The paper says Bridgecorp is in urgent talks with its trustee after defaulting on repayments of some term investments due to investors last week.
Strategic offer closed and full
Strategic Finance chief executive Kerry Finnigan said broker interest in the offer was particularly pleasing and was a sign of the broad-spread market confidence in the strength and stability of Strategic Finance.
It also reflected the benefits of the company's ownership under the Allco Finance umbrella with its well-backed ASX-listed parent company Allco HIT providing a form of guarantee to investors.
The shares will be quoted on the NZDX after allotment procedures have been completed.
Geneva Finance gets extra $20 million in funding
Geneva chief executive Shaun Riley says the increase reinforces Geneva's brand vision to become the mainstream non-bank lender for New Zealanders.
In the past 12 months, Geneva Finance has widened its range of financial products with the launch of home loans, commercial asset finance and a full range of insurances.
Riley says Geneva's debenture programme has seen strong demand in recent months.
The funding is provided by Bank of Scotland International (BOS) Australia.
PFS to offer high yield fund
Last year it launched its Rated Mortgage Bond programme, which is an NZDX listed offering with a BBB rating.
The group plans to develop and launch a High Yield Retail Fund later this year as a further extension of its funding strategy.
"This will enable the group to sell, on a risk priced basis, each loan it creates but retain long term management fees from the various funds.
"This evolution of the group's business model provides a competitive distinction from the traditional finance company model," chairman Barry Sunderson says.
This week's relaunches
Also this week, AlliedPrime officially mergers with Nationwide Finance - the business it recently bought from Hanover.
Comment: Pricing risk or buying market share?
As I have commented before the average retail investor has little clue about how scales work, and in some ways that is no surprise because they are convoluted. [READ ON]
Strategic Finance's perpetual preference share offer has closed oversubscribed by 25% and a total of 50 million Preference Shares with a face value of $50 million have been allotted.
Geneva Finance has had its wholesaled funding line increased by $20 million to $50 million with the money being used to underwrite the company's growth aspirations.
Christchurch-based PropertyfinanceSecurities says it plans to offer another rated bond offer this year.
Two companies relaunch themselves this week. As previously reported on Good Returns, Equitable has reorganised its business to make it operationally more efficient and also more transparent to investors and raters. The company is offering special launch rates.
The government's plans to make it mandatory for finance companies to get credit ratings has made me think some more about the value of these things.
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