Hujich family sells NZF Group shares
Former NZF Group director Peter Huljich's family interests have been selling the company's shares, reducing their stake by a percentage point to 6.16% since late January.
Thursday, March 29th 2012, 9:03AM
by Jenny Ruth
In a notice to the stock exchange, Huljich said Best Investments, a company owned by his father and uncle, sold 1,007,667 NZF shares between January 26 and March 20 and that he and Best Investments now hold 6,776,289 shares with 5,768,622 held through Best Investments.
The shares sold accounted for about a third of trading in NZF shares over that period.
Even at the best price paid during that period, 0.6 cents, the sales would have reaped a maximum of $6,046.
Huljich resigned as a director of NZF in April last year after announcing the sale of his KiwiSaver operations, which had been sold through NZF companies including Mike Pero Mortgages. The KiwiSaver sale was settled on May 17, 2011.
Since then, NZF Group has endured one calamity after another including its finance company, NZF Money, going into receivership in July last year.
Earlier this week, it said it will probably have to convert its $18 million of capital notes to equity, swamping existing shareholders, because it is unlikely to come up with sufficient cash between now and the notes' maturity in March 2016.
Last week, the Serious Fraud Office announced it is investigating NZF Group with a primary focus on alleged related party transactions going back to 2006.
The sale of Huljich's KiwiSaver offering through NZF companies was declared as related party transactions in NZF's 2009, 2010 and 2011 annual reports. However, there is no indication these dealings are what the SFO is investigating.
| « NZF likely to convert its $18m capital notes to equity | Allied Farmers granted another year's life by finance coy receivers » |
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