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NZF, NEW ZEALAND FINANCE HOLDINGS LIMITED
plastic
post Posted: Sep 15 2015, 11:13 AM
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If we are to believe what the company says and there is to be a AGM in two weeks time, then to date, we still do not have notice of one.

Just what is going on with this shell I wonder.






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plastic
post Posted: Sep 1 2015, 04:53 PM
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I stand corrected on the detail of the AGM but the statement put out yesterday says it is to be held on the 29th. Was confusing AGM with Annual Report. All that is missing is the notice.

QUOTE
120 Annual meeting of shareholders

(1)

The board of a company must call an annual meeting of shareholders to be held—

(a) not later than 6 months after the balance date of the company; and

(b) not later than 15 months after the previous annual meeting.




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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 1 2015, 06:08 AM
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Everything has gone quiet on the Chinese dairy farm sale. Lochinver Station still has not settled even though it has been granted Overseas Investment Office approval months ago. And now, NZF has requested director nominations for a yet to be announced AGM.

I wonder if they are about to receive some names associated with Shanghai Pengxin and LandCorp/AgResearch.

I think it is six weeks notice required at statute for a AGM notice but the Constitution can trim that down to two. Statute also stipulates a AGM must be held within three months of EOY. That makes it the end of Sept. unless relief is granted by the exchange. Which it probably will be because everything else has been delayed.

According to the hard letter of the law, this company is unable to pay its listing costs plus any other cost they incur which makes it insolvent. One has to wonder why the authorities are wringing their hands of any kind of law enforcement on this one.



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What did Uncle Mel do to us?
 
rubra
post Posted: Jul 22 2015, 08:53 AM
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In Reply To: plastic's post @ Jul 1 2015, 08:25 PM

Funny how the Chinese are putting their ag. n vet. assets up for sale so soon after selling HBV to the yanks. And all just as the TPP is coming to a close this months end in Hawaii.

Sadly BLT has no ag. n vet. exposure.

Now if I didn't know any better I would say Enumerate and his cronies have hatched a plan to buy the Chinese assets which are up for a Claytons' sale while BLT struggles on with its supposed IPO.

Chinese company Shanghai Pengxin's total farm assets in New Zealand are up for sale, including 16 farms and a conditional agreement to buy Lochinver Station - but they are unlikely to be sold.

Because the company wants to restructure, the Overseas Investment Office (OIO) requires it to offer its assets for sale to New Zealanders.

The 16 dairy farms totalling 7885 hectares are the former Crafar family farms, bought controversially for $200 million in 2012.

They were listed for sale on Trade Me on Sunday on a "price by negotiation" basis and by Tuesday had been viewed 657 times

 
plastic
post Posted: Jul 1 2015, 08:25 PM
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As expected the notice of termination of Administration was put out today. That leaves the company as nothing but a shell with everyone on standby and presumably, not getting paid for their time and energies.

Overnight, we may see Greece rescue a deal from the fire. That would in my humble opinion, open the markets up. In some sectors at least. Perhaps the finance but maybe the biotech as well. So, is there any chance of a biotech company, like a Chinese led dairy company being backed in to the shell?

Time will tell I suppose.






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What did Uncle Mel do to us?
 
plastic
post Posted: Jun 30 2015, 12:23 PM
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There has been a rumour that a buyer is in the market for F&P Finance. HNZ has denied it to be them. I wonder if it is NZF. After all, this is what Enumerate had to say about it. If it turns out to be true, this will be the renaissance of the finance industry after the 2008 gutting. And there has to be some reason why they are not delisting.

http://www.sharetrader.co.nz/showthread.ph...(NZF-and-NZF010)

QUOTE
this company, with decent capitalisation, will be a candidate for a banking license.




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plastic
post Posted: Jun 30 2015, 11:43 AM
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This is what I would expect to happen unless the muteness of this company is a mask for something else.

If the Company Registrar is compelled by law to do the following, then what the hell is it doing listed on a stock exchange with its Chairman being a lawyer?

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Grounds for removal from register

(1)

Subject to this section, the Registrar must remove a company from the New Zealand register if—

(b) the Registrar has reasonable grounds to believe that—

(i) the company is not carrying on business; and

(ii) there is no proper reason for the company to continue in existence; or




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What did Uncle Mel do to us?
 
plastic
post Posted: Jun 29 2015, 05:48 PM
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Repayment date for the Deed is set down for tomorrow. A notice must be filed by the Administrator. After which the Deed is terminated with NZF becoming a shell waiting for a back door listing.

Now, can anyone at all tell me why these people haven't got a plan for either a back door listing or a delisting? The mute stance they have taken must put them outside of their continuous disclosure regime for after the Deed is terminated, the company immediately becomes unable to meet any expenses to remain on the NZX. Management must be aware of this. Which puts being mute into the status of being unlawful as the company is completely insolvent.

If NZX were on their game they would be delisting the company unilaterally anyway. But that is never going to happen.

So lets see what they come up with in the next few days.



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What did Uncle Mel do to us?
 
plastic
post Posted: Jun 15 2015, 04:22 PM
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See what I don't get is, if they are paying out all the cash and delisting the notes, then why are they maintaining the listing at all?

They have absolutely no means to pay listing fees or compliance costs. Why doesn't the NZX play its role and kick them out?

I get the feeling there is something the market is not being told here. That would leave this company in contravention of its continuous disclosure obligations.

QUOTE
At the Watershed Meeting held on 15 June 2015, the creditors of NZF Group Limited resolved that the Company execute the Deed of Company Arrangement (DOCA), which offers a full and final settlement payment to Note holders prior to the end of June 2015. The DOCA has now been executed by the Company and the Deed Administrators. A copy of the DOCA has been filed with the Registrar of Companies and will be available on the Companies Office website. The effect of execution of the DOCA is to end the administration. The Company is now subject to the DOCA, under which Peri Micaela Finnigan and Tony Leonard Maginness have been appointed jointly and severally as Deed Administrators. The DOCA allows for the Deed Administrators to distribute available funds to creditors, with Senior Creditors being paid in priority to Note holders. Note holders will be paid rateably and in proportion to the face value of their Capital Notes registered on the Company register as at the record date of 25 June 2015. It is anticipated that Note holders will receive approximately 12.7c in the dollar, in relation to their Capital Notes (subject to final calculations). No interest will be paid in respect of any claim. The date of payment will be no later than 30 June 2015. The Trust Deed in respect of the Capital Notes will be terminated upon payment to Note holders, and the Capital Notes will be de-listed from their public listing on the NZX.







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What did Uncle Mel do to us?
 
plastic
post Posted: May 23 2015, 08:14 AM
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If they are totally broke after making the capital repayment who is going to pay the listing fees? Not sure of the payment schedule for those. Are they annual, quarterly or monthly? Plus the transaction fees involved of the failed reverse merger and the liquidators fees.

Below they have telegraphed they are open to a reverse merger. This might be where the biotech bubble kicks off. Be nice to see a dilution rate of 99.9% instead of letting these cretenous morons have any decent slice of the pie.

QUOTE
2. NZF will maintain its designation as a Main Board listed company; and 3. NZF will be well placed to investigate a capital and operational restructure.




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