Strategic Finance censured, fined over sale disclosure

NZX Regulation imposed a NZ$20,000 fine. Managers, directors and partner BOS International last month agreed to acquire the business from Allco HIT in a deal valued at about NZ$90 million.

According to the determination, released today, Strategic called certain brokers on August 7 about the sale of its parent, without having informed the NZX. The breached widened the following day when it released information on the transaction to a wider group, it said.

The group will pay NZ$25 million cash, inject NZ$15 million of new funds into the business and acquire loans for NZ$50.2 million as part of the acquisition. BOS International will increase its debt facilities to the company to NZ$150 million from NZ$100 million.

Under the acquisition plan, holders of its debentures, notes and preference shares are being asked to accept new terms, with the bulk of the securities to be replaced by new debt instruments that trade on the NZX.

By Jonathan Underhill

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

BPG - Blackpearl Acquires US AI Platform to Accelerate Growth
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025
RYM - First quarter trading update
July 11th Morning Report
IKE Announces equity raising of A$20 million
Chorus full year results date
FPH 2025 Notice of Annual Meeting and Voting Form