
One buyer at 8.3 cents for 5 shares,then 50,000 wanted at 8 cents.
We live in interesting times.

[Rawz]

Fair to say it got a bit ahead of itself there Percy?

[percy]

Fair to say it got a bit ahead of itself there Percy?

Haha,,,,Perhaps some one knows how good GEN's future looks with the new large shareholder on board, with their two directors appointed.?
That buyer who pushed the share price up to 12 cents made sure they got their hands on a good amount of GEN shares.
GEN is currently sitting on the placement capital,so well cashed up.
Their core business [property bridging financing] has seen strong organic growth.Very profitable with a NIM of approx 6.5%.
Advice on their future strategy will indicate where the share price should go.


Disc.Have not sold any.

[whatsup]

Haha,,,,Perhaps some one knows how good GEN's future looks with the new large shareholder on board, with their two directors appointed.?
That buyer who pushed the share price up to 12 cents made sure they got their hands on a good amount of GEN shares.
GEN is currently sitting on the placement capital,so well cashed up.
Their core business [property bridging financing] has seen strong organic growth.Very profitable with a NIM of approx 6.5%.
Advice on their future strategy will indicate where the share price should go.


Disc.Have not sold any.

P a very very strange trade pattern over the last month, imo only circa 1 mil shares bought out of circa 365 mil an now they are back to where they started, hardly a stunning effort imo.

IMO they should be trading circa .05 for a relatively newly listed company but TWT.

[nztx]

Haha,,,,Perhaps some one knows how good GEN's future looks with the new large shareholder on board, with their two directors appointed.?
That buyer who pushed the share price up to 12 cents made sure they got their hands on a good amount of GEN shares.
GEN is currently sitting on the placement capital,so well cashed up.
Their core business [property bridging financing] has seen strong organic growth.Very profitable with a NIM of approx 6.5%.
Advice on their future strategy will indicate where the share price should go.


Disc.Have not sold any.


A commentary from the departing one could be informative too :)

[percy]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/410686/393477.pdf

Capital Ratio 31 March 2023
Our capital ratio calculated in accordance
with the 2010 Regulations* 21.83%

[winner69]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/410686/393477.pdf

Capital Ratio 31 March 2023
Our capital ratio calculated in accordance
with the 2010 Regulations* 21.83%


That’s good percy

What’s there NIM

[percy]

That’s good percy

What’s there NIM

NIM.These are the figures Brent King quoted me on 21st April 2022.Borrowing 4.2% Lending at 9.8% NIM 5.6

[Rawz]

https://www.nzx.com/announcements/410891

General Capital (GEN) Announces BB Credit Rating Retained

Brent King said, "This is great news for investors. We have managed to retain our BB Credit Rating with a stable outlook even in these very unusual times. This is defined as being near prime with a low to moderate risk."

[percy]

The Chair of the parent company General Capital, Mr. Rewi Bugo, stated, "We had a very positive
2022. General Capital worked hard to assist General Finance by providing new capital and
governance support. We are pleased to see this being recognised by the experts and also by our
shareholders. Nobody can accurately predict the future; however, the General Capital Group has
positioned itself well for the next stage."

Looking forward to details of the next stage.
Exciting times ahead..

[haewai]

Looking forward to details of the next stage.
Exciting times ahead..

Must be annual results time any day now. I've been buying on this dip, so it's probably going to be a terrible result.

[percy]

Must be annual results time any day now. I've been buying on this dip, so it's probably going to be a terrible result.

Quarter result to 31st March was good,therefore full year result should be good.Looking forward to reading their result and outlook.
Quarter to
31 March 2023
Total Assets 127,685,803
Total Liabilities 111,697,481
Net Profit / (Loss) After Tax 751,869
Net Cash Inflow (Outflow) from Operating
Activities (18,966,913)
Cash and Cash Equivalents 9,443,743
Term Deposits1 8,924,560
Capital (per 2010 Regulations) 15,742,400

[percy]

As expected a good result.
https://www.nzx.com/announcements/412155

two share placements which settled in late February 2023. The proceeds of those placements had limited time to impact the profitability of the Group in the year ended 31 March 2023.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/412155/395374.pdf

[SailorRob]

NIM.These are the figures Brent King quoted me on 21st April 2022.Borrowing 4.2% Lending at 9.8% NIM 5.6


I seriously hope this is not the same Brent King who was a director of Greenfern that you are talking about.

Please do some homework.

[percy]

I seriously hope this is not the same Brent King who was a director of Greenfern that you are talking about.

Please do some homework.

Yes and Dorcester.
Read their annual report and note the calibre of the directors,the equity ratio and the quality of their lending.

[winner69]

I seriously hope this is not the same Brent King who was a director of Greenfern that you are talking about.

Please do some homework.

Rob me ol’ mate, these days I think Brent mixes with classier / more decent people than he did say 20 years ago

[SailorRob]

Rob me ol’ mate, these days I think Brent mixes with classier / more decent people than he did say 20 years ago

I'm talking a few months ago old boy.

