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Greenstone Energy bond launched; Retired banker to assess Aorangi hardship cases; PGG Wrightson boosts profits and deposits; Halifax sent ot liquidator.  

Monday, August 16th 2010, 6:00AM

by Paul McBeth

Greenstone Energy launches bond
Greenstone Energy, the joint venture between Infratil and the NZ Super Fund, is looking to raise $100 million in a retail bond.

The issue will pay a coupon of 7.35% per annum on the securities which mature on Oct. 16, 2016. The offer is only open to New Zealand residents, who will need at least $5,000 to take part.

The offer opens next week and closes on Sept. 15, with capacity for up to take another $100 million in oversubscriptions.

The bond has been eagerly awaited with brokers and fund managers telling investors that an offer would be forthcoming and that demand will probably be strong due to a lack of good corporate debt securities issued this year.

Retired banker to assess hardship cases for Aorangi investors
Grant Thornton, the statutory manager for some of Allan Hubbard's business interests, has appointed retired banker Dick Brown to determine whether investors in Aorangi Securities are suffering from hardship due to the funds being frozen.

Investors with urgent living expenses are being encouraged to contact the statutory manager.

PGG Wrightson Finance boosts profits, deposits
PGG Wrightson Finance boosted profit 15% to $8.9 million in a year where the financier's parent company restructured itself again, and achieved a strong enough credit rating to achieve the government's extended retail deposit guarantee.

The firm lifted revenue 3.6% to $58.7 million as its debenture programme grew $26 million to $247.6 million while its loan book shrank $29.5 million to $530.1 million.

Chairman John Anderson said "the balance sheet has been substantially strengthened, with the depth and capacity to see the group through foreseeable market and trading conditions, whilst the group continued to be focused on cash flows and further debt reductions."

Halifax sent to the liquidator
Nelson financier Halifax Finance has been sent to the liquidator by the High Court in Nelson, three years after the firm stopped trading. The company, which has links to LDC and F&I Finance, is under investigation by the Serious Fraud Office.

 

Paul is a staff writer for Good Returns based in Wellington.

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