Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


$10 million subordinated note issue oversubscribed


Elders Finance $10 million subordinated note issue oversubscribed

Elders Finance Limited today announced it has attracted more than $10 million from fervent investors for the company's first subordinated unsecured note issue.

The investment opportunity offering 9.00% interest per annum for three years, after release on October 24th and was fully subscribed within its six week offer period and an advert campaign, which only lasted three days.

Hanover Group Chief Executive Officer, Mr Kerry Finnigan believes the reason behind the successful placement was due to the continued strong financial performance of the company, value of the Elders brand favoured by a strong customer base and the competitive returns on offer from the exceptional interest rates.

"Elders Finance has always been a proven performer for the Hanover Group with a stable and respected history but we were still astonished by how quickly funds have been deposited - this result is a huge vote of confidence from the market towards management philosophy and overall strategic company direction."

Elders Finance will use the subordinated note to support the existing high levels of equity already held by the business from $43.0 to $53.0 million.

Hanover Group Chairman, Mr Mark Hotchin adds; "The proceeds of this offering will further enhance both the strong equity position and balance sheet of Elders Finance - giving our investors even more confidence in the significant future planned ahead for the company."

In less than twelve months, Elders Finance's asset base has substantially grown from $300 million to $440 million and the company is a member of Hanover Group, New Zealand's largest privately owned financial services group*.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news