by Jenny Ruth
Perhaps even more importantly, its bank appears to be confident. Westpac has been privy to the negotiations with the potential business partners who have been conducting due diligence for months "and have agreed to renew the current Warehouse Facility of $225 million until 18 October 2012 on similar terms and conditions," NZF told the stock exchange.
The facility's expiry date had been October 18 this year.
NZF directors "are pleased to announce that the due diligence process with potential business partners has reached a stage where we are now confident of a successful outcome," the company said.
"As a consequence, the home loans division will resume origination activities under its committed Westpac warehouse facility."
NZF suspended lending under the facility early this year when it began negotiations with the potential partners. It has been seeking fresh equity since early last year.
NZF, last week, reported a $4.8 million net loss for the year ended March.
| « Bollard's views on inflation keenly sought; OCR on hold | TSB's mortgage book grows but profitability flat » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved