Tuesday 24th June 2008 |
Text too small? |
The company isn't in default though given the current property lending market conditions there is "considerable risk that it might do so in the future," managing director Kevin Podmore said in a statement. He wasn't immediately available to answer questions.
St Laurence is seeking approval from debenture holders for an installment plan for repayments and has commissioned an independent adviser's report before putting a proposal to investors in July, the statement said.
"There is simply too much risk and uncertainty on our investors for us to continue our money lending operations," Podmore said. "We have not run out of cash but cash flows are at risk."
St Laurence had NZ$340 million of assets and NZ$277 million of liabilities as at March 31, according to the company's website.
No comments yet
PFI - Q3 Div & Upgraded FY25 Div Guidance, FY26 Div Guidance
AIA - Auckland Airport announces leadership team change
May 9th Morning Report
May 8th Morning Report
NZME Takeovers Panel determination
MNW - Commerce Commission clears the Contact Energy acquisition
May 7th Morning Report
General Capital Appoints New CFO
SUM - Summerset Considers Retail Bond Offer
SKC - Updated FY25 Full Year Earnings Guidance