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NZF Group lifts Finance Direct stake to 70%

Friday 5th December 2008

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NZF Group, the finance company that was involved in the buyout of Mike Pero Mortgages in 2006, has increased control of its Finance Direct unit to 70% from 51%.

Wayne Croad, executive director at Finance Direct, increases his stake in the business to 30%, according to a statement.

Finance Direct is approved under the Crown Deposit Guarantee Scheme and NZF managing director John Callaghan said he's confident it can "continue to offer both competitive investment rates and remain a provider of choice in the consumer lending market."

It currently has a term deposit offer of 9.3% annual for a minimum 28 months. NZF managed to keep itself in profit in its first half ended Sept. 30, with $1.3 million, meeting the forecast it made in August.

As at Sept. 30, NZF had cash reserves of $6.7 million and total undrawn bank facilities of about $73 million.

Shares of NZF trade infrequently on the NZX, with 5,000 shares changing hands on Nov. 20 at 35 cents. The shares are down 46% this year.

By Jonathan Underhill

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