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Geneva founder Glenn Walker ousted from board

By Phil Boeyen, ShareChat Business News Editor

Friday 14th November 2008

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Geneva Finance founder Glenn Walker was ousted from the board of the firm at the annual meeting of shareholders this week. Shareholders Association chairman Bruce Sheppard and two of his nominees also failed the vote.

The board changes preserve the leadership of chairman Brian Walsh and managing director David O'Connell as the shareholders group failed in a resolution to have them ousted.

Geneva breached the covenants of its financing facility as at September 30 and has been in talks with financier BOS International, a unit of the UK's HBOS, which has the British government as a shareholder. The firm posted a $7.9 million loss in the 12 months ended March 31, 2008, after closing its branch network to cut costs.

Geneva has divided its loan book in two, with the new ledger comprising people with better credit records and the old made up of lower quality loans. As at Sept 30, old ledger loans were $43.7 million, or 43% of the total.

The company has a moratorium on some $138 million of deposits.

The shareholders' association cited the company's poor performance and changes in shareholdings as reasons to replace the current chairman and chief executive.

Debenture holders now own 53.6% of the company and note holders own 21%.

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