Propertyfinance seeks to delist from the sharemarket, go into voluntary liquidation
12th May 10, 4:38pm
Propertyfinance Group says given continuing regulatory and market changes in the non-bank deposit taking and property sectors, it no longer has a viable business or means to access capital. The directors, therefore plan to hold a special meeting seeking to delist and voluntarily liquidate the company. Read Propertyfinance's full statement below
Propertyfinance Group Limited (“PFG”) directors have determined that in light of the on-going regulatory and market changes in the New Zealand non-bank and property sectors, well canvassed in the media, PFG no longer has a viable business purpose or avenues to access capital and recommence any new business activities. The genesis of the directors’ decision to convene a Special Meeting of shareholders and recommend that PFG be delisted and enter voluntary liquidation stems from the receivership of the PFG principal operating subsidiary, Propertyfinance Securities Limited (PFSL), in late 2007. The PFSL business no longer trades and is being wound down pursuant to a moratorium. The de-listing and liquidation of PFG will not directly affect the PFSL moratorium wind-down although the directors will continue to liaise and report to the PFSL Trustee on both the Moratorium progress and alternate work-out options that may arise. The directors wish to record their thanks and appreciation to a wide range of stakeholders who have actively supported PFG’s survival efforts. Sadly these efforts have ultimately been unsuccessful as the New Zealand non-bank industry has all but disappeared except for a number of government sponsored entities.