Archive | Propertyfinance

Propertyfinance votes to liquidate

Published 1 June 2010

Propertyfinance Group Ltd managing director Darryl Queen was succinct in his NZX message following the company’s special meeting yesterday: “PFG wishes to advise that both resolutions put before shareholders at today’s special meeting were duly passed.”

 

The first of those resolutions was put the listed company into voluntary liquidation immediately, appointing Christchurch chartered accountant Murray Allott as liquidator. The second resolution was to apply to NZX to delist the shares trading on the NZAX.

 

Mr Queen & chairman Barney Sundstrum told shareholders in a letter recommending the meeting pass the resolutions: “Ultimately the directors’ recommendation stems from the almost entire demise of the New Zealand non-bank sector. This has been extensively debated & reported on within the wider media. “Clearly markets evolve and new products & new providers will no doubt appear over time. Unfortunately Propertyfinance Group does not have the capacity or strength to transition to that phase; the realities of today’s marketplace cannot be ignored.”

Earlier stories:

14 May 2010: Propertyfinance directors give up struggle

30 June 2009: Propertyfinance investors vote for director-led wind-down to continue

24 June 2009: Propertyfinance suspended

17 May 2009: Propertyfinance gets trustee OK to continue restructure talks

30 August 2007: 2 sets of receivers for Propertyfinance subsidiaries  

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Propertyfinance directors give up struggle

Published 14 May 2010

Propertyfinance Group Ltd’s directors determined this week the company “no longer has a viable business purpose or avenues to access capital & recommence any new business activities”.

 

They will recommend to shareholders that Propertyfinance be delisted & placed in voluntary liquidation, in light of the on-going regulatory & market changes in the New Zealand non-bank & property sectors.

 

They said the genesis of their decision to convene a special meeting to recommend liquidation was the receivership of the group’s principal operating subsidiary, Propertyfinance Securities Ltd, in late 2007. “The Propertyfinance Securities business no longer trades and is being wound down pursuant to a moratorium. The delisting & liquidation of Propertyfinance Group will not directly affect the Propertyfinance Securities moratorium wind-down, although the directors will continue to liaise & report to the Propertyfinance Securities trustee on both the moratorium progress & alternate work-out options that may arise.”

 

The directors of the Christchurch-based business are Darryl Queen & Barney Sundstrum, Christchurch, & Peter Taytlor, Blenheim.

 

Earlier stories:

30 June 2009: Propertyfinance investors vote for director-led wind-down to continue

24 June 2009: Propertyfinance suspended

17 May 2009: Propertyfinance gets trustee OK to continue restructure talks

30 August 2007: 2 sets of receivers for Propertyfinance subsidiaries   Want to comment? Go to the forum.

 

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Propertyfinance investors vote for director-led wind-down to continue

Published 30 June 2009

Propertyfinance Securities Ltd secured debenture stockholders voted 95.2% in favour yesterday of enabling the director-governed wind-down to continue.

 

The alternative was receivership. The company is a subsidiary of Propertyfinance Group Ltd, which will now seek to file its preliminary results for the March 2009 years as soon as it can.

 

NZX suspended trading in Propertyfinance shares on 23 June for its failure to provide the accounts on time.

 

Earlier stories:

24 June 2009: Propertyfinance suspended

17 May 2009: Propertyfinance gets trustee OK to continue restructure talks

 

Want to comment? Go to the forum.

                                                                                              

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Propertyfinance suspended

Published 23 June 2009

NZX said today it had suspended trading in Propertyfinance Group Ltd securities from the start of trading this morning because the company had failed to provide its preliminary full-year results on time.

 

Propertyfinance was due to file its 31 March results by 12 June. The company has scheduled a meeting of secured debentureholders for Monday 29 June to vote on a recommendation to allow the business to continue to be wound down through a moratorium under the control of its directors.

 

Managing director Darryl McQueen said it was either that or receivership.

 

Earlier story:

17 May 2009: Propertyfinance gets trustee OK to continue restructure talks

 

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Attribution: Company & NZX releases, story written by Bob Dey for the Bob Dey Property Report.

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Propertyfinance gets trustee OK to continue restructure talks

Published 17 May 2009

Propertyfinance Group Ltd said on Thursday its subsidiary, Propertyfinance Securities Ltd, had reached agreement with its trustee, Covenant Trustee Co Ltd, to continue discussions on restructuring the existing wind-down of its business.

 

Managing director Darryl Queen said it was anticipated that arrangements could be concluded and a special meeting of stockholders called to consider & vote on the directors’ revised plans by 30 June. “This agreement has enabled Propertyfinance Securities to put aside its previously announced High Court injunction.”

 

Earlier stories:

24 April 2009: Propertyfinance Securities fights to hold out receivers

22 April 2009: Commission bans “unbalanced” Propertyfinance promotions on moratorium restructure

25 April 2008: Propertyfinance reports loss, trading suspension ends, looks for opportunities

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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.

