Monday 26th March 2012
|Text too small?|
Trading in NZF Group shares and bonds has been halted as the company, which is under investigation by the Serious Fraud Office, prepares to make a material announcement.
The company halted trading on Friday in the lead-up to the SFO announcing it is probing some related party transactions by the financial services firm, NZX Market Supervision said in a statement.
On Friday, the white collar crime investigator said it has opened an investigation into a range of transactions between members of the group, its directors and officers from July 2006 to the present.
The investigation comes as NZF was in the final phase of selling a majority stake in its home loans unit and securitisation operations to Australian non-bank lender Resimac. The deal was touted as a means to recapitalise the ailing firm, and received shareholder approval last month.
NZF also has to contend with a claim it breached the terms of its Mike Pero Mortgages joint venture, with partner Liberty Financial lodging High Court proceedings last month. NZF said at the time it plans to vigorously defend all claims.
The company’s shares last traded on March 15 at 0.6 cents apiece, valuing NZF at $660,000. Its $18 million of listed bonds, which mature on March 15, 2016, and pay a coupon of 6 percent, last traded on Friday at $5.989 for every $100 bundle.
No comments yet
AIA June 2020 Monthly Traffic Update and July 2020 Preview
PCT - Delivering on strategy underpins strong operating result
KFL - August 2020 monthly update
BRM - August 2020 monthly update
MLN - August 2020 monthly update
Further COVID-19 Restrictions at SkyCity’s New Zealand Properties
FY20 results guidance met, Results date, Banking Facility
Sky sells OSB assets to NEP NZ, secures 10 year partnership
NZX fully operational - announcement re COVID-19
Heartland Market Update