There is no shortage of examples of Directors using the company as their own personal piggy bank. If the NZF Directors don't want to be cobbled with this tag they ought to be more transparent with the rest of the shareholders.
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My understanding is that Craig Alexander - lawyer is acting Chairman of NZF, at the time Richard Waddell became ill, it was promptly announced to the NZX, he has not resigned that I am aware of!
I am not aware that NZF are trying to hide anything, I have always found them to be transparent, however, there will always be information that is commercially sensitive and not announced to the market until the appropriate time. John Callaghans circumstances have been well documented by NZF!
I heard from a real estate agent friend of mine yesterday that Mike Pero Real Estate have already taken 60 agents on board and that they are now advertising for listings, I understand all of these agents are experienced with good track records, my friend has applied to join, he has been an agent with the one firm for the past 9 yeears and I would rate him in the top 5%!
NZF
18/02/2011 10:31
GENERAL
REL: 1031 HRS NZF Group Limited
GENERAL: NZF: NZF Group Limited (NZF) Capital Notes
NZF Group Limited (NZF) Capital Notes - expiry date for election of "Renewal
Option" of Capital Notes
As at 18 February 2011, the level of acceptances for the "Renewal Option" on
NZF Capital Notes was 29.2% by amount. The final date (Notification Date) for
acceptances to reach the Registrar is 5pm on 24 February 2011. Those
Noteholders who have not elected to accept the "Renewal Option" by this date
(which cannot be changed) will be allocated ordinary shares in NZF on the
Maturity Date under the terms of the Capital Notes Trust Deed.
The first interest payment on the new Capital Notes will be made on 15 June
2011.
Capital Noteholders that do not elect to accept the "Renewal Option" and are
allocated ordinary shares, should note that NZF last paid a dividend on its
shares in December 2008. NZF will not be paying a dividend in this financial
year and given the fragili
ty of the economic recovery and the major impact of
events that have occurred in the last three years, NZF are unable to
ascertain at this stage when dividend payments will recommence.
Malcolm Lindeque
For and on behalf of the board of directors
Company Secretary
ENDS
End CA:00205782 For:NZF Type:GENERAL Time:2011-02-18 10:31:59
Invessi, check the companies office he resigned effective 31/12/2010. Craig Alexander is not and has never been a director of NZF Group - these are both facts, maybe time to fire your "source".
Mini - looks like they don't want us to take shares with all that dividend talk....very subtle !
Who is this then!
The Board of Directors consists of six directors, four of
whom are non-executive directors. Richard Waddel is an
independent director
[as that term is defined in the NZX Listing Rules].
Mark Thornton
Executive Director
Mark has over 35 years
experience in the banking
and finance industry in
New Zealand. He initially
joined Bank of New Zealand
and gained experience in
areas of retail banking then
moving to managerial roles
in commercial and corporate
banking for 18 years up until
1992. He then moved to ASB
Bank Limited taking up a
management role in ASB’s
commercial division up until
2000 when he left to take up
full-time employment with
NZF. During his banking
career he focused on all facets
of lending assessment to a
wide range of businesses from
major corporate to medium
to small-sized companies. He
is a founding Director of NZF
and his current responsibilities
include lending evaluation
and assessment, the credit
approval process and debt
recovery.
Peter Huljich
BCom, Dip. NZX, SA Fin.
Non-Executive Director
Peter is the founder of Huljich
Wealth Management, New
Zealand’s largest KiwiSaver
provider in terms of members
with a fully-owned New
Zealand manager. He has
extensive and specialist
knowledge of the financial
markets with over ten years
experience successfully
investing in New Zealand,
Australia, Europe and the
Americas. His understanding
of and familiarity with
the securities industry
complements the strengths of
the current Board. In addition
he is a Non-Executive Director
of Finance Direct Limited and
a member of the New Zealand
Business Roundtable.
On 10 November 2010, the
Securities Commission
filed criminal proceedings
against Peter Huljich as a
director of Huljich Wealth
Management (New Zealand)
Limited alleging certain
compensation payments
made by Peter Huljich to the
Huljich KiwiSaver Scheme in
2007 and 2008 should have
been referred to in the offering
documents and financial
statements for the Huljich
KiwiSaver Scheme. Peter
Huljich has advised that the
proceedings will be vigorously
defended.
