Allco Hit, Strategic bidders reach preliminary agreement

The two groups are now negotiating an agreement on the sale, according to a statement from Kerry Finnigan, chief executive of Strategic Finance and part of the bidding group.

The deal needs approval from Allco’s shareholders and holders of Strategic Finance’s preference shares, debentures and notes.

Strategic Finance last week suspended redemptions of debentures and notes citing dwindling liquidity.

Redemptions of debentures and notes were halted to protect the integrity of the investments, Finnigan said.

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.

Compare deposit rates and view special rates online or sign up to the Deposit Rates news alerts. www.depositrates.co.nz

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:

PEB - Advancing Medicare Coverage Goals; Cost Contained
TRU - TruScreen Completes Oversubscribed Placement
EROAD Continues Transformation, Reports FY26 Results
May 25th Morning Report
EROAD Appoints New Director Progressing Board Renewal
OCA delivered record full year result
BLT - Strong revenue and underlying earnings growth
MFB - Food Bag reports full year profitability up 5.3%
TWR - Tower reports strong HY earnings
IPL - FY26 Annual Results