Kingfish, the New Zealand small-cap investor managed by Fisher Funds, posted its second six-monthly decline in net asset value in the face of a rout in stocks that have driven down prices worldwide.

Geneva Finance founder Glenn Walker was ousted from the board of the firm at the annual meeting of shareholders this week. Shareholders Association chairman Bruce Sheppard and two of his nominees also failed the vote.

Strategic Finance managers and directors, who were thwarted in their attempt to acquire the company from Australian parent Allco HIT, are in talks about a moratorium with the trustee and BOS International.

HRL Morrison & Co., the manager of Infratil, may also manage funds on behalf of Fisher Funds after acquiring a 26% stake in the closely held company.

Motor Trade Finance, a cooperative of more than 650 finance outlets, posted a full-year profit after it maintained sales of new loans and kept bad debts under control.

Ailing finance companies St Laurence and Dorchester Pacific have advanced their efforts to avoid receivership and repay investors after winning support for their revival proposals.

Guardian Trusts froze its $160 million CashPlus Fund to give it time to reshape the offering to comply with the government’s deposit guarantee scheme.

AXA New Zealand suspended three funds holding NZ$225 million in anticipation of increased redemptions as investors are attracted to government-guaranteed bank deposits.

The sale of Strategic Finance has been scrapped because deteriorating credit markets meant conditions of the transaction couldn’t be met.

Geneva Finance, the lender that closed its branch network to cut costs, said it is in breach of bank covenants and now expects a full-year loss because of an increase in bad loans.

Australia’s Allco HIT said the sale of Strategic Finance has hit a snag and it will resume negotiations with the investment group seeking to buy the finance company.

Dominion Finance Holdings, starved of funds because one of its operating units is in receivership and the other attempting a moratorium, will appoint a voluntary administrator.

Southland Building Society has gained registration as a bank, according to a statement from Reserve Bank of New Zealand.

Dominion Finance Holdings (DFH), whose shares last traded at 1 cent, was publicly censured by the stock exchange and fined NZ$65,000 after failing to file an annual report by the due date.

Geneva Finance, the lender that closed its branch network to cut costs, has spurned a lobby group's proposal that it hold a special meeting to vote on ousting directors.

Investment Research Group (IRG), the company formerly known as Viking Capital, agreed to buy Tauranga-based investment adviser Ellerie Cornwall.