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Global-e's relaunch plans scuppered

Global-e Investments plans to raise $25 million and relaunch its bond product have been hit by sweeping staff resignations.

Thursday, February 1st 2001, 6:41AM

by Philip Macalister

Any chances Global-e Investments had of relaunching its bonus bond-cum-e commerce investment have been scuppered by mass staff resignations this week.

Chief operating officer Philip Markwick and three other staff have resigned from the company for personal reasons, and marketing manager Jane Malone is currently working out her notice.

Good Returns understands the only people left in the business are chairman and chief executive Damian Archbold and his secretary.

Global-e went to the market in the first quarter last year hoping to raise at least US$25.6 million in its bond issue.

The offer was pulled off the market in July after it failed to sell 25,000 of its US$1060 bonds and the money was refunded to investors.

Global-e also ran into a barrage of unfavourable press comment.

Despite being pulled off the market Global-e hoped to raise US$10 million to recapitalise the company and finance a relaunch.

Archbold said in the company's annual report late last year that Global-e was "on the verge of a major breakthrough which will create the momentum necessary to successfully relaunch."

He goes onto say that Global-e had received a letter of intent from an unnamed American company that would involved "a new shareholder funding the company's requirements."

However, auditors Gosling Chapman say it is unable to verify the US company will carry out that intention.

It says Global-e "would not be able to continue in operational existence for the foreseeable future" if the money isn't raised. Gosling Chapman goes onto say that about US$500,000 would be needed "for future losses and other liabilities, such as redundancies, which would arise as a result of the company ceasing activity."

In the year ending March 31, Global-e reported a loss of $3.02 million on revenues of $47,000. Net assets stood at $11,832 at balance date, three weeks after the bonds went on sale.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

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AMP Home Loans 6.49 5.69 6.29 6.40
AMP Home Loans $200k+ 6.39 5.59 5.99 6.30
AMP Home Loans LVR <80% - - 5.99 -
ANZ 5.99 5.85 6.49 6.85
ANZ LVR > 80 5.99 6.35 6.99 7.35
ANZ Special - - 5.95 -
ASB Bank 6.00 5.85 6.49 6.85
ASB Bank Special - - - -
BankDirect 6.00 5.85 6.49 6.85
BankDirect Special - - - -
BNZ - Classic - - 5.95 -
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.19 5.85 6.29 6.29
BNZ - Mortgage One 6.60 - - -
BNZ - Rapid Repay 6.19 - - -
BNZ - Std, FlyBuys 6.19 5.85 6.29 6.29
BNZ - TotalMoney 5.99 - - -
Credit Union Auckland 6.20 - - -
Credit Union Baywide 5.85 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Fidelity Life 5.70 5.40 6.00 -
Lender Flt 1yr 2yr 3yr
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 5.90 5.60 5.99 6.35
HBS LVR > 80% - - - -
Heartland 5.95 6.25 6.50 7.10
Heretaunga Building Society 5.75 5.50 6.30 -
Housing NZ Corp 5.75 5.50 6.30 6.40
HSBC Premier 6.24 5.59 6.29 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - 5.79 -
Lender Flt 1yr 2yr 3yr
Kiwibank 5.90 ▲5.85 ▲6.19 ▲6.60
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 5.60 - - -
Kiwibank LVR > 80% - - 6.29 6.40
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.45 5.95 6.60 -
NZ Home Loans 6.10 5.69 6.29 6.60
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.14 7.49 8.05
RESIMAC LVR < 80% 5.84 5.64 5.99 6.55
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 85% 6.84 6.64 6.99 7.55
RESIMAC LVR < 90% 7.84 7.64 7.99 8.55
SBS Bank 5.90 5.60 5.99 6.35
SBS LVR < 80% - - - -
Silver Fern 5.95 6.10 6.55 7.05
Southern Cross 5.95 6.25 6.50 7.10
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Sovereign Special - - - -
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TSB Bank 6.04 5.40 5.99 6.40
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Westpac 5.74 5.85 5.95 6.85
Westpac - Capped rates - 6.19 6.69 -
Westpac - Offset 5.74 - - -
Median 6.00 5.85 6.29 6.85

Last updated: 22 April 2014 9:04am

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The Health Funds Association says recent research from Roy Morgan has "false findings". An example is at December 2013, HFA says the number with health insurance cover stood at 1,336,000, what was the Roy Morgan figure?

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