Geneva minorities stamp down Federal Pacific rate cap

The great finance company survivor. (Image: NZME)

Fri, 01 Dec 2023

Geneva Finance minority shareholders, including ex-chief David O’Connell and rich lister Peter Francis, showed just how to stare down a board when they extracted a lower interest rate cap on proposed related party loans.The unanimous support for the resolution letting Geneva borrow the greater of $10 million or 40% of the financier’s average market capitalisation from its biggest shareholder belies the tense negotiations that took place. The roughly two-hour extraordinary meeting in Auckland’s Sylvia Park on Wednesday was...

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