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Thursday 28 March 2024  Add your comment
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Liberty may allow Pero's to be privatised

Liberty Financial would be prepared to consider allowing New Zealand Finance Holdings to take Mike Pero Mortgages private if that's in the best interests of the mortgage broking company, says Liberty founder Sherman Ma.

Wednesday, February 15th 2006, 4:50AM

by Jenny Ruth

Earlier this month, Liberty snagged a 10.1% stake in Mike Pero Mortgages (MPM) for $1.10 a share after a stand in the market.

New Zealand Finance gained 55% of MPM for 82 cents a share after a takeover bid last year. In late January, it launched a second takeover bid for the minorities priced at $1.05 a share.

While NZ Finance’s offer isn’t conditional on passing the 90% threshold which would allow it to compulsorily acquire the remaining shares, managing director John Callaghan has made it clear he would prefer not to incur the costs of keeping MPM listed - New Zealand Finance is also a listed company.

"If being a public company is a distraction and not a benefit to the company then take it private. There's no reason why we can't vote to take the company private," Ma says.

"That may be the direction further discussions lead. It's what's going to be in the best interests of not only Mike Pero the business but also its valued network of franchisees."

While there are downsides, including costs, in being a public company, there are also benefits including providing greater comfort to MPM customers, Ma says.

Liberty already sells its non-conforming mortgages through MPM and through New Zealand Finance's mortgage broking arms, New Zealand Mortgage Finance and Approved Mortgage Brokers.

"We have a good relationship with both companies," Ma says. Liberty sees MPM as a "very durable" business which has been further strengthened by New Zealand Finance's involvement and Liberty can "bring some enormous value to the enterprise," he says.

This isn't the first time Liberty has taken such a stake in a "business partner" and it has a number of similar relationships in Australia and it is speaking to several in New Zealand at the moment, Ma says. He wouldn't disclose which other businesses Liberty has stakes in.

"We're just looking at ways our partners can grow and accelerate their businesses. We're always considering more," Ma says. Liberty is positive on the future of mortgage broking and "what better way to support it than by putting your own capital alongside the companies you work with."

It isn't important for Liberty to have control in such situations, he says. While Callaghan has said he expects Liberty to seek a seat on MPM's board, Ma says that isn't a major objective.

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Mortgage Rates Table

Full Rates Table | Compare Rates

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 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
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
Lender Flt 1yr 2yr 3yr
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
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
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 - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
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
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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