Wednesday 9th March 2005
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PRG Acting Chief Executive Steve Smith said that PRG and Finance Group executives have been working through detailed issues and other preparation work since December 2004, when PRG announced the intention to investigate the potential listing.
The engagement of Macquarie New Zealand Limited, together with legal and accounting advice, is designed to provide the PRG board with advice on the key IPO and other issues. These include deal structure, valuation, the potential impact of the proposal on both the Finance Group and PRG, and the alternatives available to PRG to achieve its objectives from the sell down.
This scoping process is expected to be complete within the next month, with a view to implementation of the sell down in the second quarter of this year.
Smith also confirmed that there have been expressions of interest in the Finance Group from a number of trade buyers.
"The Finance Group has an impressive track record, delivering significant and consistent growth over the last five years, and is well positioned to build on this success," Smith said. "These types of trade inquiries are only natural with such a successful business, and directors expect them to be considered as part of the scoping process."
PRG Chairman Maurice Kidd advised that the PRG board would make a further announcement once the scoping phase was complete.
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