MFS achieves listing goal

MFS is set to debut as a listed company on the NZX next week after successfully completing a backdoor listing yesterday.

Thursday, June 28th 2007, 6:39AM

Shareholders of NZAX-listed shell company Vistron approved a raft of resolutions at its annual meeting which enable the listing to take place.

The new company, MFS, is expected to have a market capitalisation of around $50 million and to debut on the stock exchange's main board on Monday.

MFS New Zealand chief executive Jason Maywald says the meeting "marks another step in (MFS's) objective to create a significant New Zealand financial services provider with businesses operating in the funds management, financial advisory, investment banking and property structured finance sectors."

The finance company, MFS Pacific is the company's main asset at the moment with a lending book of around $330 million.

He told shareholders that MFS has a number of objectives including:

to own and operate a range of financial services business that will generate diversified sources of recurring and transactional income;
to continue to grow the size of MFS Pacific Finance Limited by both organic growth and strategic acquisition;
to grow and develop its funds management business by both organic growth and strategic acquisition and seek to diversify risk and revenue by having, over time, property, debenture finance and equity funds management businesses of approximately the same size;
to focus strongly on the development of investment products and multi-channel product distribution as a means of leveraging value from all the businesses of the New Company; and,
to hold a range of strategic investments in financial services businesses, including boutique fund managers and financial advisory firms.

MFS has made plenty of headlines recently with acquisitions such as Northplan, and other financial planning businesses. These are currently owned by Australia company MFS, and tne newly listed New Zealand company has an option to buy them.

MFS in Australia will have a 40% stake in the New Zealand company and the other major shareholder is Babcock and Brown with a 19% stake.

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MFS achieves listing goal

MFS is set to debut as a listed company on the NZX next week after successfully completing a backdoor listing yesterday.

Thursday, June 28th 2007, 6:39AM

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