Geneva Finance says no to Bluestone

Bluestone Group wants a chance to buy Geneva Finance’s loan book
Bluestone run by New Zealander Alistair Jeffery. It’s a securitized reverse equity mortage lender in Australia and NZ
Has a loan management operation
Wants to buy Geneva Finance loan book
Sent a letter to directors yesterday
Geneva Finance proposing debenture holders accept capital restructure with debt/equity swap (15% debenture/ 44% noteholders/ repayment over 4 ½ years)
Only alternative now is receivership
Payment of up to 90 cents in over 3 years
But Bluestone says it could buy book and return 85 cents in almost immediately
It wants Geneva to put this third option to shareholders at vote on Monday
Geneva have rejected that saying the offer isn’t detailed and anyway lack of time to put to a vote
It has told debenture holders again that voting for restructure best option