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

 


Government: RSI ‘State Of The Nation’ Report Published
latest research, science and innovation system report card is now available, and outlines how the system is performing, Research, Science and Innovation Minister Megan Woods has announced. “The report seeks to increase transparency, act as a reliable data source and stimulate discussion... More>>




Fonterra: Increases 2021/22 Forecast Farmgate Milk Price

Fonterra Co-operative Group Limited today increased and narrowed its forecast Farmgate Milk Price range to NZD $7.90 - $8.90 per kgMS, from NZD $7.25 - $8.75 per kgMS. The midpoint of the range, which farmers are paid off, has increased to NZD $8.40 per kgMS, from NZD $8.00 per kgMS... More>>

Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>



Pamu & Westpac: Market-leading Sustainability-Linked Loan

Westpac NZ and Pāmu have signed New Zealand’s most comprehensive Sustainability-Linked Loan to date, also the largest in the agricultural sector, and the first involving a state-owned enterprise. Pāmu, also known as Landcorp, is New Zealand’s biggest farming business. It will borrow $85m from Westpac NZ over three years... More>>


Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>