Once a confidence man, always?

[SailorRob]

Yes and Dorcester.
Read their annual report and note the calibre of the directors,the equity ratio and the quality of their lending.

Assuming you mean it's a fraud like his other enterprises?

[percy]

Assuming you mean it's a fraud like his other enterprises?

Read their annual report and decide for yourself.

[winner69]

Assuming you mean it's a fraud like his other enterprises?

Have a bad experience with Greenfern did we?

[SailorRob]

Have a bad experience with Greenfern did we?

Exceptionally bad experience. Once I finished my 13 page investigation into what transpired to be a fraud I committed an act of omission by not figuring out a way to short sell it.

I looked into it after a friend was shilled it via scamsies I mean sharsies and I got them out before any losses.

You are well smart enough to know that the sailor would NEVER touch anything like that.

[SailorRob]

Read their annual report and decide for yourself.

Would be very difficult for me to judge their lending, very few people even inside the companies can do that. The only thing that determines the lending book is the future.

All I'm saying is I know for a fact he was a director in Greenfern and shilling it personally via general finance to retirees.

And if you want to know more about Greenfern, message me.

[blackcap]

Exceptionally bad experience. Once I finished my 13 page investigation into what transpired to be a fraud I committed an act of omission by not figuring out a way to short sell it.

I looked into it after a friend was shilled it via scamsies I mean sharsies and I got them out before any losses.

You are well smart enough to know that the sailor would NEVER touch anything like that.

Can you elaborate as to how Greenfern is a fraud? That is quite the allegation. To me it looks like a start up, possibly badly managed, to take advantage of the Cannibis hype that was prevalent 2 years ago. Most start ups have cashflow issues and problems getting market share etc. To call it a fraud is quite the thing...

[blackcap]

Duplicate duplicate

[winner69]

Exceptionally bad experience. Once I finished my 13 page investigation into what transpired to be a fraud I committed an act of omission by not figuring out a way to short sell it.

I looked into it after a friend was shilled it via scamsies I mean sharsies and I got them out before any losses.

You are well smart enough to know that the sailor would NEVER touch anything like that.

Close shave then ……lesson is ALWAYS DO YOUR HOMEWORK eh

[percy]

Directors’ Profiles
REWI HAMID BUGO B.Sc., M.Com.
Non-Executive Chairman
Rewi Hamid Bugo has been a Non-executive Director of General Capital Limited
since 13 June 2017 and was elected Chairman of the Board of Directors following
the acquisition of Corporate Holdings Limited in August 2018. Mr Bugo is a
graduate of the University of Canterbury, Christchurch, where he obtained a
Bachelor of Science in Management Science and a Master of Commerce in
Business Administration. He has business experience in several sectors including
oil and gas, property development, insurance broking and travel and tourism.
Mr Bugo sits on the Board of several private companies in Malaysia and New Zealand, is a Trustee of World
Wildlife Fund Malaysia, and is Vice Chairman of the Sarawak Chapter of the Malaysia New Zealand Chamber of
Commerce.
BRENT DOUGLAS KING, BCom, CA, CMA
Managing Director
Brent Douglas King has been the Managing Director of General Capital Limited
and its subsidiaries since 3 August 2018. Prior to that date, Mr King was a nonexecutive Director since 30 September 2011. He was also the founder and
Managing Director of the Dorchester Group of Companies for seventeen (17)
years until he resigned in 2005. He holds a number of public and private
directorships. He has more than twenty-five (25) years’ experience in financial,
investment banking, underwriting, capital raising and accounting areas and has
assisted a number of public and private companies.
HUEI MIN LIM, LLB (Hons), MNZM, CMInstD
Non-executive Independent Director
Huei Min Lim (also known as Lyn Lim) is a Non-Executive Director of General
Capital Limited and has been since 21 December 2011. Lyn Lim is also on the
boards of the Auckland Regional Amenities Funding Board and Restaurant
Brands New Zealand Limited. She is also a trustee of the Asia New Zealand
Foundation.
Lyn has also served on the boards of Auckland University of Technology (AUT),
the New Zealand Shareholders' Association, Public Trust, the New Zealand
China Trade Association, the Hong Kong and New Zealand Business Association, was the Chair of the New
Zealand Chinese Youth Trust and held the positions of Trustee, Deputy Chair and Chair of Foundation North. She
has been a member of ANZ Private Bank External Advisory Board and has served as a council member of the
Auckland District Law Society Inc. In 2017, Lyn was appointed as a Member of the New Zealand Order of Merit
for her services to New Zealand-Asia relations and governance. Lyn is a Chartered Member of the New Zealand
Institute of Directors, a member of the New Zealand Law Society and a member and Vice Chair of the Women
in Business Committee of the Inter Pacific Bar Association.
2
Directors’ Profiles (Continued)
SIMON JOHN McARLEY LLB(Hons)
Non-executive Independent Director
Simon John McArley has been a director of General Capital Limited since 20
December 2017. He graduated from Victoria University, Wellington in 1984
with an LLB (Hons). Simon is a lawyer by training who specialises in corporate
governance and risk.
Af`ter almost 20 years in private practice with Kensington Swan, specialising in
banking and securities law, Simon took up regulatory positions with NZX as
acting Head of Regulation and the (then) Securities Commission as acting
Director Primary Markets. Simon went on to join the Serious Fraud Office (SFO) as General Manager Capital
Markets and Corporate Fraud in 2011 where he had responsibility for the successful investigation and
prosecution of finance sector fraud uncovered by the GFC. After 12 months as acting Director of the SFO, Simon
left the SFO in late 2013 and has since been consulting with government and private sector entities on
governance and risk management issues. Simon has also held governance positions with commercial and not for
profit entities. Simon is a member of the New Zealand Law Society. Simon is also a keen sailor and has extensive
coastal and blue water experience.
PAUL WILLIAM ZINGEL Real Estate Agent Licensee, Residential Property
Manager, FinCap Financial Mentor
Non-executive Independent Director
Paul is a real estate professional with extensive property development and
property management experience. He was previously Product Owner and
Director of New Zealand’s first property auction portal, PropFi ® a start-up real
estate technology company that facilitated the sale and purchase of property
through online auctions. Paul has been successfully trading financial markets
for more than twenty years and as a registered Financial Services Provider, he
has managed private investment portfolios and provided insurance services
and financial mentoring throughout his career. Paul joined General Capital

