This small cap finance company has been flying under the radar but may be worth watching (and doesn't seem to have a thread of its own?)
Years 2021 2022 2023
Revenue 4.84m 7.96m 13.71m
NPAT .08m 1.34m 2.26m
EPS 0 .01 .01
SP 52 week range $0.052 to $0.122
Market Cap 34.54m
FY23 result summary.....
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/417009/401281.pdf
• Total Assets up 32% to $136.1m
• Total Equity up 79% to $24.3m
• Revenue up 71% to $13.7m
• Net Profit Before Tax up 77% to $3.3m
• Net Profit After Tax up 68% to $2.3m
• Results include a $537k of goodwill write off
Strange nobody has started a thread in GEN before now ....has quite a following in other places
Anyway welcome aboard Leftie ....you prob do well with GEN
Quote from: Left Field on Aug 27, 2023, 09:31 AMThis small cap finance company has been flying under the radar but may be worth watching (and doesn't seem to have a thread of its own?)
Years 2021 2022 2023
Revenue 4.84m 7.96m 13.71m
NPAT .08m 1.34m 2.26m
EPS 0 .01 .01
SP 52 week range $0.052 to $0.122
Market Cap 34.54m
FY23 result summary.....
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/417009/401281.pdf
• Total Assets up 32% to $136.1m
• Total Equity up 79% to $24.3m
• Revenue up 71% to $13.7m
• Net Profit Before Tax up 77% to $3.3m
• Net Profit After Tax up 68% to $2.3m
• Results include a $537k of goodwill write off
The following is from the Chairman's [Rewi Bugo] agm speech.:::
in 2024, after three years of profitability and subject to shareholder
approval, the group should contemplate a dividend payment to properly reward
our shareholders for their support and loyalty.
Still doing very well in tough conditions......impressive.
https://www.nzx.com/announcements/422456
Mr. Brent King, Managing Director advised, "The details of the accounts for six months to 30 September 2023 are very positive compared to 6 months ended 30 September 2022: Revenue Up 30%; NPAT Up 16%; Assets Up 12%; Net Assets Up 75% This is a great performance for the Group considering the adverse market conditions."
Mr. King further advised, "Looking forward, we are expecting the remainder of the financial year to be strong and profitable with continued balance sheet growth. The Group is in a strong position to take advantage of acquisition opportunities in the market as they arise."
Yes a strong interim result.
When they announce their final result next May I expect they will start paying dividends.
I may have been a bit optimistic expecting a divie before Christmas.....lol.
Another good result.....
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/425317/411555.pdf
I note their capital ratio is extremely high at 22.97%.
This high ratio will support a lot further lending growth.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/425317/411582.pdf
GEN has been doing well.
https://www.nzx.com/announcements/430013
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 31 March 2024 to the Disclose Register.
The unaudited quarterly report shows that General Finance's business has continued to grow with total assets of $155m, up by 6.7% from 31 December 2023 and a quarterly NPAT of $884k up 35.6% from the previous quarter.
Tracking well.
When they announce their result at the end of May I would not be surprised should they announce a dividend.
Current equity ratio is 22.26%.
Fair Result.Strong Outlook.
Pleasing seeing the big % reduction in credit losses and arrears.
Did think they would announce a divie,but that has not happened.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GEN/431750/419426.pdf
Consolidation
After due consideration the Board has also decided to implement a share consolidation on a
one-for-four basis. Whilst this is a purely technical change it will have the effect of moving the
share price from the current approximately 8c to approximately 32c based on today's share
price. The Board feels that this better positions the share price as we move forward in the next
stage of our growth. The consolidation should be completed by 2 August 2024 with updated
share statements going out in the week of 12 August 2024. At the end of the consolidation the
total number of issued shares will be reduced from 363,574,975 to 90,893,743.
General Capital's dividend policy is to declare dividends at a
rate of at least 40% (interim and final) of its net profit after tax,
subject to maintaining a prudent level of capital for its needs.
Capital needs will vary from time to time depending on a range
of factors (including regulatory and credit rating requirements,
general economic conditions and current and expected
growth). The Directors reserve the right to amend the dividend
policy at any time.
As signalled last year, and given the consistent and strong profitability of the Group, the Board
has been actively discussing the payment of a dividend in the near term. The Board has adopted
a Dividend Policy which is on the screen. [read dividend policy]. Whilst no decision has been
made on the specific actual payment of a dividend the Board will give consideration to this, in
accordance with the policy, prior to releasing the half-year results in November.
Be great receiving a divie before Christmas.
Share consolidation a bit of a surprise.....??
Yes and no.
I think financial/finance companies think they have more credibility when their share price is over the 10 cent Penny Dreadful level.
May also give lenders a better sense of security.?
Makes no difference to me.
General Capital Completes Share Consolidation
Further to the announcement at the General Capital Annual Shareholders Meeting
and the subsequent NZX announcement on 29 July 2024, General Capital (NZX:
GEN) advises that the consolidation of every 4 General Capital shares held at 5:00
p.m. on 2 August 2024 into 1 share has now been completed.
The total issued capital of shares after the consolidation is 90,893,813 shares as set
out in the attached capital change notice.
