Published 1 June 2010
Propertyfinance Group Ltd managing director Darryl Queen was succinct in his NZX message following the company’s special meeting yesterday: “PFG wishes to advise that both resolutions put before shareholders at today’s special meeting were duly passed.”
The first of those resolutions was put the listed company into voluntary liquidation immediately, appointing Christchurch chartered accountant Murray Allott as liquidator. The second resolution was to apply to NZX to delist the shares trading on the NZAX.
Mr Queen & chairman Barney Sundstrum told shareholders in a letter recommending the meeting pass the resolutions: “Ultimately the directors’ recommendation stems from the almost entire demise of the New Zealand non-bank sector. This has been extensively debated & reported on within the wider media. “Clearly markets evolve and new products & new providers will no doubt appear over time. Unfortunately Propertyfinance Group does not have the capacity or strength to transition to that phase; the realities of today’s marketplace cannot be ignored.”
14 May 2010: Propertyfinance directors give up struggle
24 June 2009: Propertyfinance suspended
30 August 2007: 2 sets of receivers for Propertyfinance subsidiaries
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.