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CLOSURE OF DEPOSIT BOOK AND EARLY REPAYMENT OF INVESTMENTS

Following a long and successful history of offering deposits to the New Zealand public this part of the business is now being brought to a close.

This means we are no longer accepting new deposits.

Existing investors will be repaid the principal invested plus interest to the day of repayment on 28 February 2018 or before if the investment matures prior to that date. Any on-call deposits may be withdrawn at any time as per the terms of the offer.

We have enjoyed providing an alternative way for people to save and now look forward to offering new and innovative financial services to New Zealanders through our core business offering of credit, payment and leasing solutions.

Enquiries:

  • If you are an existing investor and have questions in relation to the closure of the offer or early repayment, please contact Paul Jamieson, Group Treasurer on (09) 525 8593.
  • If you need assistance with alternative investment options, we recommend that you seek advice from a financial adviser.
  • Media enquiries should be directed to Alex Speedy alex.speedy@flexicards.co.nz / (09) 580 3371

 

26 May 2017

Notice pursuant to clause 68 of schedule 2 of the Financial Markets Conduct Regulations 2014

This notice is given in relation to Fisher & Paykel Finance Limited's (FPF) secured Deposits that are issued pursuant to a product disclosure statement dated 4 November 2016, as previously supplemented by the supplementary documents dated 12 February 2017, 23 March 2017, 5 May 2017 and 26 May 2017.

FPF gives notice under clause 68 of schedule 2 of the Financial Markets Conduct Regulations 2014 (Regulations) that Standard & Poor's has lowered FPF’s credit rating from BB to BB-.  On 22 May 2017, Standard & Poor’s announced that it was lowering their long-term issuer credit rating on 23 Australian financial institutions by one notch each on the basis that the economic risks facing all financial institutions operating in Australia are rising due to recent strong growth in private sector debt and residential property prices.  This included its rating of FPF reflecting Standard and Poor’s opinion that the group credit profile of FPF’s ultimate parent company FlexiGroup Limited has weakened due to increased economic risks, similar to those faced by other Australian financial institutions.
Standard & Poor’s has also revised the outlook on FPF’s credit rating from negative to stable, and as such our overall rating is now BB- (Outlook Stable).

A credit rating is an independent opinion of the capability and willingness of an entity to repay its debts (in other words, its creditworthiness).  It is not a guarantee that the financial product being offered is a safe investment.  A credit rating should be considered alongside all other relevant information when making an investment decision.

For further information, please see http://www.flexicards.co.nz/index.php/invest or contact: 0800 65 10 10