Geneva’s proposed Federal funding line raises eyebrows

Geneva’s proposed Federal funding line raises eyebrows
NZSA's Oliver Mander is advising to vote against a proposal at Geneva's special meeting. (Image: NZME)
Paul McBeth
Geneva Finance’s proposal to borrow about $10 million at an interest rate capped at 15% from its majority shareholder, Federal Pacific, has raised the ire of minority shareholders poised to vote on the resolution. The New Zealand Shareholders’ Association (NZSA) has reluctantly recommended investors vote against the proposal, which would give the lender the bridging finance it needs to pursue increased lending opportunities that its primary funder, Westpac, isn’t willing to extend. The retail investor lobby group and...

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