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- Release Date: 01/08/13 16:55
- Summary: GENERAL: GFL: Geneva Finance Announces Final Moratorium Repayment
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GFL
01/08/2013 14:55
GENERAL
REL: 1455 HRS GFNZ Group Limited
GENERAL: GFL: Geneva Finance Announces Final Moratorium Repayment
Media Release 1 August 2013
GENEVA FINANCE ANNOUNCES FINAL MORATORIUM REPAYMENT
NEARLY 2 YEARS AHEAD OF SCHEDULE
NZAX-listed auto loan provider GFNZ Group Ltd (Geneva) announced that the
final moratorium repayment was paid today, approximately 20 months ahead of
the scheduled date, 31 Mar 2015.
This repayment is being made under resolution 1.4(b) of the interest bearing
repayment plan to repay moratorium debenture holders and BOS International
(Australia) Limited early, either in full or in part on a pro rata basis.
Inclusive of this payment, Geneva Finance has repaid in excess of $169
million of investor principal and interest payments since the company entered
moratorium in November 2007 owing a net $132.4 million to investors. These
repayments are inclusive of interest payments to investors (including the
company's bankers) of approximately $41.8 million, at a weighted average
interest rate of 10.5%, and principal repayments to public debenture holders
totaling approximately $84.7 million.
Managing Director, David O'Connell said, "It has been a lot of hard work, but
unquestionably, the moratorium has worked in the favour of the public
debenture holders who (including today's payment) will have received $1,140
in cash per $1,000 of investment held when the moratorium commenced in
November 2007. These cash repayments included regular, six monthly principal
repayments plus interest at 11.1%. In addition public debenture holders still
hold their shares which at current market prices increase their returns by a
further $25 per $1,000 of investment. "
ends
About Geneva
Geneva is a New Zealand-owned finance company that provides finance and
financial services to the consumer credit and small to medium business
markets. Geneva commenced business on 7 October 2002. Geneva's loans are
originated through three distribution channels (Direct, Broker and Dealer),
processed by the central sales desk then administered through a national
operations centre located at Mt Wellington, Auckland.
Geneva (GFL) is listed on the NZAX. There are 280,872,249 issued shares held
by 2,618 investors.
Alexander Communications
Kate Alexander
+64 (0)27 244 6094
[email protected]
For
End CA:00239217 For:GFL Type:GENERAL Time:2013-08-01 14:55:14
(20min delay)