Thursday 28th December 2017
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General Finance Ltd., a finance company registered as a Non-Bank Deposit Taker (NBDT) has been sold Corporate Holdings Limited, whose Managing Director is Mr Brent King.
Mr King said, “ General Finance is a strong and well-respected name in the finance sector. The previous owners have built a solidly profitable finance company. When the opportunity arose to purchase General Finance we were interested in reviewing the business. After completing our investigation with Due Diligence we proceeded to negotiate a Sale and Purchase Agreement.The approval process for the change of ownership was robust and we obtained final approvals earlier this week.”
Mr. King commented “ This is a very interesting time in the market for finance companies. There clearly is market demand for the Investment and lending products. It is my view that a well-structured and well-capitalized Finance company will have significant opportunities in the current market. The changes to the legislation have changed the environment significantly and the reporting regime has given investors confidence. There is a shortage of medium term (1 to 3 years) investment opportunities. The short-term (less than 6 months) and the long-term opportunities (5 to 7 years) are well catered for. We see this is an opportunity for General Finance Ltd. General Finance Ltd.’s lending policy is focused on residential property.”
“ We intend to review opportunities to allow us to grow the business and we expect to be able to advise progress in January. “
A Product Disclosure Statement for General Finance term deposits is available at General Finance’s offices on the Ground Floor, 638 Great South Road, Ellerslie, Auckland 1543 and can be obtained by phoning freephone; 0800 500 602.
Brent King B.Com, C.A., R.F.A., is an Auckland based Investment Banker. He is the owner of Equity Investment Advisers Ltd, Money online Ltd and The business website www.sharechat.co.nz. He is part owner of Corporate Holdings Ltd. the new owner of General Finance Ltd and Investment Research Group Ltd, (The publisher of the IRG Yearbook which is now in it’s 43rd Issue. IRG is also an NZX and NXT sponsor).
Mr King setup Dorchester Pacific in 1988 and listed it in 1992. He was Managing Director for 17 years until he resigned in 2005, citing concerns about market practices in the sector at that time. Dorchester Pacific had assets of $480m at the time of Mr King’s resignation and held cash of in excess of $60m. Subsequent management took actions that Mr King criticized in the media.
Mr King has acted as Sponsor or adviser to some of New Zealand’s more innovative listings including 42 Below, Charlie’s, Finzsoft Solutions Ltd., Chow Group Ltd, Dorchester Pacific Ltd etc.
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