The new company will be called Allied Nationwide Finance Limited.
The combined financing activities of the Allied Farmers group will comprise over $310 million of assets and close to $40 million of equity.
“The Allied Farmers board has considered how best to position Allied Prime Finance and Nationwide Finance for the future and has decided that an amalgamation of the two companies would be in the interests of both companies and their respective debenture stock investors,” the company says in a statement.
It is expected that the amalgamation of Allied Prime Finance and Nationwide Finance will be completed at the end of June 2007, subject to obtaining all necessary trustee, investor and regulatory approvals.
Bonus Bond millionaire
"We asked our Bondholders and the general public what they wanted from Bonus Bonds, and the clear message was that most prefer a top prize of $1 million, as well as the many other smaller prizes," Head of Bonus Bonds, Mark Pickering says.
Nearly a quarter of New Zealanders own Bonus Bonds. The last time the top prize was increased was in 1996 when it went to $300,000.
Statistically the chance for a Bondholder to win a cash prize in each monthly draw is between 1 in 9,600 and 1 in 11,000.
Bonus Bonds will present a $1 million prize to one winning Bondholder every month as part of a total tax-paid monthly prize pool of over $6 million – made up of more than 200,000 individual cash prizes.
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