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St Laurence makes major restructure

The St Laurence group is planning a major structural change and capital injection designed to strengthen its market position and better distinguish it from other finance companies.

Monday, August 21st 2006, 6:17AM
Under the proposals, the group’s primary lending vehicle, St Laurence Mortgages, will acquire other parts of the group that undertake a wider range of property-based funds management, fund investment and asset management activities.

Several of these companies hold long-term income streams from management contracts.

St Laurence Mortgages will be renamed St Laurence and shareholders will put in an additional $23.2 million.

There will be no change to the operations or activities of the key funds managed by St Laurence, including NZX-listed entities The National Property Trust and St Laurence Property & Finance Limited, as a result of the acquisitions.

"Whilst lending is still a core focus, the acquisitions will result in a broadening of the St Laurence Mortgages’ range of business activities beyond just finance, and as such diversifying and strengthening its asset base and income streams," St Laurence director Kevin Podmore says.

"The proposed changes will very clearly set us apart from our peers, and position St Laurence for the future by reducing risk for our investment clients in a way that other companies in the financing sector are unable to do."

Podmore says this is an important move in the current environment and investment industry and that the amendments to be in the best interests of our debenture stockholders.

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