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  1. #41
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    NZF
    12/10/2010 15:47
    GENERAL

    REL: 1547 HRS NZF Group Limited

    GENERAL: NZF: Successfully exit the Crown Retail Deposit Guarantee Scheme

    (NZF) NZF Group Limited - Subsidiary companies NZF Money Limited and Finance
    Direct Limited successfully exit the Crown Retail Deposit Guarantee Scheme.

    NZF Group Limited (NZF) is pleased to advise that its wholly owned subsidiary
    (NZF Money Limited) and 70% owned subsidiary (Finance Direct Limited) have
    successfully exited the Crown Retail Deposit Guarantee Scheme (RDGS).

    The RDGS was established on 12 October 2008 by the Government for a term of
    two years, to provide confidence and stability within the NZ banking system
    (as well as the non bank sector) at a time of worldwide financial crisis. NZF
    Money Limited (NZFM) was one of the first non banks to be accepted into the
    RDGS, with Finance Direct Limited (FDL) following shortly thereafter.

    While the RDGS achieved its objective of stabilising the market, it also had
    the adverse effect of attracting large numbers of investors only seeking a
    higher return with a Government guarantee, with absolutely no intention of
    remaining long term investors. This put unnatural pressure on cash flows
    nearing the expiry of the guarantee.

    NZFM and FDL planned out their cash flows and carefully managed their deposit
    and lending books to ensure that they could successfully manage the expected
    net outflow of investors
    that were taking advantage of the RDGS.

    NZFM and FDL would like to thank all long term loyal investors that have
    remained with them before, during and beyond the expiry of the RDGS.

    ENDS

    Malcolm Lindeque
    For and on behalf of the board of directors
    Company Secretary
    NZF Group Limited
    End CA:00200936 For:NZF Type:GENERAL Time:2010-10-12 15:47:48

  2. #42
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    In case you missed it, NZF ran a 3 column x 180cm colour advertisement in the business section of the Herald on Saturday offering depositors 9.25% for 12 months, secured by first ranking debenture stock over the assets of the company, looks like the finance company division is going to fire up again!

  3. #43
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    Quote Originally Posted by invessi View Post
    In case you missed it, NZF ran a 3 column x 180cm colour advertisement in the business section of the Herald on Saturday offering depositors 9.25% for 12 months, secured by first ranking debenture stock over the assets of the company, looks like the finance company division is going to fire up again!
    In case you missed it Invessi, one of NZF's Directors , Peter Huljich is now up on criminal charges. The Securities Commission allege he failed to disclose third party loans in offer documents and that he “misled prospective investors by misrepresenting the investment performance of the scheme's funds in offer documents.”. Innocent til proven guilty Invessi but does the news that one of NZF's directors has been accused of such practice fill you with confidence. If it does you are pretty much on your own - theres only one buy bid at the moment and thats at 10 cents which as low as this stock has ever gone.

  4. #44
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    Minimoke, I have to say it is regretable that PH has been targeted, there are others far more worthy of prosecution in my view. I am inclined to agree with Phil Macalisters blog this morning on Good returns (below). As to the share price, I don't see that changing much until we get a good news story and they start paying dividends again!

    I thought it was worth having a go at trying to defend Peter Huljich. As readers will know the Securities Commission laid criminal charges against Peter Huljich and Huljich Wealth Management (HWM) for allegedly misrepresenting its KiwiSaver funds to the public.

    Since this story broke there has been plenty about it including a comprehensive statement from Huljich about what happened. This is detailed elsewhere on Good Returns.

    As part of the background Huljich has acknowledged there was a mistake, stepped aside from his role and offered make ups to its KiwiSaver members.

    Now the Securities Commission lays criminal charges against him which, if proven, could result in time behind bars.

    The so-called victims of this alleged crime haven’t lost money and have been told that if they are unhappy about HWM they can switch to another of the many KiwiSaver providers in the market place – for free.

    Here’s the bit I don’t understand – why is the Securities Commission taking this action when there are plenty of other potential cases where investors were deliberately misled; are real victims as they lost money and are now suffering. Secondly, did Huljich really top up the funds without anyone else associated with the business knowing?

    I don’t know if Huljich set out to deliberately mislead investors, and unless there is some smoking gun then it would be hard to secure a conviction.

    Likewise it is incredibly difficult to believe the Huljich took the actions he did and no one else knew anything about it or raised any objections.

    The directors who signed off the accounts should be included in any criminal proceedings the Securities Commission pursues.

