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Geneva Finance to repay principal early

GFNZ Group, formerly Geneva Finance, says it will repay principal early for the third consecutive time.

Thursday, September 1st 2011, 9:33AM

by Jenny Ruth

The $2.5 million repayment due September 30 can now be paid because GFNZ today paid the $2.5 million due to Bank of Scotland on September 30.

The company says the early repayments are the result of the its positive cash position.

"Inclusive of this payment, Geneva Finance has repaid $119.2 million of investor principal and interest payments since the company entered moratorium in November 2007 owing a net $132.4 million to investors," the company says.

"These repayments are inclusive of interest payments to investors (including the company's bankers) of $35.9 million at an average interest rate of 10.7% and principal repayments to public debenture holders totaling $61.9 million."

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