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

 


Postie Plus gains bank facility extension, avoids breach

Postie Plus gains extension of banking facilities, avoids breach

Dec. 6 (BusinessDesk) - Postie Plus Group has again avoided a breach of its banking covenants and gained a 12-monthextension on its facilities.

Bank of New Zealand completed its annual review of the banking facilities,” the Christchurch-based company said in a statement.

Postie Plus yesterday flagged potential breaches of its banking covenants for the months of November 2012, January and April 2013. That came after the retailer was forced to renegotiate terms of its loans with BNZ in October.

According to the company’s latest annual report, Postie Plus had secured bank loans of about $9.76 million as at Aug. 5 at an average interest rate of 5.15 percent. Notes to the accounts show the company didn’t meet its interest to ebit ratio covenant of 1.5 times for the rolling 12 months to April 2012 though it was in compliance with proprietorship and liquidity covenants.

Postie Plus got a waiver in May of this year but the bank at that time reserved its rights pending an expected return to compliance.

In September, the company reported an annual net loss of $183,000 including one-off restructuring costs. The normalised full-year net profit was $493,000.

The shares rose 5 percent to 21 cents. Volume was light with just 2,400 shares traded.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news