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Strategic Finance censured, fined over sale disclosure

Strategic Finance, the finance company being acquired by its managers, was censured and fined by NZX Discipline over the way it disclosed details of the plan to some brokers prior to telling the exchange.

Tuesday, September 23rd 2008, 6:44AM

by Jonathan Underhill

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.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
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Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
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Nelson Building Society 9.00 7.75 7.35 -
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Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
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TSB Bank 9.44 8.04 7.55 7.45
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TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
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Median 8.64 7.29 7.32 6.65

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