About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, July 27th, 9:41AM
rss
Latest Headlines

Dominion appoints administrator, cancells AGM

Dominion Finance Holdings, starved of funds because one of its operating units is in receivership and the other attempting a moratorium, will appoint a voluntary administrator.

Wednesday, October 8th 2008, 1:34PM

by Jonathan Underhill

The ailing finance company cancelled the annual shareholders meeting it had planned for next week, according to a statement signed by chairman Rick Bettle.

The shares last traded at one cent on October 2, giving Dominion Finance a market value of NZ$716,000. The shares have lost just short of 100% of their value this year.

An administrator looked inevitable this month after the NZX regulator imposed a NZ$65,000 fine on the company for failing to file an annual report by the due date. The company has "very limited cash resources in its own right," it said on October 1, responding to the fine and censure. "Neither subsidiary is in a position to provide funding, it said."

In May, the company posted an annual profit of NZ$8.95 million, generated by Dominion Finance Group and North South, and said it expected earnings to rise in the current year. Within a month, the two units were at risk of running short of cash as the global credit crisis and waning investor confidence dried up liquidity.

« AMP on the defensiveSouthland Building Society gains bank licence »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
RaboDirect 3.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • Could AFA compliance costs fall?
    “Who peer reviews? I have just discovered the RIS (Regulatory Impact statement) on proposed changes to FAA. In the section...”
    21 hours ago by Murray Weatherston
  • FMA wants more money
    “The FMA is underfunded given the scope of the mandate they have been given by the government. Pragmatic - would love to...”
    23 hours ago by gaman AFA
  • IFA mum on FANZ vote
    “Breaking news TAB slashes payout on a unanimous YES vote in both houses to 80 cents...”
    1 day ago by Murray Weatherston
  • FMA wants more money
    “1,853 x $200 = $370,600 = another tax on an already stretched community. $26m x 2% = $520,000 = the FMA should better manage...”
    1 day ago by Pragmatic
  • The value of insurance
    “It's incredulous that business revenue exceeds expenses. Daylight robbery I tell you! ...”
    2 days ago by kiwifruta
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com