Mystery still surrounds NZF's new equity partner

NZF Group has missed yet another deadline for announcing a deal with much-needed equity partners.

Tuesday, May 3rd 2011, 9:46AM 1 Comment

by Jenny Ruth

The company says it had expected two interested parties would have completed due diligence allowing it to announce a deal by April 29.

We are able to report that the due diligence process is still ongoing with both interested parties and that we will provide a further update once this process has been completed," NZF says. It hasn't provided any completion date this time.

NZF has been seeking new equity since early last year.

Early in March, international ratings agency Standard & Poor's has cut the company's finance subsidiary NZF Money's credit rating to "CCC," citing its weakened liquidity position and questioned its ongoing viability.

NZF, which reported a $1.4 million net loss for the six months ended September, is required by NZX listing rules to report its full-year results by May 30.

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Comments from our readers

On 3 May 2011 at 9:15 pm Deborah said:
Interesting use of the NZX term 'continuous disclosure'. And we wonder why NZ is in this state? Old boy network exists (bankers,lawyers et al) clever way to 'not' conduct business with suspending all lending by using excuse of the due diligence process. Can't wait to be informed of the two 'parties' involved, if only to have a good chuckle at how long it takes them to conduct 'due diligence'.
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