Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


Eastern Hi Fi gains waiver for pre-Xmas loan

Eastern Hi Fi gains waiver for urgent, pre-Christmas loan

Dec. 12 - Eastern Hi Fi Group, an importer and retailer of audio visual equipment, was granted a waiver from the NZX to raise NZ$3 million via a rights issue to remain solvent and buy stock for the peak Christmas season.

The company’s second-largest shareholder, James Urquhart, agreed to immediately advance NZ$1 million of the total sought by way of a loan, which is to convert to shares. Urquhart currently owns 19.8% of the company’s stock.

Under the rights issue, shareholders would get two shares for every share held at 15 cents apiece. The issue is subject to a vote by shareholders in January.

In September, the company reported a first-half loss of NZ$569,091 as revenue fell 26% to NZ$5.4 million.

The company incurred one-time costs to reduce the number of unprofitable stores. The stock last traded unchanged at 10 cents on Sept. 26 on the NZAX market.



© Scoop Media

Top Scoops Headlines


Any Questions: Scoop Launches New Q&A Website

It’s an easy way to find out party positions and allows you to view candidates’ answers side by side. It’s also a way for you to make your voice heard this election, and get the parties talking about the things that are important to you. More>>


Rawiri Taonui: The Maori Election

The election battle for the Maori seats 2017 opened last year when Maori Party President Tuku Morgan announced a peace deal with the Mana Movement aimed at securing all the Maori seats and holding the balance of power. More>>

Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>


Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>


Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>


Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>