[Rawz]

Wasnt Brent King Dorchester collapse thing discussed on this thread already? I thought he resigned before the disaster. The loans to Fiji were done after him wasnt it? So he passes, just?

[blackcap]

Wasnt Brent King Dorchester collapse thing discussed on this thread already? I thought he resigned before the disaster. The loans to Fiji were done after him wasnt it? So he passes, just?




I think he passes just. He did have a tie up with Rod from Bridgecorp (some share swap thingee) but not quite sure what that was all about. Or was that post Brent as well?

[percy]

Directors’ Profiles
REWI HAMID BUGO B.Sc., M.Com.
Non-Executive Chairman
Rewi Hamid Bugo has been a Non-executive Director of General Capital Limited
since 13 June 2017 and was elected Chairman of the Board of Directors following
the acquisition of Corporate Holdings Limited in August 2018. Mr Bugo is a
graduate of the University of Canterbury, Christchurch, where he obtained a
Bachelor of Science in Management Science and a Master of Commerce in
Business Administration. He has business experience in several sectors including
oil and gas, property development, insurance broking and travel and tourism.
Mr Bugo sits on the Board of several private companies in Malaysia and New Zealand, is a Trustee of World
Wildlife Fund Malaysia, and is Vice Chairman of the Sarawak Chapter of the Malaysia New Zealand Chamber of
Commerce.
BRENT DOUGLAS KING, BCom, CA, CMA
Managing Director
Brent Douglas King has been the Managing Director of General Capital Limited
and its subsidiaries since 3 August 2018. Prior to that date, Mr King was a nonexecutive Director since 30 September 2011. He was also the founder and
Managing Director of the Dorchester Group of Companies for seventeen (17)
years until he resigned in 2005. He holds a number of public and private
directorships. He has more than twenty-five (25) years’ experience in financial,
investment banking, underwriting, capital raising and accounting areas and has
assisted a number of public and private companies.
HUEI MIN LIM, LLB (Hons), MNZM, CMInstD
Non-executive Independent Director
Huei Min Lim (also known as Lyn Lim) is a Non-Executive Director of General
Capital Limited and has been since 21 December 2011. Lyn Lim is also on the
boards of the Auckland Regional Amenities Funding Board and Restaurant
Brands New Zealand Limited. She is also a trustee of the Asia New Zealand
Foundation.
Lyn has also served on the boards of Auckland University of Technology (AUT),
the New Zealand Shareholders' Association, Public Trust, the New Zealand
China Trade Association, the Hong Kong and New Zealand Business Association, was the Chair of the New
Zealand Chinese Youth Trust and held the positions of Trustee, Deputy Chair and Chair of Foundation North. She
has been a member of ANZ Private Bank External Advisory Board and has served as a council member of the
Auckland District Law Society Inc. In 2017, Lyn was appointed as a Member of the New Zealand Order of Merit
for her services to New Zealand-Asia relations and governance. Lyn is a Chartered Member of the New Zealand
Institute of Directors, a member of the New Zealand Law Society and a member and Vice Chair of the Women
in Business Committee of the Inter Pacific Bar Association.
2
Directors’ Profiles (Continued)
SIMON JOHN McARLEY LLB(Hons)
Non-executive Independent Director
Simon John McArley has been a director of General Capital Limited since 20
December 2017. He graduated from Victoria University, Wellington in 1984
with an LLB (Hons). Simon is a lawyer by training who specialises in corporate
governance and risk.
Af`ter almost 20 years in private practice with Kensington Swan, specialising in
banking and securities law, Simon took up regulatory positions with NZX as
acting Head of Regulation and the (then) Securities Commission as acting
Director Primary Markets. Simon went on to join the Serious Fraud Office (SFO) as General Manager Capital
Markets and Corporate Fraud in 2011 where he had responsibility for the successful investigation and
prosecution of finance sector fraud uncovered by the GFC. After 12 months as acting Director of the SFO, Simon
left the SFO in late 2013 and has since been consulting with government and private sector entities on
governance and risk management issues. Simon has also held governance positions with commercial and not for
profit entities. Simon is a member of the New Zealand Law Society. Simon is also a keen sailor and has extensive
coastal and blue water experience.
PAUL WILLIAM ZINGEL Real Estate Agent Licensee, Residential Property
Manager, FinCap Financial Mentor
Non-executive Independent Director
Paul is a real estate professional with extensive property development and
property management experience. He was previously Product Owner and
Director of New Zealand’s first property auction portal, PropFi ® a start-up real
estate technology company that facilitated the sale and purchase of property
through online auctions. Paul has been successfully trading financial markets
for more than twenty years and as a registered Financial Services Provider, he
has managed private investment portfolios and provided insurance services
and financial mentoring throughout his career. Paul joined General Capital