Pat O’Connor
Non-Executive Director
Pat is well known and
respected in the local business
community. He has had a very
broad background primarily
focused on wholesaling and
retailing and up until recently
he owned and operated a
very successful chain of
stores, importing and retailing
furniture. He sold this
business to concentrate on his
diverse property interests. Pat
is a founding Director of NZF
and his involvement includes
an advisory capacity offering a
diversity of business skills and
experience.
Craig Alexander
LLB
Non-Executive Director
Craig was appointed as a
Director on 29 October 2010.
Craig is a Partner in Alexander
Dorrington Lawyers and
brings with him a wealth of
business experience having
practiced law for over 25 years
and having participated in
founding several successful
businesses. Craig specialises
in the commercial and
financial sectors and has a
particular interest in product
development for lending
institutions and business.
And hee is the source:
http://www.nzf.co.nz/Investors/Docs/...0Statement.pdf
That is NZF Money, not NZF Group - come on!. I would trust the companies office rather than a 12 month old Prospectus on the companies website, the info in that Prospectus has all changed and is no longer valid. NZF Group only has four directors, none of which are independant - neither Richard Waddel or Craig Alexander are currently directors.
http://www.business.govt.nz/companie...4151/directors
BTW I accept your apology without you having to ask :)
Who knows!.
NZF Website (which is presumably more up to date then the 2010 Investment Statement) say:Richard Waddell, Mark Thornton, John Callaghan, Peter Huljich and Pat O'Conner.
Companies Office (which is presumably the most reliable source) says John Callaghan, Peter Huljich, Pat O'Connor, Mark Thornton. No mention of Richard Waddell because he left in Dec 2010.
If we can'r reconcile the number of directors how will we reconcile their accounts?
invessi, mini and TTG are willing to provide the knife and fork.........Quote:
TTG, there is so much unsubstantiated and false comment on this site that it is laughable, you are way off course!
Clearly NZF want note holders to convert. Clearly the company is deep in the poo - no dividends in sight and no money to pay note holders.
There are a number of scenarios that can be developed in this situation. Heres one.
The majority shareholders have seen their value hammered over the past few years. They want to retrieve as much value as they can. They cannot maximize value if their shares are diluted by Noteholders taking up shares. Note holders can expect to sell their notes on the market (yea right) but at a likely significant discount. This isn't a problem for as long as they can be suckered into thinking NZF has a future and their notes will be paid out. In the meantime shareholders sell on market. Last sale was $0.10. If they can sell at $0.11 they have made 10%, shrinking their loss exposure. If they can sell in a merger / takeover they will get something back - but not as much if the noteholders have diluted share pool.
Paying interest to noteholders will give the illusion the company is fine. It also buys shareholders time to stich up a deal to sell their shares for the best return. How that sale impacts on Note holders is not of concern once they have exited the business.
In the meantime there is probably enough cash in the business to pay Director Fees which are in lieu of dividends. If there are large noteholders they may have a large enough stake to seek a position on the Board -again diluting the pool of fees available to existing directors.
Edit: in 2010 they paid $697,000 in Director fees (Callahan got $225,000). For a company worth $7.6m thats just under 10% "Special Dividend"
No mater how it is dressed up the best outcome is for Noteholders to roll their investment over for another 5 years.
TTG, There is only one board, that is the board for the group, NZF Money is part of the group, you said "Craig Alexander has never been on the board" so obviously you are incorrect on this point - also, I saw a document recently that showed Craig Alexander as Acting Chairman!
Invessi, I think you are confusing NZF with NZF Money.
Craig Alexander joined the board on NZF Money Limited on 29 October 2010. This was before Richard Wadell left on 31 Dec 2010. His illness was announced 20 March 2010.
At post 192The Board of NZF Money are now: Callaghan, Alexander, Henderson, Huljicjh, O'ceonner,and Thornton.Quote:
My understanding is that Craig Alexander - lawyer is acting Chairman of NZF, at the time Richard Waddell became ill, it was promptly announced to the NZX, he has not resigned that I am aware of!
If we want a discussion on NZF Money perhaps you could start a new thread.
Invessi.....yes you are getting a little confused and that is being kind, I stand by what I said because it is a verified fact as per the link in previous post. You have been incorrect on several points NZF Money has a different board and set of directors from NZF Group, Finance Direct and MPM. Craig Alexander may be acting chairman for NZF Money but he is not and has never been a director of the listed entity NZF Group. He is also chairman of Finance Direct - presumbly if he was chairman of NZF Group both Finance Direct and NZF Money would not be able to call him "Independant" in their respective offer documents.
it really is ok, you can say sorry TTG I was wrong and you were right :):)