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

 

Investors approve Hanover Debt Restructure


9 December 2008

Investors approve Hanover Debt Restructure Proposals

Hanover is pleased to announce that the Debt Restructure Proposals for secured depositors, secured stockholders, subordinated noteholders and bondholders have been approved at investor meetings held in Auckland today.

By value, over 70 per cent of each class of investor voted. All of the extraordinary resolutions, each of which required 75 per cent approval, were passed.

The results of the extraordinary resolutions, as a percentage of votes cast, were:

- Hanover Finance secured depositors – 92.97 per cent in favour
- United Finance secured stockholders – 94.15 per cent in favour
- Hanover Finance subordinated noteholders – 75.76 per cent in favour
- Hanover Capital bondholders – 93.23 per cent in favour

Hanover will now commence implementation of the plan.

Hanover chairman Greg Muir says investors have clearly understood the real issues triggering the restructuring proposal, and have demonstrated confidence in the board, management, shareholders and trustees to work through this difficult period in property and finance markets.

“Hanover is confident that the plan has every prospect of delivering on the repayment schedule endorsed by investors. We will be focused on achieving at least that outcome within the five-year term of the plan.”

Secured depositors and stockholders will receive a first repayment of capital on 15 March 2009, with further payments quarterly from the end of June 2009 through to December 2013.

ENDS

© 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>>