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Merged group sets some goals

Allied Prime Finance, the group formed following Allied Farmers takeover of Prime Finance, has rolled out its first investment statement and prospectus.

Friday, October 20th 2006, 12:21PM
The launch marks the debut of a stronger, expanded finance company that proudly retains its roots in rural New Zealand, Allied Prime Finance chairman John Loughlin says.

Loughlin says the new documents offer open and transparent information for investors, and a trust deed which conforms to industry best practice.

“While some may see the current climate as a difficult one to launch a new prospectus and a new business, we welcome the sharper interest that will undoubtedly be shown by investors and their advisors,” he says.

“It foreshadows the greater level of consolidation we expect to see across the finance industry in the next 12 to 18 months as a number of companies feel the pressure of lower deposits.”

“Allied Prime has been the result of a strategic merger. Some others may be more akin to a forced marriage.”

“There are plans to expand Allied Prime’s lending sectors, particularly in areas like mortgages and business credit.

However, the overall approach will be conservative with the objective that no lending sector will account for more than 25% of the business. This will mean reducing vehicles which are currently 33%.”

Loughlin says Allied Prime welcomes the increase in regulatory compliance proposed for the sector and encourages the implementation of an appropriate system of credit ratings easily understood by investors.

He expects the current industry pressure on liquidity and funding, which has followed the recent receiverships, to self-correct and return to normal levels during the coming 12 months to 24 months.

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