NZF Money Calls for Receivers

22 July 2011 - Which Way To Pay

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NZF Money Calls for Receivers

The NZF Group has announced that the board of its property lending subsidiary – NZF Money – have asked that a receiver is appointed by their trustee, Covenant Trustee Company.

In a statement to the stock exchange, NZF Group said that the board of NZF Money had 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 NZF Money do not believe that such a short-term solution is in the best interests of NZF money or its investors," the company said.

"Accordingly, the Board of NZF Money have requested NZF Money's trustee, Covenant Trustee Company Limited, to appoint a receiver. Further announcements will be made in due course."

The move comes after NZF Money was forced yesterday to withdraw its prospectus as a result of the Financial Markets Authority raising concerns about NZF Money’s disclosures of asset quality and liquidity. Thursday also brought news that NZF Money was working through options to address the impact of a $3.5 million contract between one of its borrowers and a buyer not settling as anticipated.

As of June 24 this year, NZF Money had secured debenture stock of $18 million and isn't liable to the extended Crown retail deposit guarantee scheme.

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