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

 


Musical chairs as Genesis appoints new bonds trustee

Musical chairs at Genesis Energy as Trustees Executors becomes bond trustee

March 8 (BusinessDesk) – Genesis Energy, the state-owned energy company, has called a meeting of investors in its hybrid bonds to replace the trustee installed by the Financial Markets Authority with the Jim Bolger-chaired Trustees Executors.

In September, the FMA appointed Corporate Trust as trustee for the debt for a period of six months after declining to issue a licence to existing trustee Perpetual Trust. The interim appointment allowed Genesis time to either confirm Corporate Trust in the role for find an alternative.

“After discussions with a number of licensed providers of trustee services, and having undertaken a formal process to evaluate and determine the suitability of each of those service providers, Genesis proposes to appoint Trustee Executors as the new trustee in respect of the bonds,” it said in a notice of meeting.

Genesis first flagged its preference last month. Trustees Executors traces its lineage back to 1881.

Corporate Trust, which trades as Foundation Corporate Trust, was created by a management buyout of the trustee business of Pyne Gould Corp. Its sole shareholder is listed as Kim von Lanthen, Perpetual’s former risk management executive.

Perpetual's former head of corporate trust Matt Lancaster came across as managing director of Foundation and former Pyne Gould chairman Sam Maling to head its board.

Genesis has $275 million of the 2041 bonds, which pay a coupon of 8.5 percent. The bondholders's meeting will be in Auckland on March 26.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

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:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news