General Capital's share registry, Computershare, will be sending out notices to
shareholders on Monday 12 August regarding their new shareholdings.
General Capital's shares commenced trading on a post consolidation basis today.
ENDS
General Capital subsidiary General Finance update
Friday 25th October 2024
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 30 September 2024 to the Disclose Register.
General Finance Limited has continued its growth trajectory, with total assets reaching $180 million, an increase of 11% since 30 June 2024. The company also reported a quarterly net profit after tax (NPAT) of $764,000.
As at 30 September 2024 General Finance held $38.1 million in cash, cash equivalent and bank deposits. Since that time General Finance has entered into an agreement to purchase Bridges Financial Services Limited.
Mr. Brent King, Managing Director, commented on the results, explaining that, as a licensed Non-bank Deposit Taker, General Finance is required to issue this report under the Financial Markets Conduct Act 2013.
"This performance underscores the robust and stable nature of General Finance. We are well-positioned to build on this momentum and continue our growth journey," said Mr. King.
Wonder if General Capital wasting money on getting Boris Johnson to be a speaker at an event they are hosting?
They have previously supported speakers to this event.
Seems they have already had their money's worth.
I do Wonder if any one would be foolish enough to pay to attend.?
Quote from: lorraina on Oct 26, 2024, 12:14 PMThey have previously supported speakers to this event.
Seems they have already had their money's worth.
I do Wonder if any one would be foolish enough to pay to attend.?
I guess it depends on the circumstances. If they provide a large enough supply of eggs and tomatoes well beyond their used by date and allow the audience to throw these items at the speaker, I might be prepared to invest a small sum of money into the ticket :) ; Could be fun.
https://www.rnz.co.nz/news/political/531710/boris-johnson-to-speak-at-exclusive-auckland-long-lunch
General Capital presents Long Lunch with Boris Johnson.
Friday 25th October 2024
Greetings from General Finance.
Starting from 24 October 2024 to 26 November 2024 (inclusive), take advantage of our exclusive "General Capital presents Long Lunch with Boris Johnson" Promotion and automatically "Be In The Draw to Win" tickets to "one of the most informative and entertaining long lunches you will ever experience!".
Click here for more information.
This exclusive prize draw is available to investors with (1) new term deposit investments, and (2) reinvestments of matured term deposits, that commence during this promotion period.
Don't miss this rare opportunity to hear from a politician who was at the forefront during some of the world's biggest recent events.
Prizes Include:
First Prize – Two tickets to "General Capital presents Long Lunch with Boris Johnson" – to be held on 3 December 2024 at the Cordis Hotel Auckland. The ticket includes a four-course gourmet lunch with matching fine wines and beverages
Second Prize – One ticket to "General Capital presents Long Lunch with Boris Johnson" – to be held on 3 December 2024 at the Cordis Hotel Auckland. The ticket includes a four-course gourmet lunch with matching fine wines and beverages
Third Prize – Three investors to each receive a signed copy of Mr Johnson's autobiography "Unleashed"
The prizes will be drawn and winners announced at 10 AM on Wednesday 27 November.
With the interest rates fast dropping, it may be a good time to enjoy peace of mind of a fixed interest rate and the secured return on your investment that General Finance offers. There is no better time to learn more and start your journey towards a brighter financial future!
Invest now and be in the draw to win! Please call us on 0800 500 602 and or check out our website (www.generalfinance.co.nz) today for details.
Be happy & safe. Look after your loved ones.
Kind Regards
Brent King B.Com., C.A., MInstD
Managing Director
Quote from: lorraina on Oct 28, 2024, 09:14 AMGeneral Capital presents Long Lunch with Boris Johnson.
Friday 25th October 2024
Greetings from General Finance.
Starting from 24 October 2024 to 26 November 2024 (inclusive), take advantage of our exclusive "General Capital presents Long Lunch with Boris Johnson" Promotion and automatically "Be In The Draw to Win" tickets to "one of the most informative and entertaining long lunches you will ever experience!".
Click here for more information.
This exclusive prize draw is available to investors with (1) new term deposit investments, and (2) reinvestments of matured term deposits, that commence during this promotion period.
Don't miss this rare opportunity to hear from a politician who was at the forefront during some of the world's biggest recent events.
Prizes Include:
First Prize – Two tickets to "General Capital presents Long Lunch with Boris Johnson" – to be held on 3 December 2024 at the Cordis Hotel Auckland. The ticket includes a four-course gourmet lunch with matching fine wines and beverages
Second Prize – One ticket to "General Capital presents Long Lunch with Boris Johnson" – to be held on 3 December 2024 at the Cordis Hotel Auckland. The ticket includes a four-course gourmet lunch with matching fine wines and beverages
Third Prize – Three investors to each receive a signed copy of Mr Johnson's autobiography "Unleashed"
The prizes will be drawn and winners announced at 10 AM on Wednesday 27 November.
With the interest rates fast dropping, it may be a good time to enjoy peace of mind of a fixed interest rate and the secured return on your investment that General Finance offers. There is no better time to learn more and start your journey towards a brighter financial future!
