Dominion Finance Holdings, the holding company for stricken finance firms Dominion Finance Group and North South Finance is to go into voluntary administration, chairman Rick Bettle said yesterday.
"With the company's subsidiary Dominion Finance Group currently in receivership, and its other principal subsidiary North South Finance progressing amoratorium proposal, neither subsidiary is in a position to provide funding to Dominion Finance Holdings," Bettle said.
"Accordingly the directors of Dominion Finance Holdings have determined to appoint a voluntary administrator to the company as soon as possible."
The company has also cancelled its annual meeting, which was to have been held next week.
Bettle told the Business Herald, the voluntary administration and subsequent de-listing were unlikely to affect shareholder Terry Butler's attempt to overturn Dominion Finance Group's receivership and would have no bearing on the Securities Commission's ongoing investigation of the company's affairs.
Dominion Finance Group was placed in receivership by Perpetual Trust earlier this month owing 6055 debenture holders $224 million.
Dominion Finance Holdings said at the time the directors of DFG did not feel Perpetual Trust's decision was in the best interest of DFG's stockholders. DFG had been trying to present a separate moratorium proposal.
A moratorium proposal has been prepared to put to stockholders for another subsidiary, North South Finance whose trustee is Covenant Trustee Co.
Dominion Finance Holdings shares last traded at 1c.
