DFH Restructuring Update
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Dominion Finance Holdings Limited (DFH) | 11:34 am, Friday 22 August 2008 | DFH | 0.010 |
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The directors of Dominion Finance Holdings Limited (DFH) advise that the
company presented final details for the company's proposed recapitalisation
for consideration by the trustees for stockholders of Dominion Finance Group
(DFG), and North South Finance (NSF). However the recapitalisation terms
were not to the satisfaction of the trustees.
Accordingly, the directors of DFH intend to promptly seek trustee approval to
present stockholders and the group's banks with separate restructuring
proposals for an orderly realisation of the assets of each of DFG and NSF.
While the directors are disappointed that it will not be possible to pursue
the recapitalisation proposal, the directors consider the orderly wind down
to be the next best available option for DFH, in the circumstances.
The restructuring will necessarily involve some immediate write-offs of
goodwill and brand value in the company's financial statements. The
directors are now moving to finalise the financial statements for each member
of the group for lodgement with NZX and the Companies Office.
