Propertyfinance wind-down vote

Propertyfinance Group directors are recommending that their company enters voluntary liquidation and winds down its business.

The directors have decided to convene a special meeting of shareholders to vote on this.

Propertyfinance Group no longer had a viable business purpose or ways of accessing capital because of on-going regulatory and market changes in the New Zealand non-bank and property sectors, the directors said.

The Christchurch-based company's principal operating subsidiary Propertyfinance Securities no longer trades and is being wound down under a moratorium.

Delisting from the NZAX and liquidation of Propertyfinance Group would not directly affect that process.