Invest now and be in the draw to win! Please call us on 0800 500 602 and or check out our website (www.generalfinance.co.nz) today for details.
Be happy & safe. Look after your loved ones.
Kind Regards
Brent King B.Com., C.A., MInstD
Managing Director
Not really following this company, but the name Brent King creates some disturbing dissonances in the back of my head ... similar disturbing to the name Boris Johnson, just that Brent King happened to be closer and more devastating for NZ investors. A case of who does not remember history is bound to repeat it?
Well done GEN.
Revenue up 39% to $10.8m
• NPAT up 31% to $1.572m
• Earnings per share up 31% to 0.57cps (allowing for the
recent share consolidation).
We are very pleased to announce the results.
We had advised at the Annual Shareholder Meeting that we would consider declaring a dividend after the results were announced and following a review of our future outlook. I am pleased to advise that we are announcing our maiden dividend."
Details of the dividend are:
• Record Date 2/12/24
• Dividend Payment date 13/12/24
• Amount per share $0.0055 per share
• Imputation Credit $0.00213889
Interesting noting DMX Asset Management in their December update have been loading up with GEN shares.I too helped clear the over hang of shares for sale.
"In the case of General Capital, this small and illiquid company's shares have suffered for the market having to
absorb a couple large parcels recently. We initially invested in General Capital in 2022 in the low-20c range (post
consolidation). We'd been sellers into strength as the shares subsequently re-rated, and have otherwise been
patient and supportive shareholders with our remaining small position (around a 2% weight). The company has
made great progress, expanding its loan book and operating prudently in its niche as a second-tier first mortgage
lender. As a micro-cap in the $20-30m market cap zone, tightly held with the top four holders (including its CEO)
owning around 80% of the company, the shares are thinly traded and – as per the below 5-year chart – have
been quite volatile. This volatility isn't reflective of its underlying fundamental developments or our ongoing
assessment of value, which have been quite positive and steady.
We learned in early December that a vendor (which we presumed was a former director) was seeking to sell
some shares. Then in the high-20's, we sat patiently on-screen with a low-ball offer at 20c. Over some period of
time, we believe the low-ball offer in volume, together with perhaps word spreading that there was a large
volume, saw the share price inch closer to our bid. The shares ended the month down 36% at 21.5c, and in early
January the vendor capitulated, selling into our 20c bid. We subsequently bid lower still, eventually dealing onmarket for more at 18.5c. We've taken this opportunity to move the DMXASF holding from just over 1% to nearly
3%, and have initiated a position for DMX Capital Partners at these levels. For context, the company's net asset
value is closer to 30cps and we expect EPS of 4-5c for the year ahead. If the company continues to execute we
believe this could be a comfortable double over the next 2-3 years."
Lorraina..... re DMX that Chris Steptoe is a pretty clued up guy .....so General Capital should do well.
A few Sharetrader posters went on to becoming research analysts for managed funds,or formed their own funds [DMX and Pie come to mind] so as not to have a conflict of interest stopped posting on ST.
Here is DMX's team.
https://dmxam.com.au/team
Quote from: winner (n) on Jan 15, 2025, 02:02 PMLorraina..... re DMX that Chris Steptoe is a pretty clued up guy .....so General Capital should do well.
I agree with you.
Here today but gone tomorrow
CFO gone
https://announcements.nzx.com/announcement/445257
Incredible....
Quote from: lorraina on Jan 16, 2025, 06:25 PMIncredible....
Only started in this role on 1/4/24. ...not that long ago
Yes I noted that.
Quote from: lorraina on Jan 16, 2025, 07:19 PMYes I noted that.
And no mention of 'for personal reasons' 😀
Prob hear tomorrow he's joined Heartland lol
Wasn't super experienced for a CFO (only 10ish years out of uni?) Hope all these odd happenings aren't related.
A quick look at the last few years seems to show they do ok handling risk, but at the end of the day they are lending to homeowners at >10%, so surely not the greatest credit quality.
The CFO went from being a Senior business Partner at his last role to CFO of a GEN, a listed company. That's a big step.
Quote from: winner (n) on Jan 16, 2025, 07:17 PMOnly started in this role on 1/4/24. ...not that long ago
Not following the company - but why am I not surprised to see the name Bent King related to this saga? I suppose Brent must have been involved in both the onboarding and the disembarking process?
Do explain
Quote from: winner (n) on Jan 15, 2025, 02:02 PMLorraina..... re DMX that Chris Steptoe is a pretty clued up guy .....so General Capital should do well.
Going from today's share price of 24 cents DMX have made 23.6%,....22.44% and 29.7% on their recent purchases/.
Well done DMX's Chris Steptoe.
On-market purchases of shares as follows:
DMX Capital Partners Limited: 3,500,000 for $685,000 between 3rd January 2025 and 9th
January 2025;
DMX Australian Shares Fund (custodian: HSBC Custody Nominees): 1,333,619 for
$261,719.50 between 3rd January 2025 and 9th January 2025. These shares were subject
to a delayed settlement which occurred on 14th January 2025; and,
Vanward Investments Limited: 2,000,000 for $370,000 on 9th January 2025
ps It looks to me as though NZX are holding back the buyers.I am guessing the share price wants to head back to 30 cents plus.
