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- Release Date: 30/03/12 12:58
- Summary: GENERAL: GFL: Investor's principal repayment due 31 Mar 12 paid
- Price Sensitive: No
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GFL
30/03/2012 10:58
GENERAL
REL: 1058 HRS GFNZ Group Limited
GENERAL: GFL: Investor's principal repayment due 31 Mar 12 paid
NZX Announcement - 30th March 2012
GFNZ Group Limited (previously known as Geneva Finance Limited) announces
Investor's principal repayment due 31st March 2012 will be paid out today.
Following on from the early repayment of the September 10 and March 11 and
September 2011 scheduled debenture principal repayments, the Geneva Board and
Management are pleased to announce that the Company is now in a position to
repay the 31st March 2012 Debenture Holders principal of $2.5m and the
scheduled BOS International (Australia) Ltd (BOSIAL) facility reduction of
$2.5m.
This repayment is being made early as a result of positive cash position of
the Group and the right under Resolution 1.4(b) of the Interest Bearing
Repayment Plan to repay Moratorium Debenture holders and BOSIAL early, either
in full or in part on a pro rata basis.
Inclusive of this payment, Geneva Finance has repaid $126.7m of investor
principal and interest payments since the Company entered moratorium in
November 2007 owing a net $132.4m to investors. These repayments are
inclusive of interest payments to investors (including the company's bankers)
of $38.5m at an average interest rate of 10.7% and principal repayments to
public debenture holders totaling $64.3m.
End CA:00221372 For:GFL Type:GENERAL Time:2012-03-30 10:58:39
(20min delay)