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Geneva seeks debt-for-equity swap to stave off receivership

Friday 11th of March 2011

The company is at risk of breaching the minimum 8% capital adequacy ratio set by the Reserve Bank and, if it does, Covenant Trustee is likely to appoint receivers.

Holders of $4.4 million of subordinated notes will vote on March 31 on converting every $1,000 face value of their notes to 20,000 shares at an assumed five cents per share issue price.

Geneva shares last traded at five...

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