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Blue Chip goes into liquidation

Blue Chip's Australian listed parent company has put its namesake in New Zealand into voluntary liquidation. This brings to 21 the number of Blue Chip companies to collapse.

Thursday, April 10th 2008, 12:00AM

by The Landlord


Blue Chip said, in an announcement to the Australian Stock Exchange, that it was also changing its name to Northern Crest Investments “in order to quarantine the listed company from the reputational damage associated with the cancellation of the New Zealand franchise which operated under the Blue Chip brand.”

It says liquidators are yet to be appointed.

The Blue Chip New Zealand subsidiary performed a centralised treasury function within the group prior to the sale of the business to the New Zealand franchise, the company says.

Liquidators of the companies associated with the New Zealand Franchise requested Northern Crest put Blue Chip into liquidation “in order to provide greater transparency to the process they are undertaking.”

Northern Crest also said that it was planning an A$4 million capital raising with the aim of expanding its business model in Australia and abroad

“It was also determined that the company needed to adopt a brand that was unique on a world-wide basis and consistent with its long term aspirations.”

« Tax department rules on deducting accountancy feesDalziel lines up Blue Chip advisers »

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AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
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ASB Bank Special - 2.69 2.69 2.99
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BNZ - Mortgage One 5.15 - - -
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BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
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Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

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