Hanover Finance has succeeded in its restructuring plan with all four resolutions put to a meeting in Auckland being passed.

And the questions have started. One United Finance investor asks if Hanover will be responsible for Axis liabilities.

The Hanover meeting on its debt restructuring has started with an independent chairman, lawyer Chris Darlow appointed to conduct proceedings.

Hanover says a last-minute attempt to disrupt tomorrow’s meetings of investors to consider the group’s debt restructure proposals has failed.

Kelley O’Dwyer has taken up the position of national sales manager Wealth within Kiwibank.

ING credit funds down again; EUFA asks court to stop Hanover meeting; Lower OCR plus for commercial property; Unlisted turns five.

Two themes come to mind this week with our news. One is communications and the other is falling interest rates.

Auckland

Richard McIntosh has been appointed to the position of head of legal and compliance for AIG Life.

The Reserve Bank today reduced the official cash rate (OCR) from 6.5% to 5.0%.

Investors are responding positively to quality investor communications – and are less likely to abandon their provider if they are satisfied with the information they are receiving about their investment.

Genesis Energy says there is strong interest for its first issue of unsecured, unsubordinated bonds and its initial target of raising $150 million has been exceeded. It will exercise its right to accept over-subscriptions of up to $75 million.

The Securities Commission has published an article providing guidance to investors considering moratorium proposals. See article here.

South Canterbury Finance has opened its $100 million of fixed rate, secured bonds, which is offering a return of 8% with quarterly interest payments.