https://www.nzx.com/announcements/407005
The Chairman of the Board, Mr. Rewi Bugo, said, “Ms. Megan Glen has substantial experience in investment banking and funds management. This will bring additional relevant skills to the Board of General Capital. The appointment of Ms. Megan Glen coincides with the capital injection from API No. 1 Limited Partnership which will support the growth in both assets and profits.”

[winner69]

GEN capital ratio calculated in accordance with the 2010 Regulations is 21.83%

That’s pretty impressive

Pretty good NIM as well I believe

[Muse]

GEN capital ratio calculated in accordance with the 2010 Regulations is 21.83%

That’s pretty impressive

Pretty good NIM as well I believe

Yep agreed.

Re: Percy's post #153....I know Megan. She is an absolute star and its a coup to have her on the GEN board. She's one of the most commercial, numerate, no-nonsense people I've ever met.

I've got SR muted but I saw his little crack at Percy ("Do your homework") via a reply comment. If there ever was a contributor to ST'r that did their homework, it was percy. Percy will have been well aware of Brent King, probably spoken to him a number of times to get his own read, looked at and spoken to other board members, been across the financials like a hawk, monitored the development of the business like a hawk, etc, and taken his own risk adjusted view of the business with all the information at hand.

Honestly - some of the comments on ST'r these days (two crackers today from SR & Balance) - it's no wonder people are leaving it in droves, in favour of private forums or private correspondence.

[SailorRob]

Yep agreed.

Re: Percy's post #153....I know Megan. She is an absolute star and its a coup to have her on the GEN board. She's one of the most commercial, numerate, no-nonsense people I've ever met.

I've got SR muted but I saw his little crack at Percy ("Do your homework") via a reply comment. If there ever was a contributor to ST'r that did their homework, it was percy. Percy will have been well aware of Brent King, probably spoken to him a number of times to get his own read, looked at and spoken to other board members, been across the financials like a hawk, monitored the development of the business like a hawk, etc, and taken his own risk adjusted view of the business with all the information at hand.

Honestly - some of the comments on ST'r these days (two crackers today from SR & Balance) - it's no wonder people are leaving it in droves, in favour of private forums or private correspondence.

If anyone is comfortable with what Brent did at Greenfern I would be extremely surprised.

He's also offering retirees 8% term deposits, so what's he doing with the money?

How's he making a spread on that?

I know nothing about him but for the Greenfern involvement.

[SailorRob]

I beg you Percy to study what he did at Greenfern.

[SailorRob]

GEN capital ratio calculated in accordance with the 2010 Regulations is 21.83%

That’s pretty impressive

Pretty good NIM as well I believe

And silicon valley banks capital ratio was very impressive as well.

[percy]

Read the annual reports.

[SailorRob]

Read the annual reports.

I admit I don't know anything other than the Greenfern debacle.

But I do know that there is never just one cockroach.

Which annual reports do you mean, General Capital?

[Fortunecookie]

It's higher risk lending.
A main bank is offering is offering 5.75% for 12 months. Gen Cap are offering 7.15% for the same term. Imo the additional return is insufficient for the extra risk.

