NZF Group (NZF and NZF010)

[Tony Two Gloves]

Yes as Enumerate pointed out some of the bond holders that converted got so many shares they have now found themselves in the "Top Ten" shareholders in the company. The others I mentioned have simply slipped out of the top ten as there shareholding has been diluted. With Peter as Chairman there is still no independence on this board with all the directors being major shareholders, not a good look for a public company - I thought you said in a previous post that Craig Alexander was going on the board? In my opinion he would be mad to and maybe he has decided against this as i'm sure several other Independent Finance Company directors wish they had of as they are now feeling the price of receiving those director fees.

Mini - The only positives are.....well there are none for bond holders or shareholders, a small interest saving for the Company perhaps??

Invessi, the facts are if you converted and sold today you would lose 50% of your capital, if you retained your bonds and had to sell to day you would lose 80% of your capital - there was no "good" choice. So if you were in a position that you need your money back like you assumed you would get when you took these bonds, converting was the better of the two options, I suspect the majority of people will hold as they do not want to face the unpleasant truth of where this investment is at.

[minimoke]

I suspect the majority of people will hold as they do not want to face the unpleasant truth of where this investment is at.

If we look at ALF (and that is ugly - now at 1.1 cents, an all time low) holders were blinkered into thinking that rock bottom had been reached only to find new depths had yet to be plumbed. Holders of NZF will probably see the same SP trajectory.