    So too should Trustees Executors which is both the trustee for the fund, and the fund administrator.

    With this latter role the company must have known what happened and approved it. If it had doubts it should have walked across the room and raised it with trustee.

    Looking at the 3rd Annual ASSET Magazine KiwiSaver survey it is clear that HWM has done well signing up members.

    Indeed our analysis of data shows that HWM was one of the most successful managers in the year to March 31 at signing up new members and had the highest growth in FUM at a whopping 625%.

    Yes, justice has to be seen to be done, but again why this case when there are plenty of others where there are actual victims? Is the commission just after a high profile scalp to look good?

    You can see why I didn’t follow my father, grandfather and uncle into the legal profession!

    This entry was posted on Sunday, November 21st, 2010 at 11:42 am and is filed under KiwiSaver. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  5. #45
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    Quote Originally Posted by invessi View Post
    Minimoke, I have to say it is regretable that PH has been targeted, there are others far more worthy of prosecution in my view. I am inclined to agree with Phil Macalisters blog this morning on Good returns (below). As to the share price, I don't see that changing much until we get a good news story and they start paying dividends again!
    I don't know that he has been targeted - where he is today is where he ought to be. In the Kiwisaver arena there is no one more deserving of charges being laid against them than PH. He's the first to be found out for doing dodgy things so it is only right that his actions be judged by the judiciary to determine if those actions are legally acceptable. Other KiwiSaver providers will be watching closely.

    Macalister also has the advantage of hindsight - sure there were no victims. But that was only because he was caught out in time. Sure there are others more deserving - and Sec Comm seems to have its work cut out at them moment - there is no shortage of potential crims who are no doubt in their sights. One of the biggest fish would of course be Alan Hubbard who did the same thing as Huljich - and look where his investors have ended up now. If it wasn't for the Govt Guarantee they would be right up **** creek.

  6. #46
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    Oh, there are still buyers and sellers then!

    Last VWAP Buy Sell High Low First Volume Value
    15
    (NZD)

    23/11 13:42 NZT

    15 12 15 15 15 8,207 $1,231

  7. #47
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    Minimoke

    A word to the wise, Feely has his place in our society and it is good to know there are people like him looking out for us but in my observation, people like him are salaried and have their targets to meet and need public support to keep office, nothing new or particularly wrong about that except when their targets are met and their persona are achieved by going after the easy fish, who on a scale of 1 to 10, are maybe about a 2.

    This was very evident when they prosecuted Brian Clegg of Clegg and Co, in terms of wrong doing, he was on a scale of about 2, maybe 3, his company was very small, he was trying to balance his covenents between the finance company and capital notes ratios, when a capital notes investor needed an urgent early withdrawal to assist his situation, the covenent was breached (although not greatly) and the trustee pulled the plug, Brian Clegg was then prosecuted albiet they did deals behind the scenes of course to get him to plead guilty! Is this really equitable justice or is it just moving the cards around!

    I am sure you and I will know quite a number of disgraced finance company directors and others who are still at large, many of them are still lenders under some newly invented vehicle, some of the most nortorious are part of property lending syndicates, some are asking for a 10% fee up front and charging 17% interest rate.

    I am currently reading the "Southern Octypus", this a a book about the inception and growth of our Australasian merchant shipping industry, it was a ruthless and calculating industry, nothing has changed in this country, its all about who has the most influential friends, the most money and the best lawyers, another good book on this subject is lawyers, guns and money by Ian Wishhart.

    In my mind, Peter Huljich is the next easy target!

  8. #48
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    Quote Originally Posted by invessi View Post
    Oh, there are still buyers and sellers then!

    Last VWAP Buy Sell High Low First Volume Value
    15
    (NZD)

    23/11 13:42 NZT

    15 12 15 15 15 8,207 $1,231
    look to me like someone was shouting lunch at the Viaduct and needed a bit of cash to pay for it.

  9. #49
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    Quote Originally Posted by invessi
    In my mind, Peter Huljich is the next easy target!
    I agree. I think the evolution of the SFO along US District Attorney lines is a very unfortunate development. In certain cases this office is an elected position and becomes mired in the political process. I think Feeley has abandoned the NZ character (measured, fair) in favour of some Hollywood "image".

    Look at the web site, the key performance indicators emblazoned front and centre:

    http://www.sfo.govt.nz/

    I wonder if Adam gets confused from his role at Eden Park Redevelopment and believes the SFO is managing some kind of sporting event.

