Pyne Gould Corporation
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Pyne Gould Corporation Limited (PGC) | 8:28 am, Thursday 3 July 2008 | PGC | 2.630 |
 0.000 |
(+0.00%) |
Announcement - MARAC Finance Limited
Pyne Gould Corporation's subsidiary, MARAC Finance Limited (MARAC) performed
well in the year to 30 June 2008 and provides the following update for the
market.
The company has continued to build liquidity levels over the last few months
and now holds $160m of cash and undrawn funding lines. This does not include
any proceeds from the recently announced Secured Bond issue.
MARAC's retail funded, secured debenture programme remains at circa $560m
with reinvestment rates for June at 63%. The level of new funds received from
retail investors during May and June has increased significantly with new
funds for June being 26% above the average for the previous six months.
While asset growth in the second half of the financial year slowed MARAC's
asset quality remains strong and instalment arrears remain at normal levels
circa 0.5% of receivables.
MARAC's offer of $100m of 5 year, fixed rate, first ranking* Secured Bonds
with up to a further $25m of secured bonds available by way of
oversubscriptions, is open for subscription.
Full details of MARAC's Secured Bonds and the terms of their offer are set
out in the combined Investment Statement and Prospectus, dated 18 June 2008,
which can be found online at MARAC's website, www.marac.co.nz. Interested
investors should
contact their usual financial advisor, the Joint Lead Managers (Forsyth Barr
and ANZ), or MARAC for further information.
- Subject to permitted prior charges (currently none) and claims given
priority by legislation.
3 July 2008
For further information please contact:
Alan Williams
Chief Financial Officer
Pyne Gould Corporation Limited
Telephone 09 539 9763
Mobile 027 4773 189
