NZX-listed NZF Group Ltd has finally succeeded in transforming itself from a listed shell into a company with a future. It will change its name on Monday to Blackwell Global Group Ltd.
On Friday, NZF issued 313.8 million new shares to Blackwell Global Group, its managing director, Taiwanese wholesale investor Chai Kaw Sing (Michael Chai), and local associate James Law, raising $2.5 million. It also issued $500,000 of convertible notes to Blackwell.
Mr Chai, real estate agency owner Mr Law & lawyer Ewe Leong Lim have become directors, director Mark Thornton reverts to his role as chief executive and the 2 directors who’ve worked on keeping NZF alive, chair Sean Joyce & lawyer Craig Alexander, will stay on as independent directors.
As Blackwell, NZF will launch a new finance company operation, acquire assets related to a derivative trading operation and launch a new derivatives trading operation.
NZF listed as NZ Finance Holdings Ltd in 2004, with Huljich family interests in a cornerstone role. Its business was focused on mortgage lending. It struggled through the global financial crisis. Then, at the end of 2010, its affairs began to unravel. For more on the background, click on the 9 June story below.
23 June 2017: NZF passes resolutions to become Blackwell
9 June 2017: Listed shell NZF calls meeting on future as Blackwell finance & derivatives business
Attribution: Company release.