[percy]

From last year's annual report.Pages 55 and 56
LOAN RECEIVABLES
2022 2021
$ $
First mortgage advances 80,918,034 54,351,134
Second mortgage advances ‐ 107,822
80,918,034 54,458,956
Less deferred fee income and expenditure (688,078) (612,146)
Less impairment allowance (202,295) (136,029)
Net carrying value 80,027,661 53,710,781
Current portion 76,954,475 40,292,033
Non‐current portion 3,073,186 13,418,748
80,027,661 53,710,781
Primary loan security
Residential housing 69,125,122 46,751,105
Residential bare land 8,691,870 4,607,409
Commercial property1 3,101,042 3,100,442
80,918,034 54,458,956
Interest rate: Between 5.45% and 12.90% (2021: Between 5.45% and 16.50%).
Effective interest rate: Between 5.79% and 28.78% (2021: Between 5.79% and 18.73%).
For loans that are in default, additional interest of up to 10% is charged.
Loan receivables represent loans at commercial interest rates. Current loan receivables are contractually repayable within 12 months. Non‐
current loan receivables are contractually repayable within 12 months to 20 months of balance date.
At year end there was $4,812,714 in outstanding loan commitments (loans approved and accepted not yet drawn) including future capitalised
interest (March 2021: $1,316,486).
1
The Group commenced lending on commercial properties during the current financial year ended March 2021. The Group’s lending policy
allows for a maximum of 30% of total lending
The core lending activity of the Group is providing, through a broker network, short term and bridging finance secured by mortgage over
residential property. The majority of loans are entered into with a maturity date within 12 months, with a proposal that repayment will be
funded by the sale of the secured property or through refinancing by the borrower. General Finance Limited lending policy allows for a
maximum “loan to security value” of 75% (excluding fees and charges) on advances, unless approved by the full board of General
Finance Limited. There are no loans with loan to valuation ratio above 75% at the reporting date (2021: none).

[Fortunecookie]

From last year's annual report.Pages 55 and 56
LOAN RECEIVABLES
2022 2021
$ $
First mortgage advances 80,918,034 54,351,134
Second mortgage advances ‐ 107,822
80,918,034 54,458,956
Less deferred fee income and expenditure (688,078) (612,146)
Less impairment allowance (202,295) (136,029)
Net carrying value 80,027,661 53,710,781
Current portion 76,954,475 40,292,033
Non‐current portion 3,073,186 13,418,748
80,027,661 53,710,781
Primary loan security
Residential housing 69,125,122 46,751,105
Residential bare land 8,691,870 4,607,409
Commercial property1 3,101,042 3,100,442
80,918,034 54,458,956
Interest rate: Between 5.45% and 12.90% (2021: Between 5.45% and 16.50%).
Effective interest rate: Between 5.79% and 28.78% (2021: Between 5.79% and 18.73%).
For loans that are in default, additional interest of up to 10% is charged.
Loan receivables represent loans at commercial interest rates. Current loan receivables are contractually repayable within 12 months. Non‐
current loan receivables are contractually repayable within 12 months to 20 months of balance date.
At year end there was $4,812,714 in outstanding loan commitments (loans approved and accepted not yet drawn) including future capitalised
interest (March 2021: $1,316,486).
1
The Group commenced lending on commercial properties during the current financial year ended March 2021. The Group’s lending policy
allows for a maximum of 30% of total lending
The core lending activity of the Group is providing, through a broker network, short term and bridging finance secured by mortgage over
residential property. The majority of loans are entered into with a maturity date within 12 months, with a proposal that repayment will be
funded by the sale of the secured property or through refinancing by the borrower. General Finance Limited lending policy allows for a
maximum “loan to security value” of 75% (excluding fees and charges) on advances, unless approved by the full board of General
Finance Limited. There are no loans with loan to valuation ratio above 75% at the reporting date (2021: none).

Yes I am aware it is of a short term nature. For the capitalised loans the only via exit strategy is to sell. you are reliant on market conditions as opposed to the strength of the client. Credit impaired borrowers to move onto slightly better lenders hopefully after demonstrating good conduct.

Consider most loans are on double digit rates. If the things are not executed as expected. The equity can be eroded very fast. In the last year didn't the property market go down 10%. So that 25% margin they thought they had can easily disappear.

10% of the lending is against vacant land. Presumably it is development lending but they only considered land for security purposes. Again this is highly reliant on the development being completed in a timely manner and within budget. And reliant on market conditions to be sold.

For a shareholder. All things considered it doesnt take much to wipe out the npat. I guess we have to consider as well where we are on the credit/property cycle.

[winner69]

How could a company go wrong with a CEO like photo below (NZ Herald)

I met Brent once …sure he didn’t look this stern or whatever

[blackcap]

I beg you Percy to study what he did at Greenfern.

What did he do at Greenfern?

[Fortunecookie]

Disclosure. Everyone can decide what is best for them.

I don't know what much about the company or the personnels. I'm simply not comfortable putting my money with them. Personally I think there are better opportunities elsewhere.

