NZX-listed Blackwell Group Holdings will wind down its finance business. Photo / SuppliedBlackwell Global Holdings (BGI) will wind down its finance company operation and let its executives go after it could not raise enough capital to fund the growth of its loan book. The NZX-listed investment company, which is 75 per cent owned by derivatives trading and investment company Blackwell Global Group, has announced a restructure. "The board does not consider that it is likely that funding will be found to assist BGI with the funding of a finance company operation in the near or intermediate future." Joyce said the directors had decided to wind down the existing finance company operation and to reduce costs to give the company time to explore other alternative business opportunities via a potential reverse takeover transaction.

Source: New Zealand Herald January 18, 2021 01:41 UTC