Directors of troubled lender Propertyfinance Group have called for the company to be voluntarily wound up and delisted, with a shareholder meeting upcoming for formal voting on the matter.The Christchurch-based first mortgage lender's shares were worth on
Directors of troubled lender Propertyfinance Group have called for the company to be voluntarily wound up and delisted, with a shareholder meeting upcoming for formal voting on the matter.
The Christchurch-based first mortgage lender’s shares were worth only three cents each today, after a long struggle during which it was very thinly traded, failed to file its accounts to NZX on time and did not meet repayments to its creditors.
Its principal operating subsidiary Propertyfinance Securities was wound up in late 2007, but delisting is not expected to directly affect that moratorium wind-down.
“In light of the ongoing regulatory and market changes in the New Zealand non-bank and property sectors, well canvassed in the media, Propertyfinance Group no longer has a viable business purpose or avenues to access capital and recommence any new business activities,” its managing director Darryl Queen said in an NZX announcement.
The company’s “survival efforts” had been unsuccessful, Mr Queen added.
Mr Queen did not respond to NBR requests for comment by deadline.
