Eldercare issues $3.2m note

Eldercare New Zealand says it has issued a convertible note for $3.2 million in favour of ANZ Banking Group, as part of a debt restructuring.

The note will convert to ordinary shares on a number of conversion dates or, failing such a conversion, be repayable in cash on February 28, 2001.

Eldercare, an investor in aged care, traded up 1c yesterday afternoon at $0.28 per share.

The company made a net after-tax profit of $5.6 million for the year ended May 31, compared with a loss of $3.3 million previously. Eldercare was previously New Zealand Petroleum and a former Southern Petroleum minority shareholder.

- NZPA