General Capital (GEN:NZ) subsidiary General Finance update
General Capital Limited advises that its subsidiary General Finance Limited, a licensed
Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter
ended 31 December 2024 to the Disclose Register.
General Finance Limited has continued its growth trajectory, with total assets reaching
$196.3 million, an increase of 9% on the 30 September 2024 quarter. The company
also reported a quarterly net profit after tax (NPAT) of $925,541, an increase of 21%
from the previous quarter.
As at 31 December 2024 General Finance held $35.9 million in cash, cash equivalent
and bank deposits. The capital ratio, being the total capital divided by total exposures,
was 17.68% down from 21.78% in the previous quarter as a result of increased
residential lending and the Bridges Financial Services acquisition.
Mr. Brent King, Managing Director, commented on the results, explaining that, as a
licensed Non-bank Deposit Taker, General Finance is required to issue this report
under the Financial Markets Conduct Act 2013.
"This performance underscores the robust and stable nature of General Finance. We
are well-positioned to build on this momentum and continue our growth journey," said
Mr. King.
The information can be found at www.disclose-register.companiesoffice.govt.nz.
Quote from: lorraina on Jan 17, 2025, 04:31 PMGoing from today's share price of 24 cents DMX have made 23.6%,....22.44% and 29.7% on their recent purchases/.
Well done DMX's Chris Steptoe.
On-market purchases of shares as follows:
DMX Capital Partners Limited: 3,500,000 for $685,000 between 3rd January 2025 and 9th
January 2025;
DMX Australian Shares Fund (custodian: HSBC Custody Nominees): 1,333,619 for
$261,719.50 between 3rd January 2025 and 9th January 2025. These shares were subject
to a delayed settlement which occurred on 14th January 2025; and,
Vanward Investments Limited: 2,000,000 for $370,000 on 9th January 2025
ps It looks to me as though NZX are holding back the buyers.I am guessing the share price wants to head back to 30 cents plus.
Surprise,surprise.
Finished the week at 32 cents..
Quote from: lorraina on Feb 01, 2025, 10:40 AMSurprise,surprise.
Finished the week at 32 cents..
Did you think that latest subsidiary announcement was very positive as well? If anything, 36-40 cents should not be out of the question. Of course the Brent King factor is still around, as is the resignation of the short lived CFO and that is of course a suprise we could do without.
Yes the recent updates have been very positive.The momentum is building.
If I "now" had any criticism of Brent King it would be he is being too conservative,however "now" being that way, I think that it is very positive for investors and shareholders.Current times are not easy for lenders.
The fact CFO had only been there "a very short time" does not raise any Red Flags for me.
The balance sheet is very strong, good funding,and lending under tight control.
I do not have a target share price,although I agree with you 36-40 cents should not be out of the question.
Thanks Lorraina, the quarterly release certainly piqued my interest as the performance was stronger than anything I have seen in quite a while, that being in trying conditions.
I might give Brent a call at some stage and ask him what the story is with the CFO. Often it is a clash of culture and nothing untoward. Sometimes there are other things afoot. What I do like is the strengthening of the board and that has assuaged some concerns.
I will keep accumulating. Got some in the very low 20's a month ago so very happy with that.
From DMX's monthly newsletter out today.
The big contributor this month though was NZ-listed General Capital which recovered 49% (following its 36%
decline in December). We discussed General Capital last month, noting its shares had been falling as what turned
out to be a substantial shareholder exiting at seemingly any price. We bought most of their position, paying just
over 19c for the stake and taking DMXAM's interest to 8.5% of the company. Subsequent to our purchase, the
company released its quarterly report which highlighted continued growth in its loan book and profitability that
puts it on track for 4c+ EPS for the year ahead. The bounce back to 32c by 31st January reverses the falls from the
sell down. The additions to our holding, followed by the price rebound over the month make General Capital a top
holding for DMXASF approaching 5% of the Fund.
New General Capital Appointment
General Capital Limited (NZX:GEN) is pleased to announce the appointment of Mr. Chris
Dorn as Head of Corporate Finance for its wholly-owned subsidiary, Investment Research
Group Limited (IRG). IRG, an NZX sponsor, specializes in corporate advisory services.
Mr. Dorn brings extensive experience in the corporate advisory sector, having previously
served as Partner and Head of Corporate Finance at Findex, New Zealand, as an
Executive Manager at Capital Solutions at ASB and a Corporate Finance Director at PWC.
Mr Dorn will be specialising in managing sell side transactions for his clients and providing
a cost-effective solutions for those business owners wishing to divest.
Chris Dorn said "I'm very pleased to have joined the General Capital Group in the role of
Head of Corporate Finance. General Capital's growth over the last 5 years has been
outstanding and I am looking forward to working with Brent and the team to help continue
its organic growth whilst also look to acquire businesses complementary with General
Capital".
Brent King, Managing Director of General Capital, said "We are excited that a person with
Chris's experience has joined the organisation and we look forward to him developing the
corporate advisory work of IRG".
Pleasing seeing GEN is trading well.
