By Phil Boeyen, ShareChat Business News Editor
Friday 14th November 2008 |
Text too small? |
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%.
No comments yet
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai
RAD - Final Dividend and Strong FY24 Operating Performance
RYM - Group CEO Update