KEY POINTS:
Even when offered at less than half their net asset backing yesterday there were no takers for shares in rejigged finance company Geneva when the company made its NZAX debut.
As part of its capital restructuring plan, 15 per cent of the company's $98.42 million in debenture holders' funds and 55 per cent of $11.5 million in note holders' funds were recently converted into new shares at a rate of one share for 36.49c owed, a figure arrived at on the basis of the company's net asset backing at May 1 this year.
The shares were untraded during their first session yesterday. By the end of the day bidders were offering as much as 10c each for the shares while sellers were offering them for as little as 18c.
With the main board's benchmark NZX-50 index hitting a fresh three-year low, market conditions were poor for just about any stock, let alone a recapitalised finance company making its debut amid an industry rout.
The company now has 76.9 million shares on issue.