They started paying a dividend at their half year and I am hopeful that they will announce a final dividend when their full year result comes out at the end of May.
General Finance Limited has continued its growth trajectory, with total assets reaching $211.9m, an increase of 8% on the 31 December 2024 quarter. The company also reported a quarterly net profit after tax (NPAT) of $597,571.
.
"This performance underscores the robust and stable nature of General Finance. We are well-positioned to build on this momentum and continue our growth journey," said Mr. King.
GENERAL FINANCE LIMITED
Quarterly report as at 31 March 2025
KEY RATIOS
Capital Ratio 31 March 2025
Our capital ratio calculated in accordance
with the 2010 Regulations* 17.82%
Minimum capital ratio required by our
Trust Deed if the issuer has a credit rating
8%
Minimum capital ratio that must be
included in the trust deed under reg 8(2) of
the 2010 Regulations* if the issuer has a
credit rating
8%
The capital ratio is a measure of the extent to which General Finance is able to absorb losses without becoming
insolvent. The lower the capital ratio, the fewer financial assets General Finance has to absorb unexpected losses
arising out of its business activities.
Related Party Exposures 31 March 2025
Our aggregate exposures to related
parties as calculated in accordance with
the 2010 Regulations*
5.90% of capital
Maximum limit on aggregate exposures to
related parties that we must not exceed
that is included in our Trust Deed
10% of capital
Maximum limit on aggregate exposures to
related parties that we must not exceed
that must be included in our Trust Deed
under reg 23(3)(b) of the 2010
Regulations*
15% of capital
Related party exposures are financial exposures that General Finance has to related parties. A related party is an
entity that is related to General Finance through common control or some other connection that may give the party
influence over General Finance (or General Finance over the related party).
* Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010
Issue 38 28 April 25
Liquidity 31 March 2025
Our liquidity calculated in accordance with
the quantitative liquidity requirements
included in our Trust Deed
5.82 times
The minimum liquidity requirements
required by our Trust Deed A liquidity cover ratio of 1.25 times
Liquidity requirements help to ensure that General Finance has sufficient realisable assets on hand to pay its debts
as they become due in the ordinary course of business. Failure to comply with liquidity requirements may mean that
General Finance is unable to repay investors on time and may indicate other financial problems in its business.
SELECTED FINANCIAL INFORMATION
Quarter to
31 March 2025
Total Assets 211,923,816
Total Liabilities 188,881,661
Net Profit / (Loss) After Tax 597,571
Net Cash Inflow (Outflow) from Operating Activities 21,624,781
Cash and Cash Equivalents 32,752,812
Term Deposits1 25,042,836
Capital (per 2010 Regulations) 20,327,734
1New Zealand Registered Bank deposits with original term of greater than 3 months.
Issue 38 28 April 25
HOW THE RATIOS HAVE BEEN CALCULATED
CAPITAL RATIO
Gross capital 23,042,155
Less deductions 2,714,420
Total capital 20,327,734
Risk
Risk Weighted
Exposures Exposure Weight Exposures
NZ Registered Bank Deposits 57,795,648 20% 11,559,130
Residential mortgages:
LVR 70% and under 116,494,306 35% 40,773,007
LVR over 70% and under 80% 14,172,455 50% 7,086,228
Property development loans:
LVR 60% and under 1,260,424 150% 1,890,636
Other loans with qualifying security over land
and buildings:
LVR 70% and under 12,800,976 100% 12,800,976
Other loans
– where a financing statement has been
registered and perfected under the Personal
Property Securities Act 1999
116,408 150% 174,612
– where a financing statement has not been
registered and perfected under the Personal
Property Securities Act 1999
6,291,426 200% 12,582,852
Other assets 277,752 350% 972,133
Deductions from capital 2,714,420 -
Total credit risk weighted exposures (A) 87,839,574
Total assets (B) 211,923,816
Operational and Market Exposures (A+B)/2x0.175 26,229,297
Total Exposures 114,068,871
Capital Ratio 17.82%
(being Total Capital/Total Exposures)
1Refer to Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010.
Issue 38 28 April 25
AGGREGATE EXPOSURE TO RELATED PARTIES
Loans and other on balance sheet exposures to related
parties (A) 1,200,155
Other related party exposures (B) Nil
Capital (C) 20,327,734
(A + B) / C 5.90%
*Related party exposures are calculated by dividing total related party exposures by Capital
(per 2010 Regulations).
LIQUIDITY
Liquidity (A) 57,795,648
3 month expected loan receivables (B) 19,681,762
3 month expected gross deposit redemptions (C) 13,312,619
(A + B) / C 5.82 times
*The Liquidity Cover Ratio is calculated by dividing Liquidity plus the 3 month expected loan
receivables, by the 3-month expected gross deposit redemptions.
General Capital Announces Growth and Record Profit
26/05/2025, 12:16 NZST, FLLYR
General Capital Announces Continued Growth and Another Profit Record
The Directors of General Capital Limited (GEN), the NZX listed Financial Services Group, are pleased to present another record financial result for the year ended 31 March 2025, with revenue up 32% to $22.6m from the prior year, and Net Profit After Tax (NPAT) up 7% to $2.8m from the prior year.
