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Perpetual pulls pin on Lombard

Lombard Group's wholly-owned subsidiary Lombard Finance & Investments has been placed into receivership by its trustee, Perpetual Trust.

Thursday, April 10th 2008, 11:15PM
PricewaterhouseCoopers partners John Fisk and John Waller have been appointed receivers of the company.

Lombard said last week that it would be asking investors to approve a moratorium in respect of its repayment obligations to debenture and note holders.

However, the trustee has reviewed the proposed moratorium and believes that it is in the best interests of investors to put the company into receivership.

"A detailed review of the company by Perpetual Trust with independent advice determined there was no compelling reason for a moratorium to proceed, and that the interests of investors will be better served by appointing receivers to independently address the issues the company has," chief executive Louise Edwards says.

All payments of principal and interest to debenture holders and note holders have been suspended with repayment to be announced by the receivers in due course.

Lombard Finance has $127 million of debenture stock and notes on behalf of 4,400 investors, and had a loan book of $137 million.

The receivership also applies to three other subsidiaries of Lombard Group, being Lombard Asset Finance, Lombard Property Holdings and Lombard Asset Finance No 2.

The receivership does not impact on the NZX-listed Lombard Group.

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