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| Company |
Code |
Released |
Type |
Headline |
| Speirs Group Limited |
SGL |
1 Oct, 2007, 17:21 |
GENERAL |
Investment Offer appropriate to the current NZ
environment |
| Full Text of Announcement |
Speirs Group Limited has enjoyed the loyal support
of investors for more than 40 years. We are one of the
longest serving finance businesses in the country. We
are entirely New Zealand owned and, through our
ancestry, have been "growing" New Zealand
since 1875. We are 'stayers' in the New Zealand
commercial scene.
Our experience has taught us that 'stayers' do not sit
on their hands and do nothing when the failures of
some other finance companies - with significantly
different risk profiles to our own - cause a general
decline in investors' confidence in the finance
industry as a whole.
This is the time to reward our investors for their
loyalty and to build the strength of our business to
take advantage of the opportunities that are being
created by the industry "shake-out".
Over the past few weeks, we have kept you informed by
sending to you an up-dated 'fact sheet' covering
important matters as to Speirs finance business, as
well as copies of our formal statements to both New
Zealand Exchange Limited and to the Securities
Commission.
Liquidity - or the holding of sufficient cash - has
always been, and will continue to be, the key to
strength within the industry. Following that
philosophy, Speirs has always held sufficient cash or
maintained sufficient bank credit lines to meet every
contingency that it has hitherto experienced - and
that experience ranges over more than forty years in
the finance sector.
Now, as a matter of common business prudence, the
Directors of Speirs have decided to strengthen the
Company's liquidity position. Accordingly, we are
making a "one-off" special offer to all of
our loyal investors, shareholders and bondholders. The
offer lasts until 31 October 2007 for new secured
stock investments with us. To be fair, the offer
extends to accommodate the re-investment of all
maturing investments until a final close-off date of
31 December 2007.
The offer lasts until 31 October 2007 for new secured
stock investments with us - and for the re-investment
of all maturing investments (between 1 October 2007
and 31 December 2007) until a final close-off date of
31 December 2007 - which includes your maturing
investment should you have one.
Special "Loyalty Reward" Offer
New Investments
And Reinvestments falling due in October, November and
December 2007
6 Months
9.70% pa
9 Months
9.85% pa
12 Months
10.00% pa
18 Months
10.25% pa
One proviso - the special offer is limited to a total
of $20 million. First in, first served. To avoid
prejudicing those investors whose current investments
mature in October, November or December 2007, those
investors will receive an early maturity advice within
a day or so of this mailing, so that they can readily
participate in the offer.
Level 3, FMG House, 55 The Square, PO Box 400,
Palmerston North, New Zealand, Freephone 0800 654 545,
Fax 06 350 6020
Website www.speirs.co.nz, Email investments@speirs.co.nz
The offer is:
- New Investments - 0.85% above our latest investment
rates for an investment period of your choice ranging
from 6 months to 18 months. (see above for special
offer).
- Re-investment of maturing Secured Stock - 0.85%
above our latest investment rates for an investment
period of your choice ranging from 6 months to 18
months re-investments falling due in October, November
or December 2007. (see above for special offer)
If you would like to receive an Investment Statement
and Application form for Secured Stock please call
Leanne, Erin or Sarah on Freephone 0800 654 545 for
personal, friendly service, alternatively
e-mail investments@speirs.co.nz.
Perpetual Speirs Bonds Interest Rate Reset
In accordance with the Terms and Conditions of
Perpetual Speirs Bonds, we wish to advise you of the
interest rate reset, which occurs annually on 30
September. As the 30th September 2007 was a
non-business day, the interest rate reset occurs on
the next succeeding business day, being the 1st
October 2007.
Perpetual Speirs Bonds for the period 1 October 2007
to 30 September 2008 will bear fixed interest at a
rate of 13.16% per annum, interest paid quarterly.
The interest rate reset was based on the agreed
formula, namely:
"The greater of 10.00% per annum and a fixed
margin of 4.5% per annum above the one year swap rate,
determined by calculating the average of the bid and
offered swap rate for a one year swap as quoted on
Reuters Screen page "FISSWAP" at or about
11.00 am on 1st October 2007".
One year swap rate as at 11am on 1st October 2007
8.66%
Plus margin
4.50%
Total
13.16%
Accordingly, the Perpetual Speirs Bonds were reset at
the greater figure of 13.16% pa.
Speirs Group Limited has "grown" in New
Zealand. It is entirely New Zealand owned and, through
its ancestry, has been "growing" New Zealand
since 1875. We are 'stayers' in the New Zealand
commercial scene.
Thank you for your support as a Bondholder.
Please feel free to call our office should you have
any queries.
Yours sincerely
SPEIRS GROUP LIMITED
Nelson Speirs
Executive Chairman |
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