18 Sep 2014

Possible lifeline for NZF Group

2:31 pm on 18 September 2014

Troubled finance company NZF Group looks set to escape the corporate graveyard.

Chairman Sean Joyce, who specialises in back-door stock exchange listings among other things, has discovered a potential business interested in using NZF's shell to list on the NZX.

Mr Joyce said that NZF has not signed any legally binding agreement yet, but has signed a confidentiality agreement with that business. The two parties have begun due diligence.

He said once that due diligence is completed, he would seek a binding agreement which would still be subject to the approval of NZF's shareholders and noteholders.

Trading in NZF's shares and notes was suspended in April this year.

Mr Joyce said if the back-door listing does proceed, he would expect to be able to announce the details by about 30 September.

He envisages the required disclosure documents would be completed by 10 December, special meetings of shareholders and noteholders would be held by 21 January, and that the transaction would be completed soon after.

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