Allco bids for all of Strategic
Australian financial services company Allco Finance Group has made a cash and shares offer for full ownership of Strategic Investment Group.
Tuesday, December 12th 2006, 3:09PM
Strategic Finance is the wholly owned subsidiary of Strategic which is currently 50% owned by Allco.
The conditional offer will make Strategic part of a publicly listed group which includes other finance sector businesses including Momentum Investment Finance and International Mezzanine Funds Management Australia.
Strategic Finance chief executive Kerry Finnigan said a change of ownership would not lead to any perceptible change for Strategic Finance’s own investors and loan clients.
"Allco’s decision to purchase the remaining 50% of Strategic is an endorsement of the quality of our business," he says.
"Senior executives, including myself and other executive directors, have signed contracts committing us to the company for at least three years."
Finnegan says the advantage of the deal is that "we now have the backing and opportunities provided by being a full member of the Allco Group".
Allco Finance Group is a fully integrated global financial services business, listed in the top 100 on the Australian Stock Exchange, with a global network of operations, and specialising in structured asset finance, funds management and debt funding.
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