Investment company Hellaby Holdings is reporting a 51 percent fall in core bank debt during the past year, and says it does not intend converting $50 million of capital notes which mature in June 2011 to shares.The company said today its core bank debt at
Investment company Hellaby Holdings is reporting a 51 percent fall in core bank debt during the past year, and says it does not intend converting $50 million of capital notes which mature in June 2011 to shares.
The company said today its core bank debt at June 30 was $25m, so total net debt including the $50m capital notes was expected to be around $75m.
Hellaby managing director John Williamson said that due to ongoing debt reduction since 2008, the company was able to provide clarity about the capital notes.
The company would either redeem the capital notes for cash, roll them over, or would combine the two options, he said.
Hellaby did not intend converting the capital notes to shares, as was allowed under the trust deed.
The company's balance sheet and portfolio had been significantly de-risked and planning could be done with greater confidence, Mr Williamson said.
Hellaby -- whose investments include Hannahs, No 1 Shoes, automotive parts distributor Brake&Transmission NZ, and Elldex Packaging -- expects to release its audited results for the year to June 30 on August 26.
