Allco HIT held talks over sale of Strategic Finance unit

Thursday 26th June 2008

Allco HIT Ltd., a diversified finance company listed on the ASX, said it held talks on the sale of its Strategic Finance unit with a group including managers.

No formal agreement has been reached after "high-level discussions with a consortium of management and other parties," Allco said.

Strategic, a New Zealand-based property finance company, this week said it was undertaking "an intensive review of its business." The review covers provisioning, liquidity and doubtful debt levels, which may be at higher levels than previously reported.

The yield on Strategic's perpetual preference shares was last quoted at 35%.

By Jonathan Underhill

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