Monday 29th December 2014
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Mowbray Collectables, which is selling its stamp, coin and bank note trading business in a bid to return to profitability, has secured financing for its Peter Webb Galleries unit to enable it to continue trading.
The Wellington-based company has arranged short-term and long-term financing with Bank of New Zealand after warning in November that it was in talks with its bankers about refinancing and restructuring its debt to ensure its continued solvency, it said in a statement.
Chief executive and founder John Mowbray has said he will step down from the company he listed on the stock exchange in 2000, which has failed in his aim to grow to a significant size. The company had the worst six months in its history in the first half of its financial year, as its loss widened to $1.99 million from $700,000 in the year earlier period following poor trading at its Mowbray Bethunes and Peter Webb Galleries units, prompting a $1.28 million write down of its assets.
Shares in Mowbray last traded at 26 cents, and have shed 38 percent this year, lagging a 12 percent gain in the NZX All Index.
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