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St Laurence quits lending, withdraws prospectus

Tuesday 24th June 2008

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St Laurence Ltd, the primary lending vehicle for the Wellington-based finance and property group, said it will quit lending and immediately withdraw its prospectus.

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.

COMMENT: Maybe ratings do mean something?

By Jonathan Underhill

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