By NZPA
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Thursday 6th June 2002 |
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Receivables Management Group chairman Jim Boult said that "while our position has not altered materially since our recent announcement, continuing speculation and comment makes it appropriate for the directors to issue a statement today".
Mr Boult said the company had no outstanding issues in its dealings with its bankers, ANZ Bank.
"We have a continuing and adequate funding facility for our operations going forward, on normal commercial terms and conditions. Like any such facility if is subject to a standard review structure, as is consistent with ordinary banking practices."
The company had a sound financial position, and recent trading was in line with expectations, Mr Boult said. RMG had completed its initial round of restructuring and was now reviewing ongoing activities.
The debt collector lost its chief executive Adrian Mitri and chief financial officer Paul Wilkinson in quick succession last month, as well as downgrading its profit forecasts in response to share price weakness.
Instead of returning to profit as expected in November, RMG in May said it expected pre-tax earnings for the June year in the range of a $4.85 million ($NZ5.73 million) loss and a surplus of $A1 million.
RMG, picked by investors to become another Baycorp, has 4800 New Zealand shareholders, the biggest of them Eric Watson's Cullen Investments, which holds a 17.6 percent stake.
The Melbourne-based company was formed two years ago by consolidating 16 Australian and New Zealand debt-collecting agencies.
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