The Group has continued to grow, particularly subsidiary company General Finance, delivering solid growth and value to the Group despite the challenging economic environment. In November 2024, General Finance acquired Bridges Financial Services Limited, an insurance premium funding business, complementing the Group's business activities and providing future growth opportunities in the lending sector. These results reflect management's dedicated efforts to leverage market opportunities and continued focus on strategic initiatives to provide consistent year on year growth.
The Group has also maintained a strong balance sheet with total assets growing by 34% to $218.2m. The Group announced and paid its first dividend in December 2024 amounting to 32% of NPAT and also provided staff with the option to purchase shares, offering an opportunity to invest in the continued growth of the business.
The Group is pleased to announce a final dividend to be paid in line with the half year dividend payout ratio of 32% of NPAT, which will be fully imputed and payable in July 2025, demonstrating a commitment to providing value to shareholders. A dividend reinvestment plan (DRP) will be a feature of the final dividend with a 5% discount applied for those taking up the DRP. Information regarding the DRP will be released shortly.
Details of the final dividend are:
• Record Date 13/06/25
• Dividend Payment Date 03/07/25
• Amount Per Share $0.0043
• Imputation Credit $0.0017
Future Outlook
The Depositor Compensation Scheme ("DCS") will be coming into effect on 1 July 2025 and is expected to bring increased confidence in deposit activity which is anticipated to provide continued growth to the Group's deposit book in FY26. The Group is also positioned well to leverage growth opportunities and focus on delivering an increased lending book, coupled with effective management of arrears and a low credit loss ratio. The Group will actively monitor Net Interest Margin (NIM) and focus on strategies to build further growth to the business, providing continued shareholder value.
General Capital (GEN:NZ) Welcomes the Deposit Compensation Scheme
General Capital Limited is pleased to advise that its subsidiary, the RBNZ licensed
deposit taker General Finance Limited, has passed the last hurdle to be part of the
Government's new Deposit Compensation Scheme (DCS) which is due to commence
on 1 July.
The DCS will protect deposits of up to $100,000 per eligible depositor, per deposit taker,
in the event of the deposit taker's failure. General Finance is a deposit taker that qualifies
for coverage under the scheme.
In order for our secured-term deposits to qualify for protection, General Finance needed
to make some small changes to its trust deed. At a meeting of General Finance Term
Deposit holders held on 28 May 2025 an overwhelming number of depositors voted to
support the changes.
Managing Director Brent King said "We are excited by the support shown and wish to
extend our thanks to those who voted online or took the time to attend the meeting in
person. The Board of General Finance was extremely happy with the level of
engagement from our clients and the number of questions asked at the meeting."
Mr King went on to say "We believe the introduction of the DCS will give the investor
market greater confidence. It's a strong move by the Government to support the deposit
taker sector. Investors should be clear when making an investment whether they are
investing in a deposit taker and hence are included in the DCS or not."
Further information, including who is and just as importantly who isn't part of the scheme
can be found on the RBNZ at rbnz.govt.nz/dcs
ENDS
Been some buying interest of late in GEN.
Last sale 30.5 cents with a buyer now at 31 cents.
They go ex div tomorrow.
General Capital Releases 2025 Annual Report
26/06/2025, 13:56 NZST, ANNREP
General Capital Releases 2025 Annual Report
General Capital, the NZX listed Financial Services Group, has today released its Annual Report for the year ended 31 March 2025.
A copy of the Annual Report is also available on the Company's website at: www.gencap.co.nz/financial-reports.
The Directors of General Capital Limited are pleased to present another record result for the year ended 31 March 2025.
The consolidated revenue was 32% higher than the previous year, increasing to $22,632,150 and Net Profit After Tax was up 7% with a solid result of $2,805,800 for the year ended 31 March 2025. Consistent with the prior year, these results represent sound performance for the Group with year on year growth and achieving another record year of financial performance since listing in 2018.
The Group maintained a strong balance sheet with total assets increasing by a further 34% since March 2024, demonstrating the Company's ability to manage its capital during a challenging economic environment. Subsidiary Company General Finance Limited has also maintained its credit rating of BB which was reaffirmed by Equifax on 10 December 2024.
General Capital declared a final dividend of 0.0043 cents per share to supplement the half year dividend of 0.0055, bringing the total dividends per share for FY25 to 0.0098. This milestone reflects the Group's strong financial performance and commitment to delivering shareholder value. The dividend aligns with the policy introduced at the last Annual Shareholder Meeting in July 2024 and underscores the Board's confidence in the Group's growth trajectory and financial resilience.
This announcement was approved by the Directors of General Capital Limited.
ENDS
For further information contact:
Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz
26 June 2025
From today's agm presentation.
Key Points
• Total Assets up 34% to $218.2m
• Total Equity up 9% to $29.2m
• Revenue up 32% to $22.6m
• Net Profit Before Tax up 10% to $3.9m
• Net Profit After Tax up 7% to $2.8m
• Credit Rating reaffirmed as BB Stable
Very good update
General Capital subsidiary General Finance update
23/10/2025, 14:59 NZDT, MKTUPDTE
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 30 September 2025 to the Disclose Register.
