Your Security

The security for your investment with Prometheus is provided by a number of factors taken together:

Trust Deed

Your investments in Prometheus are secured in accordance with the Securities Act 1978 by a Trust Deed, which includes a range of financial covenants, prudential ratios and capital adequacy requirements. This is your insurance that Prometheus is acting in accordance with standard prudent financial practise.  The Trust Deed for Prometheus Finance Ltd is dated 11 December 2003 and is registered with the registrar of Companies.  It is available on the Companies Office website.

Statutory Supervisor

Our performance with regards to the requirements of the Trust Deed is overseen by a Statutory Supervisor, Perpetual Trust Ltd, which we have to report to on a regular monthly basis.

In the Trust Deed all savings and investment accounts with Prometheus are secured by a first ranking security interest in Prometheus Finance Ltd’s present and future undertakings, property, assets and revenues.  That security interest has been granted in favour of Perpetual Trust Ltd in its role of protecting the security interests of investors in Prometheus. This means that any funds you invest with Prometheus will rank ahead of other creditors or shareholders in Prometheus.  

Prospectus

We are also required by law to register our Prospectus each year and meet the reporting requirements of the Companies Office.  These requirements are relatively strict and are continually evolving to ensure that all companies, including finance companies, are giving full and fair disclosure to potential investors.  You can see a copy of our Prospectus here which includes the audited Financial Statements for Prometheus Finance Ltd.

Our Experience

Ultimately the security of any investment you make with Prometheus is dependant on Prometheus’ financial performance and asset backing.  While the above regulatory and supervisory requirements ensure that we are operating prudently and meeting key ratios and requirements one of the main guarantors of both our performance and asset values is Prometheus’ own management experience.  Prometheus has been in operation since 1983 and has developed considerable experience in lending assessments and management and has a strong loan portfolio with historically very low loan default rates.

Equity

Finally, in the event of any loan default investors funds are protected, in the first instance, by our own operating surpluses and secondly by our equity. Prometheus Finance Limited had a total equity level of $2.1 million at 31 March 2008