Another Finance Company gone - Numeria Finance

The following press statement was sent to EUFA.

Wellington, Dec 17 NZPA -

A finance company involved with Capital + Merchant Finance has followed it into receivership. Numeria Finance has 480 debenture holders totaling $6.4 million of debenture stock. It has about $7m worth of assets. KordaMentha (previously Ferrier Hodgson) had been appointed as Numeria's receivers Numeria's trustee, Perpetual Trust, said the company's difficulties were unrelated to the receivership of Capital + Merchant Finance two weeks ago. Rather they had been caused by insufficient cashflows, which had put the company in breach of its trust deed. Perpetual's chief executive Louise Edwards said the directors of Numeria had been working through an orderly wind down of its loan book. "However, given the uncertainties with the timing of repayment of some of the key loans in the company's book, we were concerned that the fair and equal treatment of all investors couldn't be assured."Numeria shares common directors and ownership with Capital +Merchant, which owes about $190m to 7000 investors.

ENDS

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