There should be! Their loan book is becoming an issue as S&P well know, the optimism in this company was poorly formed and their cash has almost gone. I would certainly be concerned if I had funds due shortly.......
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There should be! Their loan book is becoming an issue as S&P well know, the optimism in this company was poorly formed and their cash has almost gone. I would certainly be concerned if I had funds due shortly.......
The news today won't help get the deal over the line, pulling the Prospectus is the worst look possible IMHO.
Now they tell us they voluntarily withdrew the prospectus on Monday 18 July. Hmm - no market disclosure on that trivial development. So what was in those discussions with the FMA?
Further good news.....NOT. The death spiral is back!!
NZF
22/07/2011 09:28
CREDIT
REL: 0928 HRS NZF Group Limited
CREDIT: NZF: NZF Group Limited (NZF) - Continuous Disclosure
Further to our market announcements made earlier today, NZF advises that the
long-term issuer credit rating assigned to its wholly owned subsidiary
company, NZF Money Limited (NZFML), has been lowered one notch from"CCC-" to
"CC" by International Credit Rating Agency Standard & Poor's(S&P).
A copy of S&P's Research Update is attached to this Market Announcement,
which indicates that S&P will lower the issuer credit ratings assigned to
NZFML to "D" if the company fails to meet any of its creditorobligations
next week.
If Directors don't move, I'm sure the Trustee will - dark thoughts prevailing .......
Looks like they are disclosing as they go, apart from the time lag on the Prospectus withdrawal - obviously tyring to avoid community service or worse in the future....
Hey Mini is it just me and you in here, all the positive (blinded / stupid) people seem to have disappeared..... After reading numerous articles it looks like the FMA made them withdraw the Prospectus over poor disclosure of assset quality and liquidity issues, not all this BS that NZF voluntarily withdrew because of a defaulting borrower. In my opinion they have been holding on by a thread for well over a year and all the nay sayers that S&P were over reacting were wrong - they weren't and next week they will more than likely default and be given a "D".
I have never been able to understand the positivity some people have had for NZF, you canot keep losing 4 - 5 mil a year and keep harping on about your experienced lending team, Pero's is making no money and in reality is another broken model just like their consumer finance arm which they took a bath on. They do not have a viable business. The final straw for me was when Huljich resigned from the board, that was the day that the last remnants of hope disappeared!
Enumerate - is thsi spectacular enough for you?
NZF
22/07/2011 13:13
GENERAL
REL: 1313 HRS NZF Group Limited
GENERAL: NZF: NZF Group Limited (NZF) - Continuous Disclosure
NZF today advises that the Board of its subsidiary company, NZF Money Limited (NZFML), have explored various options for a short-term funding solution.
After giving the matter considerable thought and taking into consideration developments over the last couple of days, the Board of NZFML do not believe
that such a short-term solution is in the best interests of NZFML or its investors.
Accordingly, the Board of NZFML have requested NZFML's Trustee, Covenant Trustee Company Limited, to appoint a receiver. Further announcements will
be made in due course.