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Strategic Finance MBO on cards

Strategic Finance's Australian parent company has confirmed an MBO of the company is currently being discussed.

Friday, June 27th 2008, 6:46AM
Allco HIT, a diversified finance company listed on the ASX, said it held talks on the sale of its Strategic Finance unit with a group including managers.

No formal agreement has been reached after "high-level discussions with a consortium of management and other parties," Allco said.

Strategic, a New Zealand-based property finance company, this week said it was undertaking "an intensive review of its business." The review covers provisioning, liquidity and doubtful debt levels, which may be at higher levels than previously reported.

The yield on Strategic's perpetual preference shares was last quoted at 35%.

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