Vehicle lender Geneva Finance said on Wednesday it had raised $1.66 million of new debt funding from 8 professional investors, enabling it to meet its own debt repayment programme ahead of schedule. Geneva, owned by the NZAX-listed GFNZ Group Ltd, placed a further $2.075 million of new business receivables into its Prime Asset Trust Ltd […]
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Hutchisons’ Federal Pacific to take cornerstone stake in Geneva Finance
Published 29 February 2012 Federal Pacific Group Ltd (Alan & Alistair Hutchison, Auckland), a financial services firm operating throughout the Pacific region, will become a cornerstone shareholder of NZAX-listed car loan provider GFNZ Group Ltd (ex-Geneva Finance) after the placement of 45 million additional ordinary shares. Federal Pacific has also arranged additional funding lines for […]
Read more →BOS waives minimum lending covenant after Geneva breach
Published 1 July 2011 GFNZ Group Ltd (ex-Geneva Finance Ltd) said yesterday its banker, BOS International (Australia) Ltd, had waived the breach of a minimum new lending covenant. When GFNZ released its financial results for the March year on 14 June, it said it was in breach of that covenant, but added: “The lending covenant […]
Read more →New authority stops Geneva issuing debt after covenant breach
Published 16 June 2011 The Financial Markets Authority has made an interim order to stop allotment of securities by GFNZ Group Ltd (ex-Geneva Finance Ltd). This is a new power, and chief executive Sean Hughes said yesterday it was the first time the authority had exercised it. GFNZ said when it released its financial results […]
Read more →Geneva’s old ledgers keep it in the red, new lending not quite up to lender’s benchmark
Published 15 June 2011 Geneva Finance Ltd increased its loss to $6.2 million in the March year, from $5 million in 2010, but its new business divisions made a net $1.2 million. The result was after paying no tax, against a $4.1 million tax bill in 2010. The company’s revenue fell 35% to $15.5 million, […]
Read more →Geneva wins support to convert notes & debentures
Published 31 March 2011 Geneva Finance Ltd won support today from all 3 of its investor categories for a debt-security conversion programme which will increase equity by $4.4 million. Holders of subordinated notes voted 79.5% in favour of the conversion, debentureholders 92% and shareholders 95%. Notes would be exchanged at the rate of 20,000 shares […]
Read more →Geneva asks to convert debt securities to meet capital adequacy ratio
Published 16 March 2011 Geneva Finance Ltdhas called a shareholder meeting for Thursday 31 March to approve a proposal to convert subordinated notes & debentures to equity.(The first meeting starts at noon, Commerce Club, Ohinerau St, Remuera). The proposal would require 88.75 million new shares for holders of subordinated notes and 97.4 million for debentureholders. […]
Read more →Geneva makes early moratorium repayment
Published 3 February 2011 Geneva Finance Ltd said today it would pay investors tomorrow the principal repayment due on 31 March. Geneva said it would bring forward both the debentureholders’ principal of $2.5 million and the scheduled BOS International (Australia) Ltd facility reduction of $2.5 million. The company has built up a positive cash position […]
Read more →Geneva reduces loss on 43% less revenue
Published 14 December 2010 Geneva Finance Ltd said today it cut its half-year loss from $2.6 million last year to $950,000, a 64% improvement, on revenue down 43% to $5.26 million. The company has segregated its operations into 4 business segments: The new business model, insurance, property (Geneva’s Mt Wellington head office is the only […]
Read more →Geneva tops $100 million in post-moratorium repayments
Published 8 October 2010 Geneva Finance Ltd said yesterday it had made $100.7 million of principal & interest repayments to investors since it entered a moratorium in November 2007. When the moratorium began, Geneva owed investors a net $132.4 million. The payments include interest payments to investors (including the company’s bankers) of $28.5 million, at […]
Read more →Geneva cuts loss, brings September payments forward
Published 13 June 2010 Geneva Finance Ltd said on Friday it reduced its March-year after-tax loss by 29%, from $7 million to $5 million, on revenue down 39% to $23.7 million. The basic loss/share was reduced from 9.34c to 6.2c/share. NTA is down from $1.28 to 94c/share. The company said the 2010 result was after […]
Read more →S&P raises Geneva & Quest ratings
Published 1 April 2010 Standard & Poor’s (Australia) Pty Ltd has improved its ratings on Geneva Finance Ltd & subsidiary company Quest Insurance Group Ltd following the approval by investors on Monday of an extension to Geneva’s moratorium. S&P said on Tuesday it had raised its long-term rating on Geneva from SD to CCC. […]
Read more →Chairman tells Geneva investors they must think differently as shareholders
Published 31 March 2010 Geneva Finance Ltd chairman David Smale told investors at the company’s moratorium-extension meeting on Monday they had to think differently as shareholders, but it probably made little difference. Faced with a choice between probable receivership if they rejected the extension and a brightening horizon for its business, they voted wholeheartedly in […]
Read more →BOS gives Geneva sliding extension; investor approval needed for their part of plan
Published 23 February 2010 Geneva Finance Ltd said on Friday it had reached agreement with its banker, BOSIAL (Bank of Scotland International (Australia) Ltd) on extending its term banking facility. But the proposal as it affects investors is subject to debenture- & noteholder approval and Geneva is planning investor meetings for the last week […]
Read more →BOSIAL tells Geneva full funding unlikely to be extended
Published 31 January 2010 BOS International (Australia) Ltd has told Geneva Finance Ltd it’s unlikely to extend its $35 million facility in full when it matures on 30 April 2011. Geneva breached some of its banking covenants in 2008 but secured agreement “on commercially acceptable terms, including an ongoing process of review of performance […]
Read more →Geneva makes second half-year pretax profit
Published 16 December 2009 Geneva Finance Ltd made a $2.6 million loss for the September half, but that was a 67% improvement on its performance a year earlier. Pretax, the company turned round from a $7.2 million loss in the September 2008 half to a $600,000 profit. It also made a $700,000 pretax profit in […]
Read more →Geneva looking better, but not the forecast much better
Published 14 June 2009 Geneva Finance Ltd paid the promised $48 million back to investors, made a loss – but a smaller one – for the March year and improved both its balance sheet & its operating cashflow. Geneva has revised forecasts made in the April 2008 capital reconstruction document, increasing expected revenue but lowering […]
Read more →Geneva reports a loss – but has eye on opportunities
Published 11 January 2009 Geneva Finance Ltd made a $7.7 million loss for the 6 months to September, mostly from extra provisioning of $9.4 million on its “old ledger”. But already – 8 months after getting investor approval for a capital reconstruction – managing director David O’Connell is talking of opportunities and leveraging new revenue […]
Read more →Geneva says it will file report before suspension deadline
Updated 17 December 2008 Geneva Finance Ltd said this evening it would file its half-yearly report with NZX no later than Monday next week, 22 December. Published 16 December 2008 NZX Regulation gave Geneva Finance Ltd until next Monday to issue its half-yearly report or have its securities suspended. Geneva was due to […]
Read more →BOS reconfirms Geneva funding
Published 1 December 2008 Geneva Finance Ltd has confirmed that its banker, BOS International (Australia) Ltd, has reconfirmed its $35 million funding facility through to 30 April 2011. Geneva said on 15 October it was in breach of some of its banking covenants and was discussing resolution with BOS. “Agreement has now been […]
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