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Another eventful day for MFS Australia

MFS's parent company had another eventful day yesterday with the resignation of its chief executive, and the end of a takeover bid.

Tuesday, January 22nd 2008, 7:16AM
The ASX listed MFS, which owns 38.5% of MFS New Zealand, announced that its chief executive Michael King had resigned and will be replaced by deputy chief executive Craig White. Also yesterday, City Pacific withdrew its proposed takeover bid for MFS. While it was an eventful day for the Australian company it was business as usual for MFS New Zealand. The company's share price barely moved and its chief executive Jason Maywald is reported as saying it's business as usual. The main issues for investors are the company's "put option" with MFS Australia, related party loans and debenture renewal rates.

A key selling point for MFS New Zealand is the put option, which if exercised, means that MFS Australia has to buy any bad loans.

This put option has not been used.

MFS New Zealand has been backed by MFS Australia, reportedly with funding of around $150 million, also it had invested money into some MFS Australia trusts.

MFS New Zealand has around $300 million of debentures on issue in New Zealand and around $80 million are due to mature in the first three months of this year.

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ANZ 8.64 7.74 7.39 7.25
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China Construction Bank Special - - - -
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Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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Heartland Bank - Reverse Mortgage - - - -
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HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
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