[Misty]

From last year's annual report.Pages 55 and 56
LOAN RECEIVABLES
2022 2021
$ $
First mortgage advances 80,918,034 54,351,134
Second mortgage advances ‐ 107,822
80,918,034 54,458,956
Less deferred fee income and expenditure (688,078) (612,146)
Less impairment allowance (202,295) (136,029)
Net carrying value 80,027,661 53,710,781
Current portion 76,954,475 40,292,033
Non‐current portion 3,073,186 13,418,748
80,027,661 53,710,781
Primary loan security
Residential housing 69,125,122 46,751,105
Residential bare land 8,691,870 4,607,409
Commercial property1 3,101,042 3,100,442
80,918,034 54,458,956
Interest rate: Between 5.45% and 12.90% (2021: Between 5.45% and 16.50%).
Effective interest rate: Between 5.79% and 28.78% (2021: Between 5.79% and 18.73%).
For loans that are in default, additional interest of up to 10% is charged.
Loan receivables represent loans at commercial interest rates. Current loan receivables are contractually repayable within 12 months. Non‐
current loan receivables are contractually repayable within 12 months to 20 months of balance date.
At year end there was $4,812,714 in outstanding loan commitments (loans approved and accepted not yet drawn) including future capitalised
interest (March 2021: $1,316,486).
1
The Group commenced lending on commercial properties during the current financial year ended March 2021. The Group’s lending policy
allows for a maximum of 30% of total lending
The core lending activity of the Group is providing, through a broker network, short term and bridging finance secured by mortgage over
residential property. The majority of loans are entered into with a maturity date within 12 months, with a proposal that repayment will be
funded by the sale of the secured property or through refinancing by the borrower. General Finance Limited lending policy allows for a
maximum “loan to security value” of 75% (excluding fees and charges) on advances, unless approved by the full board of General
Finance Limited. There are no loans with loan to valuation ratio above 75% at the reporting date (2021: none).

The LVR is currently 65% = the borrower has to have 35% equity. 7.9% for $250K or more for two years is attractive. No defaults in the last two years they say.

[SailorRob]

Percy are you involved on the equity side or are you lending them money?

[percy]

Percy are you involved on the equity side or are you lending them money?

Always equity.
Like the sector..
I also hold HGH and HMY,while a trust I am a trustee of holds WBC and NAB [as well as HGH].
Must be one of the few people here who made big money on Bridgecorp shares. Used to be faster on my feet in those days..lol

[percy]

key Points for the 31 March 2023 Group Financial Statements are:

Total Assets Up 32% To $136.1m
Total Equity Up 79% To $24.3m
Revenue Up 71% To $13.7m
Net Profit Before Tax Up 77% To $3.3m
Net Profit After Tax Up 68% To $2.3m

[winner69]

And its retained a BB Credit Rating

[winner69]

DMX Asset Manager in Australia taking an interest in GEN. They like picking winners like SmartPay and Michael Hill so good on them picking GEN

General Capital: A Growing force in the NZ Non-Bank Finance Sector

https://mcusercontent.com/1a84be027051b31062de96622/files/9cfe1fce-e46d-8419-570e-b551c00fea7e/DMXASF_May_2023_Investor_update.pdf

[percy]

DMX Asset Manager in Australia taking an interest in GEN. They like picking winners like SmartPay and Michael Hill so good on them picking GEN

General Capital: A Growing force in the NZ Non-Bank Finance Sector

https://mcusercontent.com/1a84be027051b31062de96622/files/9cfe1fce-e46d-8419-570e-b551c00fea7e/DMXASF_May_2023_Investor_update.pdf

Thanks for the link winner69.
An excellent write up on GEN.
Positive seeing them onboard.

[Rawz]

Thanks for the link winner69.
An excellent write up on GEN.
Positive seeing them onboard.
Percy you have taken a few tips from DMX but I reckon they been stalking you on sharetrader and got this hot pick from you..

[percy]

Percy you have taken a few tips from DMX but I reckon they been stalking you on sharetrader and got this hot pick from you..

That would be the day.
They are always two steps ahead of me..lol.

[SailorRob]

Thanks for the link winner69.
An excellent write up on GEN.
Positive seeing them onboard.

I'll have to read it but how are they making money if they're borrowing at 8%?

[Rawz]

I'll have to read it but how are they making money if they're borrowing at 8%?

They add a margin? And charge loan est fees

[SailorRob]

They add a margin? And charge loan est fees

So same model as the 80 finance companies that all blew up, including the one Colin meads said was rock solid?

With Brent's clear history of extremely shady behaviour, shouldn't people be worried?

Forget about capital ratios they mean nothing. Their assets are the loan book and if its comprised of stuff making a spread on 8%... Wtf.

[percy]

Read their last annual report.[Latest should be out the end of this month].https://www.nzx.com/announcements/394640
Also this from DMX link winner69 posted;
General Capital must disclose its capital position to its regulator quarterly. These disclosures highlight a
conservative capital ratio of 21.8% and a loan profile showing that the bulk of loans are first ranking and have
LVR's of < 70%. Additionally, their deposit and lending cashflow profiles are well matched to ensure adequate
liquidity.

I

[SailorRob]

Read their last annual report.[Latest should be out the end of this month].https://www.nzx.com/announcements/394640
Also this from DMX link winner69 posted;
General Capital must disclose its capital position to its regulator quarterly. These disclosures highlight a
conservative capital ratio of 21.8% and a loan profile showing that the bulk of loans are first ranking and have
LVR's of < 70%. Additionally, their deposit and lending cashflow profiles are well matched to ensure adequate
liquidity.

