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Strategic Finance under MBO, has securities trading halted

Thursday 7th August 2008

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Strategic Finance, whose managers and directors are seeking to buy out the firm, had its securities halted pending an announcement today.

Managers led by chief executive Kerry Finnigan teamed up with Halifax Bank of Scotland unit BOS International to acquire the company, gaining support from BOS for a NZ$150 million wholesale lending facility that would reduce its need for debenture funds.

The proposal is subject to approval by shareholders of Allco HIT, which is selling Strategic Finance's immediately parent. Strategic's current owners are "unable to assist in providing the necessary capital we need to run the business and move forward," Finnigan told BusinessWire last month.

The company had assets of NZ$568 million at June 30, with debentures at NZ$320 million. Strategic's 10.52% perpetual preference shares trade on the NZX debt market.

By Jonathan Underhill

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