Sharechat Logo

Allied Prime Finance launches its first prospectus

Monday 2nd October 2006

Text too small?
Allied Prime Finance Limited today launched its first Investment Statement and Prospectus for First Ranking Secured Deposits.

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."

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Allied Farmers may lift loan book value by $276K as IRD lurks with liquidator's axe
Allied Farmers sells Taranaki real estate unit worth 26 percent of group's value
Fire sale of toxic loans keeps Allied Farmers ticking for now
Allied Farmers tries to cobble together loan repayment as liquidation hovers
Lender runs out of patience, seeks $500k loan repayment from Allied Farmers
Crown Asset Management keeps Allied Farmers on life support
Allied Farmers' auditor refuses to give opinion on accounts
Allied Farmers granted waiver for $1.2M loan for bobby calf business
Allied Farmers wears more post-Hanover cost and delay
Allied Farmers lifts provision for loan guarantee to $1.4M