I

OK cheers, I'll have a read.

[percy]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/394640/373866.pdf
pages 49 and 50.Credit Risk.

Note that is last years.
All ratios have further improved since then with the added capital coming from their recent placement.
So worthwhile reading their latest result.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/412155/395377.pdf

[percy]

Annual Report.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/413753/397280.pdf

[Fortunecookie]

Annual Report.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/413753/397280.pdf

39% of the loan book consists of loans that are greater than $1mill. I think it is more commercial in nature than the rest of the metrics suggest. Also note over $3.5m over 120+days in arrears. Generally speaking there is a lag for the formalities of property law act(mortgagee sale) to take place. If you are not aware something to note.

[Rawz]

Loan book $109m
Arrears $13.5m

Arrears make up 12.4% of the loan book.

Thats the Rawz media click bait headline..

here is the story:

As at 31March 2023 the value of loan arrears increased to $13.52m (March 2022: $1.79m). These loan arrears include $4.06m of loans past due by greater than 90days (March 2022:$0.5m). A total of $5.5m of arrears was repaid after the reporting date. These repayments include $2.8m of the arrears past due by greater than 90days. There were no loan write-offs for the year ended 31 March 2023 (March 2022:$Nil). Note that loan receivables have increased by 36.6% for the year ended 31 March 2023.

[Fortunecookie]

Loan book $109m
Arrears $13.5m

Arrears make up 12.4% of the loan book.

Thats the Rawz media click bait headline..

here is the story:

As at 31March 2023 the value of loan arrears increased to $13.52m (March 2022: $1.79m). These loan arrears include $4.06m of loans past due by greater than 90days (March 2022:$0.5m). A total of $5.5m of arrears was repaid after the reporting date. These repayments include $2.8m of the arrears past due by greater than 90days. There were no loan write-offs for the year ended 31 March 2023 (March 2022:$Nil). Note that loan receivables have increased by 36.6% for the year ended 31 March 2023.

Thanks for pointing that out. I missed it.
I think there loan book is quite commercial in nature. I'm not too sure what they mean by vacant land. I initially thought it was developments that only considered land value as security. But it appears they have got a separate category for that.

Agree there hasn't been any write offs. But still in $1.2m in arrears over 90days. That's more than half of the np. But I accept they have increased their provisions for it. For a financial institution it is probably fairly priced at book value and 10 times earnings (add back goodwill).

[Rawz]

The arrears look out of control..

Resimac listed in the asx operate in the same space and are currently trading on a p/e of 4 with a 9% div yield.

[Fortunecookie]

The arrears look out of control.

Resimac listed in the asx operate in the same space and are currently trading on a p/e of 4 with a 9% div yield.

I find home loans to be a less riskier proposition. It's reliant on peoples income. I think Resimac are non bank, occupy the space behind the main banks. But Im noticing across the many different type of lenders , interest margin compression. But who knows have we hit peak rates and hopefully experience a minor impact to the economy. So situation may improve. Anyway that's a nice p/e.

[percy]

GEN lending/loans are "secured" lending,which is very different to "unsecured" lending.
There are no loan "write offs" ,and due process will see mortgagees sales before there are any write offs.
Write offs will occur should the sale of the property security fail to meet the amount GEN have lent on it.
From GEN's annual report page46.

"As at 31 March 2023 the Group’s loan advances are secured as follows: first mortgages 100% (March 2022: 100%), second mortgages 0.0% (March
2022: 0.0%). There were no unsecured loans as at 31 March 2023 (March 2022: none)."

[Rawz]

Percy, are you not worried by that huge arrears number?

[percy]

Percy, are you not worried by that huge arrears number?

No they will most probably be incurring compounding "penalty" interest.
GEN's business is short term bridging finance.[property]
As we know sometimes a short term investment turns out to take a bit longer to realise.
Shares are more able to be quickly sold than property.
A mortgagee property sale focusses every one's attention.

[Rawz]

Had another read of the report and i think they are across the risks sufficiently. Their LVRs and property downturn sensitizing look appropriate.
Their assumptions behind expected cashflows vs contractual cashflows make sense.

However I cant get past the arrears and note they only have about 100 customers with 13% of lending to 6 customers. so there is concentration risk and its only going to take 1 or 2 big customers to default to cause major headaches

I wouldnt be a buyer at these levels given the state of the economy. A P/E multiple closer to 5-6 would be better. Or if it traded well under book value.

[Rawz]

https://www.nzx.com/announcements/414385

General Capital Limited (“General”) advises that on 14 and 15 June 2023 Borneo Capital Limited (“Borneo”), a substantial shareholder in General, purchased a total of 237,181 additional shares in General taking their holding from 34.94% to 34.99%.
General has subsequently confirmed that the purchase of the shares is a potential breach of the Takeover Code and has advised both Borneo and the Takeover Panel.
General understands that Borneo will be divesting itself of the 237,181 shares mistakenly purchased, representing 0.05% of the shares on issue, and has instructed its broker accordingly.

