About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, July 2nd, 3:02PM
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 4.05  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • Dealer groups should be QFEs
    “Dealer groups play very important role in our wonderful industry, a very important part in my business especially as the...”
    3 hours ago by Cyril
  • Dealer groups should be QFEs
    “Wow, Jeff I take it that your opening title statement sir was not born out of the results from a well researched survey you...”
    1 day ago by Markyboy
  • Dealer groups should be QFEs
    “Removing all of the acronyms for a moment: all components of the "value chain" must add value in order to justify a payment....”
    1 day ago by Pragmatic
  • Dealer groups should be QFEs
    “Currently any "overseas" potential purchasers of Kepa would be looking and asking, what would we be purchasing. Turning it...”
    1 day ago by Backstage
  • Dealer groups should be QFEs
    “Surely you are not serious. It makes no commercial sense. The banks may be QFEs but they control the internal processes of...”
    1 day ago by Wise Move
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The Rural Bachelor of the Year competition at Fieldays this year was sponsored by whom?

Fonterra

Fidelity Life

OnePath

Sovereign

Partners Life

MORE QUIZZES »

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