    Given the catastrophic collapse of the mezzanine finance sector (how many company failures is it now? how many billion$?) you would have to say the Commerce Commission and the Securities Commission need to be investigated for gross negligence.

    If this was expressed in civil engineering terms - we lose all major structures built by Fletcher, Mainzeal and a host of others due to civil works failure; do you think there would be an investigation into the enforcement of the building code (or even a bit of a look at the code itself)? Not in New Zealand - we would put anyone else with buildings that did not fail under the microscope and pursue them with US DA style "prosecution".

    I just hope the civil works at Eden Park are up to the mark.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

  10. #50
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    News!

    HOME
    SHAREHOLDERS
    KIWISAVER
    CONTACT


    We are pleased to announce that NZF is in the final stages of negotiation with a new business partner which was a strategy announced late last year. Since then we have looked at a number of options and narrowed these to one party which we believe offers the most effective solution for NZF.
    We are currently involved in the final stages of the due diligence process and as a consequence we must suspend all new originations from NZF HomeLoans until these negotiations and the necessary due diligence is complete.
    This means that we will not be writing any new business for the next few weeks, while this process is being undertaken. All existing loans will continue to be serviced in the usual manner, and for those loans where full solicitor documentation has been completed but have yet to settle, these commitments will be honored.
    We will keep you informed once origination can recommence.
    This is a very exciting step for NZF, and one that will enable us to grow the business to a scale that under existing structures would not have been possible.
    As always, if you have any questions, please give us a ring – otherwise, stand by for further news as it comes to hand.

    To contact Scot Bailey -
    0800 80 40 70 or e-mail at bdm@nzf.co.nz



    As a result of the Unsolicited Electronics Message Act 2007 which came into effect on September 5, 2007, we are required to have your consent to send promotional electronic messages. As you have been receiving information from us in the past, on a regular basis, and have not requested to be removed from our membership database, we infer that you consent to receive similar emails from us in the future. However, if you do not wish to receive future emails from us, please let us know by replying to this message including ‘Unsubscribe’ in the subject line and you will be removed from our database immediately.
    This email was sent by: NZF BDM Team, NZF Money Limited, Level 2, 88 Broadway P O Box 1195, Shortland Street, Auckland. Toll Free: 0800 80 40 70 Fax Free: 0800 379 9080 E-mail: homeloans@nzf.co.nz or bdm@nzf.co.nz
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  11. #51
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    Quote Originally Posted by invessi View Post
    News!

    HOME
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    We are pleased to announce that NZF is in the final stages of negotiation with a new business partner which was a strategy announced late last year. Since then we have looked at a number of options and narrowed these to one party which we believe offers the most effective solution for NZF.
    We are currently involved in the final stages of the due diligence process and as a consequence we must suspend all new originations from NZF HomeLoans until these negotiations and the necessary due diligence is complete.
    This means that we will not be writing any new business for the next few weeks, while this process is being undertaken. All existing loans will continue to be serviced in the usual manner, and for those loans where full solicitor documentation has been completed but have yet to settle, these commitments will be honored.
    We will keep you informed once origination can recommence.
    This is a very exciting step for NZF, and one that will enable us to grow the business to a scale that under existing structures would not have been possible.
    As always, if you have any questions, please give us a ring – otherwise, stand by for further news as it comes to hand.

    To contact Scot Bailey -
    0800 80 40 70 or e-mail at bdm@nzf.co.nz



    As a result of the Unsolicited Electronics Message Act 2007 which came into effect on September 5, 2007, we are required to have your consent to send promotional electronic messages. As you have been receiving information from us in the past, on a regular basis, and have not requested to be removed from our membership database, we infer that you consent to receive similar emails from us in the future. However, if you do not wish to receive future emails from us, please let us know by replying to this message including ‘Unsubscribe’ in the subject line and you will be removed from our database immediately.
    This email was sent by: NZF BDM Team, NZF Money Limited, Level 2, 88 Broadway P O Box 1195, Shortland Street, Auckland. Toll Free: 0800 80 40 70 Fax Free: 0800 379 9080 E-mail: homeloans@nzf.co.nz or bdm@nzf.co.nz
    Unsubscribe
    This communication contains information that would seem to be of a market sensitive nature - why then was it not simultaneously released to the NZX?

  12. #52
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    Awww, come on, don't be harsh.

    We're all mates inside-ere.

    :-)

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    Clearly NZF is being "invested in" or "taken over". (Why else would you suspend writing new loans during a due diligence).

