Friday 5th December 2008
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Wayne Croad, executive director at Finance Direct, increases his stake in the business to 30%, according to a statement.
Finance Direct is approved under the Crown Deposit Guarantee Scheme and NZF managing director John Callaghan said he's confident it can "continue to offer both competitive investment rates and remain a provider of choice in the consumer lending market."
It currently has a term deposit offer of 9.3% annual for a minimum 28 months. NZF managed to keep itself in profit in its first half ended Sept. 30, with $1.3 million, meeting the forecast it made in August.
As at Sept. 30, NZF had cash reserves of $6.7 million and total undrawn bank facilities of about $73 million.
Shares of NZF trade infrequently on the NZX, with 5,000 shares changing hands on Nov. 20 at 35 cents. The shares are down 46% this year.
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