- 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
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