By Phil Boeyen, ShareChat Business News Editor
Friday 14th November 2008
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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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