Rates Round Up
Hawk continues to circle Cynotech investors; Moody’s downgrades PINs notes series 2005-1; Closing in on Marchmont Securities’ identity.
Sunday, February 14th 2010, 9:20PM
Hawk continues to circle Cynotech investors
Former high-flyer Allan Hawkins is continuing to circle investors in Cynotech Holdings as he seeks to take over the finance company minnow and take it off the stock exchange.
So far, 16% of ordinary shareholders, 5.6% of convertible preference shareholders, and 27% of warrant holders have accepted the deal that would see shareholders swap their equity for preference shares in Hawkins' vehicle, Cynotech Securities Group.
Moody's downgrades PINs notes series 2005-1
Moody's Investor Services has downgraded Packaged Income Securities Notes series 205-1 to an A2 rating after it cut the rating of the Royal Bank of Scotland last week. The rating agency said the credit exposure to the bank and the legal and structural integrity of the security were the reason for behind the move. The notes are currently valued at 83.36 cents in the dollar, as at Feb. 8.
Closing in on Marchmont Securities' identity
The NZ Herald's Stock Takes is closing in on the identity of the person behind Marchmont Securties' low-ball offer for Strategic Finance debentures, reporting it understands the cheque to the finance company to cover the fee for releasing its register bore the name B. Whimp. Stock Takes speculates the mystery man is Bernard Whimp, who is currently on the banned director list. Meanwhile, questions have been raised about whether RA Fraser & Co, which represented Marchmont in its offer, displayed misleading and deceptive conduct, with at least one complaint lodged about its behaviour.
| « Failed finance companies net PwC more than $10mill | Bridgecorp directors front up in court » |
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