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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news