Friday 11th February 2005
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NZFs subsidiary New Zealand Mortgage Finance Limited (NZMF) has entered into a conditional agreement to acquire the business operations of Approved Mortgage Brokers International Limited (AMB) for $1,200,000.
The consideration is to be satisfied by the issue of 2,666,667 ordinary shares in NZF at an issue price of 45 cents (based on the last 20 business days closing price).
The agreement is subject to NZF final due diligence and subject to the satisfaction of that condition, settlement is set down for the 1st of April 2005.
Approved Mortgage Brokers was founded in 1996 and began to establish franchised outlets in 2000. There are now 11 franchises and 17 people working within the company.
The business acquired will continue to trade under its own brand Approved Mortgage Brokers and existing management will stay in place, along with all people currently employed or contracted.
This agreement effectively doubles NZ Finance Holdings' mortgage broking business, which is managed through its subsidiary NZMF and meets NZFH's goal of expanding its distribution channels for growth.
The move creates a mortgage broking company that is heading rapidly towards writing $1 billion in annual mortgages.
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