Share
- Release Date: 14/08/12 16:49
- Summary: GENERAL: GFL: Early Repayment and Deferral of Rights Issue
- Price Sensitive: No
- Download Document 2.16KB
GFL
14/08/2012 14:49
GENERAL
REL: 1449 HRS GFNZ Group Limited
GENERAL: GFL: Early Repayment and Deferral of Rights Issue
NZX Announcement - 14th August 2012
GFNZ Group Limited (previously known as Geneva Finance Limited) announces
today:
oThe early repayment of $2.5m, of the $5.0m investor's principal repayment
due 30 September 2012, and
oThe deferral of the proposed one for four rights Issue.
Investor Repayment
The Geneva Board and Management are pleased to announce that the Company is
now in a position to repay $1.25m of the $2.5m 30 September 2012 scheduled
Debenture Holders principal repayment; and bring forward $1.25m the $2.5m
30th September 2012 scheduled BOS International (Australia) Ltd (BOSIAL)
facility reduction.
The repayment will be made on Friday 17th August, six weeks ahead of
schedule. This announcement maintains Geneva's record of early repayment,
following on from the early repayments of the September 10, March 11,
September 11 and March 12 scheduled debenture principal repayments.
Unless repaid earlier, the remaining $2.5m will be paid out on the due date.
This repayment is being made 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 $130.0m 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 $38.6m at an average interest rate of 10.7% and principal repayments to
public debenture holders totaling $65.8m
Rights Issue:
The proposed one for four rights issue announced on 24th July has been
deferred. The company had planned on completing the information package in
time to have the matter voted on by shareholders at the AGM to be held on
28th August. However this was not achieved and the matter will now be
deferred. By early October, once the board has a clearer picture on timing, a
further announcement will be made to the market.
End CA:00225933 For:GFL Type:GENERAL Time:2012-08-14 14:49:37
