Thursday 25th September 2008
|Text too small?|
"Co-operative capital, because of its redeemable nature, does not meet the test for equity under IFRS (International Financial Reporting Standards) and may not meet Reserve Bank requirements, it said in a statement to the NZX.
Motor Trade's 11.07% bonds trade on the NZDX market where they are quoted at a price of 83c. The company will put a restructuring proposal to its co-operative shareholders that includes additional capital and capitalisation of undistributed profits.
The change will help ensure the company can meet prudential, regulatory and operational requirements, it said.
The company "continues to trade profitably, in a slowing economy, and will deliver a result in
line with expectations and historical performance, for the year ending Sept. 30," it said.
"New loans written are marginally behind last year to date, with the reduction reflecting the slow down in vehicle sales." Arrears are "marginally above"
No comments yet
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report