[Muse]

rookie error by borneo capital

[Sideshow Bob]

https://www.nzx.com/announcements/422456

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/422456/408254.pdf

General Capital, the NZSX listed financial services group, has had another strong result for the six months to 30 September 2023.

The Chairman of General Capital, Mr. Rewi Bugo said, “The Group’s financial performance has shown growth over the past six months, delivering record revenue, profit and total assets for the period. The point our directors are most proud of is that we continue to grow and produce increasing profits particularly during a flat property cycle.”

Mr. Brent King, Managing Director advised, “The details of the accounts for six months to 30 September 2023 are very positive compared to 6 months ended 30 September 2022: Revenue Up 30%; NPAT Up 16%; Assets Up 12%; Net Assets Up 75% This is a great performance for the Group considering the adverse market conditions.”

Mr. King further advised, “Looking forward, we are expecting the remainder of the financial year to be strong and profitable with continued balance sheet growth. The Group is in a strong position to take advantage of acquisition opportunities in the market as they arise.”

Authorised by the General Capital Board of Directors

[percy]

https://www.nzx.com/announcements/422456

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/422456/408254.pdf

General Capital, the NZSX listed financial services group, has had another strong result for the six months to 30 September 2023.

The Chairman of General Capital, Mr. Rewi Bugo said, “The Group’s financial performance has shown growth over the past six months, delivering record revenue, profit and total assets for the period. The point our directors are most proud of is that we continue to grow and produce increasing profits particularly during a flat property cycle.”

Mr. Brent King, Managing Director advised, “The details of the accounts for six months to 30 September 2023 are very positive compared to 6 months ended 30 September 2022: Revenue Up 30%; NPAT Up 16%; Assets Up 12%; Net Assets Up 75% This is a great performance for the Group considering the adverse market conditions.”

Mr. King further advised, “Looking forward, we are expecting the remainder of the financial year to be strong and profitable with continued balance sheet growth. The Group is in a strong position to take advantage of acquisition opportunities in the market as they arise.”

Authorised by the General Capital Board of Directors

Strong interim result.
Growth and profit should continue,and I expect at their full year they will start paying dividends.

[blackcap]

Bit weak on first glances. The increase in profit is due to no impairment this time vs last time. Finance division under a bit of margin pressure and provided less to NPAT. But tracking well.

[clip]

Good result, do I recall correctly they do a lot of bridging finance for property/that's the main business? Should only pick up as the market picks up over the next year

[SailorRob]

Once he's finished shilling Greenferns latest cap raise to pensioners results will be better still!

[blackcap]

Once he's finished shilling Greenferns latest cap raise to pensioners results will be better still!

Who is the "he" you are talking about?

[SailorRob]

Who is the "he" you are talking about?


King, formerly of Dorchester Pacific fame.

More red flags than the Chinese communist party headquarters.

[blackcap]

King, formerly of Dorchester Pacific fame.

More red flags than the Chinese communist party headquarters.

I think you will find he has nothing to do with Greenfern anymore. (Red flags, I agree with, but the rest of the board is robust at GEN)

[SailorRob]

I think you will find he has nothing to do with Greenfern anymore. (Red flags, I agree with, but the rest of the board is robust at GEN)


Does he have anything to do with 'Accelerate Deals' or Crown Capital? I thought some of his companies were still shilling GFI to pensioners.

If the rest of the board was robust they would not sit with King.

[nztx]

Impairments in coming reporting periods is one area in tightening times to watch across the whole sector

[percy]

) The Group expected that some loans would take longer to collect. Management have increased default penalty interest rates and will
target loans with lower loan to valuation ratios.
Loans in arrears decreased to $6.5m as at 30 September 2023 from $13.5m as at 31 March 2023. These loan arrears include $2.7m of loans
past due greater than 90 days (March 2023: $4.1m). A total of $2.5m of arrears has been cleared after 30 September 2023. There was one
loan write-off of $330k in the 6 months ended 30 September 2023 (March 2023: $Nil), recovery actions are continuing to collect some or all
of the write off.

Equity ratio is 17.94%.

[Rawz]

Profit up nicely but EPS down 33%
NIM under pressure.

Overall looks like it was a tough 6 months for new lending, the report alludes to a very strong September which saved the day.

I thought the SP might have dropped today. Not much traded. Only real buyer is 200,000 shares at 7 cents.

[shareman]

Greenferns a joke, dont go near it

[percy]

Greenferns a joke, dont go near it

Page 62 of General Finance's Annual Report to 31st March 2023 shows their investment in Grenfern is hardly worth reporting.

Investment in Greenfern Industries Limited
729,936 shares (representing a 0.66% stake) (March 2022: 729,936 shares (representing a 0.86% stake)) in Greenfern Industries Limited
(Greenfern).