NZF enters voluntary administration after second reverse listing fails
NZF has some $18 million in notes listed on the NZX's debt market.
NZF Group [NZX: NZF], the former financial services company, has entered voluntary administration after its second reverse listing proposal fell through.
Last month the Auckland-based finance company said it would look to find a way to return funds to its noteholders "in a timely and cost effective manner" after plans for its listed shell to be used by Inventory Technologies in a reverse listing fell through. NZF is now appointing administrators to "expedite a timely distribution of funds to the holders of NZF capital notes," it said in a statement.
NZF has some $18 million in notes listed on the NZX's debt market, and carry an annual interest of 6 percent and last traded in June 2013 for a yield of 260 percent. The notes are priced at $21.353 for every $100. NZF shares last traded at 1 cent, valuing the company at $1.1 million. Both notes and shares have been suspended since April last year.
The board first suggested liquidation in April last year, when restructuring plans aimed at returning the company to profitability fell over after auditor RSM Prince resigned a day after NZF was forced to restate its first-half results for a second time. The move was blocked by Nessock Custodians, which according to NZFs annual report holds 15.8 percent of NZF's $18 million in capital notes, as it tried to find more value in the business.
Since then NZF has had two failed attempts at a reverse listing.
(BusinessDesk)
Suze Metherell
Fri, 08 May 2015
Fri, 08 May 2015
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NZF enters voluntary administration after second reverse listing fails
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