Numeria follows in footsteps of Capital + Merchant
Small finance company, Numeria Finance, which is related to failed finance company Capital + Merchant Finance, has gone into receivership.
Monday, December 17th 2007, 4:35PM
Discussions between Perpetual Trust and Numeria's directors resulted in the agreement "that it is in the best interests of all Numeria debenture holders for the company to be placed into receivership."Numeria's difficulties are unrelated to the receivership of Capital + Merchant, but rather have been caused by insufficient cashflows which have put the company in breech of its Trust Deed.
Louise Edwards, the chief executive of Numeria's trustee company, Perpetual Trust, says: "The directors of Numeria had been working through an orderly wind down of the Numeria loan book. However, given the uncertainties with the timing of repayment of some of the key loans in the company's book, we were concerned that fair and equal treatment of all investors couldn't be assured."
Numeria's assets have been valued at approximately $7 million, which is welcome news to its 480 debenture holders, with debenture stock totaling $6.4 million.
Perpetual Trust has appointed KordaMentha (previously Ferrier Hodgson) partners Grant Graham and Brendon Gibson as receivers of Numeria.
| « Provincial payout reaches 72.5% | Fidelity says interest payment maybe postponed » |
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