Mr. Brent King, Managing Director, commented on the results, explaining that, as a licensed Non-bank Deposit Taker, General Finance is required to issue this report under the Financial Markets Conduct Act 2013.
Total assets reached $271.2 million, an increase of 14.5% on the 30 June 2025 quarter. The company also reported a quarterly net profit after tax (NPAT) of $938,376 up from $266,646 from the previous quarter. As at 30 September 2025 General Finance held $62 million in cash, cash equivalent and bank deposits. The capital ratio, being the total capital divided by total exposures, was 15.27%. The minimum capital ratio required under the Trust Deed is 8%.
Mr King said "We are pleased that the commencement of the Deposit Compensation Scheme on 1 July 2025, which covers General Finance secured term deposits up to $100k per depositor, has been extremely positive for General Finance resulting in a significant increase in total assets."
The information can be found at www.disclose-register.companiesoffice.govt.nz.
General Capital Announces Further Strong Growth
21/11/2025, 09:08 NZDT, HALFYR
General Capital Announces Continued Growth and Solid Financial Performance
The Directors of General Capital Limited (NZX:GEN), the NZSX listed financial services group, are pleased to present continued growth and a solid financial performance during a challenging economic environment. The Group's total assets have reached a record high at $275,776k, increasing by 26% compared to 31 March 2025. Deposits accepted and loans advanced by subsidiary General Finance Limited also grew by 52% and 40% respectively compared to 30 September 2024, reinforcing managements growth strategy for the Group and its ability to continue growth even during a challenging economic environment.
The Group is pleased to announce a dividend of 30% of net profit after tax (NPAT), which will be fully imputed and payable in December 2025, in line with our commitment to reward shareholders for their support of the General Capital Group. Details of the dividend are:
• Record Date 1 December 2025
• Dividend Payment Date 12 December 2025
• Amount Per Share $0.0033
• Imputation Credit $0.0013
Future Outlook
The New Zealand economic environment remains challenging and management are committed to driving continued growth in the second half of the financial year. Our focus will be to continue to grow our loan book, manage net interest margins and continued growth of other areas of the Group including insurance premium funding and advisory from subsidiary Investment Research Group.
From DMX's latest newsletter;
General Capital Update
One of the stronger contributors during the month was NZX-listed General Capital, a niche non-bank deposit taker
and lender. By way of recap, General Capital operates two relatively low-risk lending verticals: second-tier first
mortgages, and insurance premium funding. It is one of the fastest-growing businesses on the NZX. The stock is
thinly-traded and we built the majority of our position earlier this year, when an ex-director sold down his holding
on market, creating a compelling buying opportunity.
General Capital released its first half 2026 result at the end of November. A number of one-off costs led to a NPAT
decline for the period, but underlying results were very pleasing with revenue up 26% and this operating
momentum expected to continue. We expect a strong second half as costs normalise and the benefits of the
recently introduced Depositor Compensation Scheme begin to flow through.
In July 2025, New Zealand introduced the Depositor Compensation Scheme, which protects depositors up to
$100,000 per institution. General Capital successfully joined the scheme, giving it clear advantages over institutions
that are not eligible to participate:
1. It materially increases depositor confidence by protecting customer balances, reducing the risk of a classic
"run on the bank", and supporting ongoing demand for its deposit products.
2. It allows General Capital to lower deposit rates, closer to those offered by the major banks, supporting net
interest margin expansion and/or market share gains.
While now operating with meaningful scale in its niche markets, General Capital now has a robust and
comprehensive platform capable of supporting significant further growth in the years ahead. Specifically, its NZX
listing provides access to equity capital, its Depositor Compensation Scheme inclusion is a powerful third-party
confirmation and will support deposit growth on attractive terms, and finally, its growing and diverse deposit holder
base provides a broad and diverse funding source. While its current valuation remains well-supported by underlying
earnings power, as well as its significant tangible equity base, we consider the company to be a strategically valuable
asset for participants looking to establish or expand a presence in New Zealand's non-bank lending sector.
General Capital Subsidiary Credit Rating Update
18/12/2025, 15:09 NZDT, CREDIT
Equifax affirms General Finance Limited's BB Financial Strength Rating with improved outlook
General Capital Limited is pleased to announce that global credit rating agency Equifax Australasia Credit Rating Pty Ltd (Equifax) has affirmed the financial strength rating of General Capital's 100% owned subsidiary, General Finance Limited, at BB. This follows a review of its six-monthly audited accounts to 30 September 2025.
The outlook for the credit rating has been revised upwards from 'Stable' to 'Positive', based on Equifax's expectation of continued improvement in General Finance's operating performance, supported by loan book and deposits growth, and maintenance of healthy profitability.
Mr. Brent King, Managing Director, said, "We welcome the affirmation of the General Finance credit rating. We are especially pleased with the revision of the outlook from stable to positive. General Finance has benefited from the introduction of the DCS on 1 July 2025 which has driven strong deposit growth. This, supported by strong lending growth, prudent credit control and a focus on costs, has resulted in strong profitability despite the ongoing economic challenges being faced by the New Zealand economy".
