The company said in November that it expected its full year result to exceed last year’s net profit of $18.06 million, subject to the market conditions at the time being maintained.
Yesterday it said that due to continued buoyant property market conditions, it expects a significant increase in the valuation of its group property portfolio.
“As a result, SLP&F now expects its full year profit to 31 March 2006 to be in the range of $30 to $35 million.”
Allied takeover of Prime proogresses
It now holds executed agreements on 55.3% of the ordinary shares in Prime.
As part of satisfaction of the lock-up agreement conditions, Allied Farmers & Prime Finance have entered into an agreement for Allied Farmers to acquire a ledger of receivables from Prime Finance, conditional on Allied getting 90% acceptance in its full takeover offer.
The purchase price will be the face value of the ledger at settlement (expected to be about $10 million) less an agreed provision allocation. The purchase price will be satisfied by way of an on-demand debt owed by Allied Farmers to Prime Finance.
RaboPlus over $100 mill
New online savings account RaboPlus has proved popular with savers. In its first few weeks of operation its online savings account has raised more than $100 mill.
It has now extended its services and allows trusts to set up online savings accounts.
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