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NZF agrees to sell home loans stake, subordinated notes for $1.25M to Resimac Financial Services

Friday 11th October 2013

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NZF Group, whose lending arm went into receivership in 2011 owing about $16.4 million, agreed to sell its stake in a home loans company and other investments to Resimac Financial Services for $1.25 million, completing its asset sales programme.

The agreement would see NZF sell its 20 percent stake in Resimac NZ Home Loans, which it considers to have a nominal value, to Resimac Financial Services, which owns the remaining 80 percent of the company.

As part of the deal, NZF also plans to sell Resimac Financial subordinated notes in a securitisation trust with a face value of $2 million, the Auckland-based company said in a statement. NZF has written down the value of the notes to $1.25 million to reflect the sale value, it said.

NZF said it plans to release its 2013 annual report soon. Shares in the financial services company were suspended from trading in July after it failed to provide its annual report on time. The company's stock last traded on June 25 at 1.2 cents a share.

The planned sale is conditional on a waiver from the NZX requiring a material transaction to a related party to be approved by shareholders, or failing that, approval from shareholders.

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