Thursday 14th August 2008 |
Text too small? |
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. |
No comments yet
SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report