Finance and investment firm NZF says it is optimistic about the year ahead despite expecting further losses over the failure of its subsidiary NZF Money - now in receivership.
Shareholders were told at the company's annual meeting on Friday that a deal with Resimac NZ Home Loans, a unit of the Australian non-bank lender, to take a majority stake in NZF Group's securitisation operations is crucial to the company's ongoing success.
NZF's chief executive Mark Thornton says the deal with Resimac is still conditional but the conditions are not onerous and he believes they can be relatively quickly resolved, allowing the deal to be completed by Christmas.
He says, once the deal is finalised with the deal finalised, the company will have access to cash at group level and it will also give a "go-forward" for NZF's securitisation vehicle.
Mark Thornton says the company will writeoff $10 million in equity from the failure of NZF Money.
The deposit-taking subsidiary of NZF Group was put in receivership in July after its parent failed to secure short-term funding to keep the finance company afloat.
