Monday 2nd October 2006
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Allied Prime Finance is a fully owned subsidiary of the NZ- listed company, Allied Farmers Limited, and was formed from the merger of Allied Farmers Finance Ltd and Prime Finance Ltd.
The Chairman of Allied Prime Finance, John Loughlin, says the release of the Investment Statement and Prospectus marked the debut of a stronger, expanded finance company, which proudly retains its roots in rural New Zealand.
"We have started as we mean to go on with a Prospectus which includes detailed, open and transparent information for investors, and a Trust Deed which conforms to industry best practice.
"This merger has created an expanded business more able to compete in the finance sector than either of the parties previously. With an expanded nationwide network, Allied Prime has plans to expand its funding and lending services."
Loughlin says that the Directors undertook an extensive and thorough due diligence process in acquiring Prime Finance. This has turned out to be a real positive both for the parent company and the enlarged business because it now operates in the changed environment for finance companies.
"While some may see the current climate as a difficult one to launch a new Prospectus and a new business, we welcome the sharper interest that will undoubtedly be shown by investors and their advisors.
"The new company is larger, more profitable, and has a better spread of assets. It foreshadows the greater level of consolidation we expect to see across the finance industry in the next 12 to 18 months as a number of companies feel the pressure of lower deposits.
"Allied Prime has been the result of a strategic merger. Some others may be more akin to a forced marriage."
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