Mascot Finance Limited Redeemable Preference Shares
Description:
* "Mascot
Finance specialises in the provision of financial
services to small to medium sized businesses throughout New Zealand.
It seeks and services niche markets to which it can add value by way of
premium service industry knowledge.
The Company's executive team is
pro-active in maintaining regular contact with their clients, and take
pride in the excellent business relationships they have established. The
total assets of the company now exceed $179 million.
Mascot
Finance raises funds from the public by way of the issue of Registered
First Ranking Secured Debenture Stock under a Debenture Trust Deed. The
Trustee for the Debenture Holder is Perpetual Trust Limited. The Company
operates from its own premises in Christchurch and Timaru, both of which
are located in premium, highly visible business locations.
Mascot Finance has been providing Finance and Investment Opportunities for over 34 years. "
Website: http://www.mascot.co.nz
Recent announcements: click here
Terms:
Class A Redeemable
Preference Shares
The Company has on issue 3,858,000 Class A Redeemable Preference Shares (RPS).
These have a fixed value of $1.00 each and
have no voting rights. The principal terms of issue of these shares are:
a) The RPS were issued in March 2002 and are subject to review three yearly with the next review due on 30 September 2009 (review date);
b) On each review date the Company has the right to determine if:
i) the RPS are to be extended for a further three years at a reviewed dividend rate; or
ii) the RPS are to be redeemed; or
iii) the RPS are to be converted into ordinary shares;
All holders are advised of the determination as above. It the RPS are not to be redeemed or converted on the three yearly review date the dividend rate, the dividend rate is reviewed with the rate being at least 3% above the 5-year government bond rate applicable on the day immediately prior to the date on which notice is given to holders of the RPS.
c) For the 3-year period to 30 September 2009 a gross dividend (including imputation credits) at a rate of 10.00% per annum is payable quarterly in arrears.
d) The RPS rank behind all
secured and unsecured borrowing of the Company and all payments having
priority at law and before the
ordinary shares of the Company.
|
Year |
|
|
|
2005 |
2006 |
|
|
|
Gross
growth rates |
|
|
|
|
|||
|
Revenue |
|
|
|
|
39% |
|
|
|
NPAT |
|
|
|
|
20% |
|
|
|
Total
Assets |
|
|
|
|
34% |
|
|
|
Net
Assets |
|
|
|
|
17% |
|
|
|
Per
Share figures and growth |
|||||||
|
Earnings |
|
|
|
$
0.62 |
$ 0.75
|
|
|
|
|
|
|
|
|
20% |
|
|
|
Net
Assets |
|
|
|
$
3.14 |
$ 3.69
|
|
|
|
|
|
|
|
|
18% |
|
|
|
Dividends |
|
|
|
$
0.22 |
$ 0.21
|
|
|
|
|
|
|
|
|
-4% |
|
|
|
Profitability |
|||||||
|
Return
on Assets |
|
|
|
2.36% |
2.12% |
|
|
|
Equity
Multiplier |
|
|
|
8.40 |
9.59 |
|
|
|
Return
on Equity (ROE) |
|
|
|
20% |
20% |
|
|
|
ROE
(avg E) |
|
|
|
40% |
22% |
|
|
|
Net
Profit Margin |
|
|
|
21% |
18% |
|
|
|
Dividend
payout ratio |
|
|
|
35% |
28% |
|
|
|
Liquidity |
|||||||
|
Net
working capital |
|
|
|
$25,911,000
|
$
40,042,000 |
|
|
|
Current
ratio |
|
|
|
1.55 |
1.49 |
|
|
|
Acid
test ratio |
|
|
|
1.55 |
1.49 |
|
|
|
Other |
|||||||
|
Times
interest earned |
|
|
|
1.60 |
1.48 |
|
|
|
Operating
exp/income |
|
|
|
15% |
16% |
|
|
|
|
|
|
|
|
|
|
|
|
Summary
Financials |
|||||||
|
Income |
|
|
|
14168000 |
19671000 |
|
|
|
Expenses |
|
|
|
9667000 |
14282000 |
|
|
|
Tax |
|
|
|
1493000 |
1786000 |
|
|
|
NPAT |
|
|
|
3008000 |
3603000 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
127372000 |
170319000 |
|
|
|
Liabilities |
|
|
|
112206000 |
152563000 |
|
|
|
Net
Assets |
|
|
|
15166000 |
17756000 |
|
|
| Registered Office: |
Mailing address: PO Box 384 Timaru |
| Directors: |
Secretary: G R Wilkins |
| Auditors: Martin Wakefield |
Solicitors: Chapman Tripp |
| Bankers: |
Registrar: Link Market Services |
| Other: |
|
| Other | Last updated:15-11-2007 |
Company balance date: 31 March
