Receivers announce sale of 50% shareholding in Financial Synergy

NZPA

Tuesday 2nd August 2011

Kerryn Downey and William Black of McGrathNicol, as Receivers of the SCF Group are pleased to announce the sale of the 50% shareholding in Financial Synergy ("FSL"), to D & W Investments and Sectarian Securities.

SCF Receiver Kerryn Downey said he is pleased with the outcome and that it provides future certainty for all of FSL customers and suppliers and is another successful realisation of SCF's investments and recovery of a loan in full.

Managing Director David Hair is also pleased with the outcome of the deal. "FSL has successfully navigated itself during the SCF receivership and is in great shape. I would like to take this opportunity to thank our broker network, suppliers and Westpac for their continuing support, and their trust in my team to deliver a great outcome. It's a positive result that FSL will remain a privately-owned New Zealand company; we need more stories like this for the New Zealand economy to continue to grow.

"FSL is pleased to be able to move forward with positive plans to develop and grow the company."

FSL is a specialist insurance premium funding company whose core business is in providing premium funding options to corporate and commercial companies through a network of insurance brokers throughout New Zealand. FSL has operated on a largely stand-alone basis from the rest of the SCF Group since FSL's establishment in October 2002.

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