About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, September 20th, 8:06AM
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 4.60  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • Bank advice concerns questioned
    “@Dr. Taylor. Dave Mason from BNZ here. BNZ has no restrictions on produce being on house as we do not manufacture. We prefer...”
    1 day ago by Bankadviser
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    2 days ago by interested observer
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    2 days ago by interested observer
  • Bank advice concerns questioned
    “Hi Mike, I think you are sharply understating the risks here of FMA directors and staff ultimately working for the banks...”
    2 days ago by Brent Sheather
  • Action needed on DIMS
    “Perhaps rather than reminding AFAs to get their house in order, the FMA would be better off spending that time finalising...”
    2 days ago by MPT Heretic
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

BNP Paribas Securities Services’ latest Asset Administration and Custody Review found worries about government regulation is causing how many to lose sleep?

50%

90%

33%

10%

67%

MORE QUIZZES »

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