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Propertyfinance Securities fights to hold out receivers

Published 24 April 2009

Propertyfinance Group Ltd said on Wednesday its main subsidiary, Propertyfinance Securities Ltd, had applied for a High Court injunction to restrict its trustee, Covenant Trustee Co Ltd from being able to appoint receivers until Propertyfinance Securities can hold its previously announced special meeting of stockholders. Propertyfinance Securities directors Darryl Queen & Barney Sundstrum, supported by the trustee’s independent expert, “are strongly of the view that receivership provides no better result for Propertyfinance Securities’ stockholders than the revised moratorium that is to be put to the stockholders for approval. “The directors strongly believe that it is a fundamental principle that stockholders should ultimately make the decision whether or not to approve the revised moratorium.” On Monday, the Securities Commission banned advertisements by Propertyfinance Securities for the proposed restructure of its moratorium arrangements. Commission chairman Jane Diplock said: “The commission believes the advertisements were likely to mislead investors about the relative advantages & disadvantages of the proposal as compared with the alternative option of receivership, and did not comply with the law.”

 

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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.

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Commission bans “unbalanced” Propertyfinance promotions on moratorium restructure

Published 22 April 2009

The Securities Commission has banned advertisements by Propertyfinance Securities Ltd for the proposed restructure of its moratorium arrangements.

 

Commission chairman Jane Diplock said on Monday: “The commission believes the advertisements were likely to mislead investors about the relative advantages & disadvantages of the proposal as compared with the alternative option of receivership, and did not comply with the law.”

 

Propertyfinance Securities had been advertising its proposed restructure in roadshow presentations to investors and in briefing notes published on its website.

 

Receivers were called into the Christchurch-based listed finance company in August 2007 and the moratorium began in December 2007. The company failed to meet a scheduled payment in December 2008 and the commission understood it had been developing a proposal to restructure the moratorium since then.

 

“Its proposal involves varying the terms of the existing securities held by debentureholders, which amounts to a new offer of securities under the securities law. The commission believes the roadshow presentations were likely to mislead investors because they set out only the positive aspects of the restructure proposal, and only the negative aspects of the receivership option. By omitting the potential disadvantages to investors of the proposal and the potential advantages of receivership, they did not provide balanced information.

 

“In the commission’s view, the offer does not comply with the law because there is no registered prospectus. Under the law, securities can not be advertised until there is a registered prospectus, except in certain limited circumstances which do not apply in this case. Moratorium documents are a form of offer documents and are therefore subject to the same rules as other offer documents.”

 

Propertyfinance Securities’ directors, Darryl Queen & Barney Sundstrum,  told the commission they had received legal advice on the presentation and believed the contents to be true & accurate, but would respect the commission’s views & findings.

 

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Attribution: Commission release, story written by Bob Dey for the Bob Dey Property Report.

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Propertyfinance suspension lifted

Published 9 September 2008

NZX lifted Propertyfinance Group Ltd’s shares from its trading suspension today after the company released its annual report.

 

The suspension began on 8 August. The company will hold its annual meeting on Friday 17 October in Christchurch.

 

Earlier stories:

3 August 2008: Propertyfinance faces suspension

25 April 2008: Propertyfinance reports loss, trading suspension ends, looks for opportunities

 

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Attribution: Company statement, story written by Bob Dey for this website.

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Propertyfinance promises annual report soon

Published 13 August 2008

Propertyfinance Group Ltd made an announcement about its delayed annual report today – it’s on the way soon.Managing director Darryl Queen said today: “Whilst the annual report is in its final draft format, a number of 31 March balances are required and have been sought by the directors & auditors from the third party responsible. This information is expected to be at hand shortly and the annual report will be filed thereafter.“This year’s annual meeting, scheduled to be held on 22 August, will need to bedelayed. A revised annual meeting date will be advised as soon as it can be confirmed.”

 

The NZX suspended Propertyfinance shares from trading on 8 August after the annual report failed to materialise.

 

Earlier stories

3 August 2008: Propertyfinance faces suspension

25 April 2008: Propertyfinance reports loss, trading suspension ends, looks for opportunities

 

Want to comment? Email [email protected].

 

Attribution: Company release, story written by Bob Dey for The Bob Dey Property Report.

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Propertyfinance faces suspension

Published 3 August 2008

Propertyfinance Group Ltd didn’t provide its annual report for the year to March to NZX by the required date, 31 July. If the company doesn’t supply the report by Thursday 7 August its securities will be suspended from trading on Friday 8 August.

Last story:

25 April 2008: Propertyfinance reports loss, trading suspension ends, looks for opportunities

 

Want to comment? Email [email protected].

 

Attribution: Company statement, story written by Bob Dey for The Bob Dey Property Report.

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