Stockholders back Property Finance Group plan

Property Finance Group has won the support of debenture stockholders for a proposal that it expects will enable its subsidiary finance company to come out of receivership soon.

At a special meeting on Friday, stockholders in subsidiary Property Finance Securities voted 99 per cent in favour of rescheduling the company's secured debenture stock over a new three-year term with an ordinary interest rate of 9.33 per cent and a bonus rate of 0.67 per cent.

It was expected that the first distribution to debenture holders could be made soon after settlement, expected to be in early January.

- NZPA