NZF writes off its $5.1m investment in NZF Money, takes $10.7m loss
NZF Group says it will write off its $5.1 million investment in NZF Money and will record a $10.7 million loss from discontinued operations in its accounts for the year ending March 2012 as a result of NZF Money going into receivership on July 22.
Thursday, September 22nd 2011, 5:37PM
by Jenny Ruth
The decision to take these write-offs followed yesterday's first report from NZF Money's receivers, Grant Graham and Brendon Gibson of KordaMentha, in which they said they don't expect unsecured creditors to receive any return.
NZF Group, as equity holder, ranks behind unsecured creditors.
"NZF would like to reiterate that the receivership of NZF Money has had minimal impact on the operation of NZF's profitable homeloans division and on NZF's 50% strategic investment in Mike Pero Mortgages," chief executive Mark Thornton says.
Thornton didn't mention the unnamed Australian private company which NZF has repeatedly said is expected to take a majority stake in NZF's home loans division.
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