2 May 2013

Further early payment to be made by GFNZ

8:37 pm on 2 May 2013

GFNZ, formerly Geneva Finance, will give investors another early payout of nearly $5 million under a moratorium agreement with shareholders.

The company has a track record of paying investors early.

The payment, which is due in September, will be made next week, and brings the total repaid since the moratorium began in 2007 to more than $144 million.

That includes more than $41 million in interest at an average rate of 10.5% to both its bankers and its retail debenture holders, as well as principal repayments of more than $73 million to the debenture holders.

Geneva owed $132.4 million when the moratorium began.

Managing director David O'Connell said positive operating cash flows and successful funding initiatives put GFNZ in a position to make the latest payment early.

Those included raising nearly $3 million in new equity and selling more than $5 million of receivables last year and selling the company's head office building in Mt Wellington in April this year.