Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
BUSINESSDESK: Postie Plus Group has renegotiated its banking covenants with the Bank of New Zealand because there was a possibility it would breach them in October.
"Although it was not clear to Postie Plus Group whether a breach would in fact occur, the company advised BNZ and has now reached agreement with BNZ for a change to the company's banking covenants," the retailer says in a statement to NZX.
The change removed any concern about a breach in October 2012.
In September, the company reported an annual net loss of $183,000 including one-off restructuring costs.
The normalised full-year net profit was $493,000.
Chairman Richard Punter said then that having taken into account the company's financial position and compliance with all banking covenants, directors had decided to pay a final dividend of a cent a share on December 14.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- 'I guess I'm back to piracy' — Auckland man as HBO NOW follows through on cut-off threat
- Crying wolf as climate change takes a ‘hiatus’
- Rodney Hide is wrong on climate change
- The Moxie Sessions: Will the last person out of Ohura please turn out the lights (but for the love of God don’t unplug the navigation beacon)
- The changing face of retail and its commercial property spin-offs