Funding arrangements following Board changes
New Zealand Automotive
Investments Limited
102 Mays Road,
Onehunga,
Auckland, 1061
info@nzautomotiveinvestments.co.nz
nzautomotiveinvestments.co.nz
9 August 2022
Market Announcement
NZX: NZA
Funding arrangements following Board changes
NZ Automotive Investments Limited (NZA or the Company) has been advised by the commercial
bank that provides its Trade Finance and Motor Finance facilities that it is currently unable to
give any assurance of support for those facilities beyond their current expiry dates. This advice
is in understood to relate to recent announcements with respect to changes in the leadership
and governance of the Company as opposed to the current or forecast financial position of the
business.
The Trade Finance Facility is used to fund the purchase of imported motor vehicles and operates
under a limit of $8 million. The amount of $8 million had been drawn under this facility as at 30
June 2022. This facility has a maturity date of 31 December 2022. The Motor Finance Facility
has a limit of $6 million and a maturity date of 24 February 2024. As at 30 June 2022 $4 million
had been drawn down under this facility. The outgoing Board expects that the incoming Board
and Management of the Company will engage with the current financier regarding arrangements
for the Trade Finance Facility that matures in December 2022. The Company will update the
market as required.
The Company is in a sound financial position, and in compliance with all of its banking covenants
as at 31 July 2022. As at 30 June 2022 the Company had cash of $5.5 million, net debt of $6.5
million and total equity of $15.2 million. The company has continued to trade profitably over
the first four months of the new financial year. A more detailed update of the Company’s financial
performance and position will be provided to the market on or before 20 August 2022.
ENDS
For further information please contact:
Shareholder inquiries
David Page
CEO
+64 21 980 795
davidp@nzautomotiveinvestments.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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