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 […]
Geneva
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 […]
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 […]
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 […]
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, […]
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 […]
