NZF meeting fails to reach quorum

MICHAEL FOREMAN
Last updated 15:42 07/08/2014

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A special meeting held by troubled financial services company NZF Group has been adjourned after it narrowly failed to reach a quorum.

The meeting for holders of NZF capital notes needed a quorum representing at least 25 per cent of the notes on issue to proceed.

"Unfortunately, the holders of only 24.1 per cent of the total number of notes on issue were represented at the meeting today," NZF chairman Sean Joyce said.

"Consequently, the special meeting of the holders of the notes has been adjourned for 14 days."

NZF's finance company subsidiary, NZF Money, collapsed in July 2011 owing debenture-holders $16.4 million.

In April, the NZF board recommended to shareholders that the company be liquidated after uncertainties over appointing an auditor.

NZF said the failure of its finance company operations, the associated litigation and regulatory investigations associated with that failure and the inability of NZF to repay the capital notes in full led to discussions to wind down the business.

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