Mr. King went on to say "General Finance has its accounts audited every 6 months and our credit rating is reviewed shortly thereafter by Equifax. This gives our investors increased confidence".
Another positive update;
General Capital (GEN:NZ) Subsidiary General Finance Update
30/01/2026, 10:02 NZDT, MKTUPDTE
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 31 December 2025 to the Disclose Register.
Total assets reached a record $280.3 million, an increase of 42.8% on the 31 December 2024. The company also reported a quarterly net profit after tax (NPAT) of $1,076,505, an increase of 14.7% from the previous quarter and a 16.3% increase from the 31 December 2024 comparative.
As at 31 December 2025, General Finance held $48.2m in cash and cash equivalents (including bank deposits). The capital ratio, being the total capital divided by total exposures, was 15.49%. The minimum capital ratio required under the Trust Deed is 8%.
Mr. Brent King, Managing Director, commented on the results below, explaining that, as a licensed Non-bank Deposit Taker, General Finance is required to issue this report under the Financial Markets Conduct Act 2013.
"This performance is a great result for General Finance, highlighting the company's efforts in strategic planning and efficient execution. Despite the challenging economic environment, our total assets have grown 42.8%, reinforcing that General Finance is well positioned for future growth".
https://api.nzx.com/public/announcement/466722/attachment/461359/466722-461359.pdf
ps In the announcement they say
The information can be found at www.disclose-register.companiesoffice.govt.nz..
I tried that link but it did not work for me.
Just had a quick look at the company. Small finance company basically run by Brent King.
company rating BB - which gives you something like a 7.5% chance that the company collapses in the next 5 years. Upper level of junk stock.
Looking into the past (GFC) - Brents companies didn't always do well for investors.
Whats different today apart from everybody being 18 years older? How far away is the next credit crisis?
GEN has taken advantage of The NZ depositors scheme to secure good deposits.
Their business is two fold.;
Bridging residential property loans,which are usually of 2 to 3 year terms.
Insurance premium funding where a business borrows to pay their yearly premium.
I regard both as low risk.
From Forbar MST paid research;
Year.........25a..........26........27........28
eps.cps......3.1..........3.5.......4.2........5.4
eps growth.........12.9%........20%.......28.5%
PE ratio.....8.8..........7.7........6.4........4.9
Gross dps....5%...........5.4%.......6.2%........7.2%
Quote from: lorraina on May 13, 2026, 12:02 PMGEN has taken advantage of The NZ depositors scheme to secure good deposits.
Their business is two fold.;
Bridging residential property loans,which are usually of 2 to 3 year terms.
Insurance premium funding where a business borrows to pay their yearly premium.
I regard both as low risk.
From Forbar MST paid research;
Year.........25a..........26........27........28
eps.cps......3.1..........3.5.......4.2........5.4
eps growth.........12.9%........20%.......28.5%
PE ratio.....8.8..........7.7........6.4........4.9
Gross dps....5%...........5.4%.......6.2%........7.2%
Hmm - yes, the NZ depositors schema is good for depositors and bad for taxpayers. Quite stupid for taxpayers to offer a guarantee for companies with a BB-rating (i.e. average likelyhood of 7.5% to go bankrupt within the next 5 years) without asking for a significant risk premium.
Not sure I understand why bridging property loans (where banks seem to be unwilling to provide cover) and funding insurance premiums (where insured people find it difficult to find the money) are low risk activities. Both sounds quite risky if any of the credit assumptions fail - but hey, I think this is what the company credit rating (s above) is saying.
Results out.....encouraging for holders??
https://www.nzx.com/announcements/473141
The Directors of General Capital Limited (GEN), the NZX listed Financial Services Group, are pleased to present another record year of growth for the year ended 31 March 2026. Consolidated Revenue was 18% higher than the previous year, increasing to $26.8m, whilst Net Profit After Tax (NPAT) of $2.7m was broadly in line with the prior year; Total Comprehensive Income was slightly higher at $2.8m when taking into account Other Comprehensive Income from a financial reporting perspective. This reflects continued balance sheet growth, partly offset by higher operating costs, expected credit loss provisioning and the IRG Goodwill impairment. On a normalised basis, the result would have been higher after adjusting for one-off items, including a goodwill impairment of $379k in subsidiary Investment Research Group (IRG), which was absorbed during a challenging global economic environment.
Call me old fashioned, but I get a tab concerned when I read about goodwill impairment on related company dealings...$379,000 ??
Disc- don't hold. Watching with interest.
Very generous DRP
Dividend Reinvestment Plan Strike Price
General Capital Limited (NZX:GEN) hereby advises that the strike price for the Dividend
Reinvestment Plan (DRP), operating in respect of the dividend payable on 2 July 2026, has
been set at NZ$0.261 per share.
The strike price has been determined in accordance with the General Capital DRP terms, as
the volume weighted average sale price in New Zealand for General Capital shares, calculated
on all trades of General Capital shares which took place through the NZX Main Board over the
period of five trading days starting on 11 June 2026 less a 5% discount.
ENDS
This announcement was authorised by Brent King, Managing Director