Clegg & Co directors facing charges
Failed finance company Clegg & Co.'s directors Brian Clegg and Pamela Nicholson-Clegg have been charged over statements in their 2005 and 2006 prospectuses, and face up to five years in prison.
They each face two charges over statements in the documents and five further charges of providing false information to a trustee over the extent of their lending. Clegg faces another charge relating to misleading the Securities Commission.
The company fell into receivership in October 2007, owing 500 investors some $15 million. The receivers handling the company said members of the public are still owed $8 million, and any remaining payouts aren't likely to exceed 10 cents in the dollar.
BNZ says tax bill won't impact on any debt or equity obligations
Bank of New Zealand has stressed it will not default on any debt or equity obligations following the High Court's ruling in favour of the Inland Revenue Department that could cost the bank some $654 million.
The IRD successfully challenged the BNZ's of a binding ruling from the department on one transaction, which involved losses to the U.S. tax base, to a similar "structured finance" arrangement involving losses to New Zealand's tax base.
The bank will probably challenge the ruling, and in the first of several similar cases against the Westpac, ANZ, National Bank, Rabobank and ASB. Deutsche Bank has already settled.
Downer's Works Bond fully subscribed
Downer EDI Ltd.'s Works Bond closed fully subscribed for $150 million, which will be used to refinance debt and cover operating costs. The three-year fixed rate security, issued by subsidiary Works Finance Ltd., hold an investment grade rating and will pay 9.25% per annum, payable quarterly.
St Laurence resets Series 2 Bonds
St Laurence Property & Finance has reset the interest rate payable on its Series Bonds to 5.08% per annum from 5.47% in the previous quarter. The security's return is reset 2.25 percentage points over the three-month bank bill rate every three months, and has come down from 9.76% in the past two reviews.
Deutsche Bank starts buying back callable bonds
Deutsche Bank has started buying back its own 2009 callable bonds at 90 cents on the secondary market after deciding against calling them earlier. Bond holders have until June 2014 if they want to participate in the buyback.
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