South Canterbury Finance changes auditor
South Canterbury Finance has ditched its Timaru-based auditor WoodNorth Myers in favour of Ernst & Young, one of the “big four”.
Questions were raised about the quality of the finance company’s auditors after South Canterbury’s annual report wound back some earlier transparency on related-party loans – an issue that was resolved when the company put out its latest prospectus.
Meanwhile, owner Allan Hubbard’s Scales Corp, which has loans and deposits with South Canterbury, boosted its net profit 80% to $13.6 million.
Meridian Energy plans to roll-over deposits
State-owned power company Meridian Energy plans to automatically roll-over deposits for the same term if it does not hear from investors.
This change comes in its third investment statement after the two previous statements said investments would be paid at maturity.
Allied Farmers coy on speculation over equity for asset swaps
Allied Farmers is coy about speculation in the New Zealand Herald it is looking at a debt-for-equity swap with Hanover Finance, putting out a release to the stock exchange saying it is “considering a number of strategic opportunities across its business sectors, none of which are currently concluded, although considerable work is being undertaken to determine whether any proposals can be completed.”
Goodman Property Trust bond interest rate will be at least 7.75%
Goodman Property Trust’s minimum interest rate has been set at 7.75%, and the entire $150 million issue has been allocated to NZX participants and institutional investors.
The margin has been set at 200 basis points over the relevant swap rate. The company said there will not be a public pool for the issue.
NZ Finance stakes claim in 12, 18 month space in quiet week for deposits
NZ Finance has upped its deposit rate for 12- and 18-month terms by 125 and 100 basis points in a relatively quiet week in the war for retail depositors.
Bank of New Zealand met ASB’s five-year rate of 6.85%, boosting its offer 10 points, while Southern Cross raised its four-year term by 50 basis points.
Wairarapa Building Society lifted its 12-month term by 25 points while SBS boosted its three-year term 15 points. KiwiBonds upped its 12-month rate by 25 basis points and its two-year rate 75 basis points, while the Hawkes Bay Building Society increased its 12-month terms by 50 points and its two- and three-year terms 15 and 30 basis points respectively.
All the rates can be seen at www.depositrates.co.nz
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