    Any ideas who the new partner is?

    As an exercise - I compared the latest numbers from Dorchester (DPC) to NZF. NZF is in infinitely better shape and yet in normalised share price terms - NZF is a bargain. NZF is also multiple brands - Mike Pero mortgages is such a dominant brand and NZF owns 50% - yet there is not much market consciousness about the significance of MPM.

    A new equity partner and a restructure would be a great development.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

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    Yes, they are a bargain, I think "invested in" is the likely scenario, looks like it might be a new line of bank funding for home loans and the finance company arm, once they get the liquidity ratios right for the finance company, expect to see a investment grade S&P rating! And yes, MPM has been underrated by the market, they are profitable and a great distribution chain, distribution is key!!

  15. #55
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    Hi Guys,

    I have been the NZF010s for some time.

    Your comments above are not specific about NZF v NZF010.

    Do you see this as positive for both the shares and bonds, or are there negatives for the bonds? I can't see how, but you seem more up with the play on these than I am.

    Thanks,

    Alan.

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    Quote Originally Posted by Alan3285
    Your comments above are not specific about NZF v NZF010.

    Do you see this as positive for both the shares and bonds, or are there negatives for the bonds? I can't see how, but you seem more up with the play on these than I am.
    It will be positive for both.

    NZF shares are under pressure because of the percieved lack of capital adequacy. The basic businesses are under pressure - but are intact and recovering. (This is a near miraculous track record given what has happened to other businesses in the sector).

    NZF010 are under pressure because people are fearful they will convert to shares because of the point above. These were selling in volume at 75cents per dollar face - insane (low of 50cents or so). The margin has narrowed, recently. I would love mine to convert to shares at 14.5cents per share - the noteholders would end up controlling the company. However, for this reason, I do not believe that they will convert to shares.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

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    Quote Originally Posted by Enumerate View Post
    Clearly NZF is being "invested in" or "taken over". (Why else would you suspend writing new loans during a due diligence).
    I'm wondering if its actually a takeover. I can't figure out why you would suspend new loans if you are the one doing due diligence. It makes sense if your the one subject to due diligence. I'd have thought that a new investor would be encouraged by a growing loan book. And why would you make this statement to people on your email list and not to the market at large - unless you just want to spin a positive yarn to depositors.

    Perhaps the share price is depressed because they aren't making a profit. Perhaps its because one of their Directors is up on charges. Perhaps its because their Kiwi saver fund is showing negative returns when pretty much every on else is positive: (their diversified plan is down 5.28% when the average is up 6.36%) Perhaps punters see highs of $1.60 and the are now trending consistently down to $0.14 and wondering if the bottom has indeed been reached - especially now there is no Govt Guarantee golden parachute. Perhaps its because the property market is looking pretty rocky at the moment - reduced lending on falling values)

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    Minimoke Prospectous would be Invalid in my opinion If it did not detail possible changes in ownership.
    Possum The Cat

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    Trust Mini to make sure every silver lining has its cloud ...

    BTW the final year loss is due to a write down in intangibles - MPM is not making as much money as it used to. Operations is profitable.

    Huljich and HWM are probably part of the solution rather than part of the problem.

    The punters don't seem keen to sell any - the liquidity over the past year has been minimal. There does not seem to be any evidence for a rush to the door.

    The government guarantee never applied to the ordinary shares.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

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    Quote Originally Posted by Enumerate View Post
    Trust Mini to make sure every silver lining has its cloud ...
    Apologies for that - I guess I tend to see the cloud when thats self obvious. Distinguishing diminishing storm clouds from a smoke screen is often the challenge.

    BTW the final year loss is due to a write down in intangibles - MPM is not making as much money as it used to. Operations is profitable.
    ?? Finance Div -= $1.7m loss, Home Loans 1.7m profit, Finance $0.18 profit, Consumer finance $0.16m loss, management 1.1m loss. Operations actually made a $818,000 interim loss compared with a $2m profit for the previous period.

    The punters don't seem keen to sell any - the liquidity over the past year has been minimal. There does not seem to be any evidence for a rush to the door.
    There have never been too many punters wanting to buy either. Its a good day if there are more than a couple of buy bids.

    The government guarantee never applied to the ordinary shares.
    Thats a given. But during the guarantee depositors could support the share price knowing they would get their cash back. We only need to look at SCF to see how a company was artificially propped up. All credit to NZF - at least they are standing on their own two feet.

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