NZX Announce GFNZ Repays $5m to Creditors

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GFNZ Group Limited (previously known as Geneva Finance Limited) announces Investor’s principal repayment due 31st March 2012 will be paid out today.

Following on from the early repayment of the September 10 and March 11 and S

eptember 2011 scheduled debenture principal repayments, the Geneva Board and Management are pleased to announce that the Company is now in a position to repay the 31st March 2012 Debenture Holders principal of $2.5m and the scheduled BOS International (Australia) Ltd (BOSIAL) facility reduction of $2.5m.

This repayment is being made early as a result of positive cash position of the Group and the right under Resolution 1.4(b) of the Interest Bearing Repayment Plan to repay Moratorium Debenture holders and BOSIAL early, either in full or in part on a pro rata basis.

Inclusive of this payment, Geneva Finance has repaid $126.7m of investor principal and interest payments since the Company entered moratorium in November 2007 owing a net $132.4m to investors. These repayments are inclusive of interest payments to investors (including the company’s bankers) of $38.5m at an average interest rate of 10.7% and principal repayments to public debenture holders totaling $64.3m.