About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, September 20th, 6:10PM
rss
Latest Headlines

Strategic sale terminated on adverse credit markets

The sale of Strategic Finance has been scrapped because deteriorating credit markets meant conditions of the transaction couldn’t be met.

Friday, October 17th 2008, 1:41PM

by Jonathan Underhill

The unprofitable finance company will remain in the hands of Australian parent after a group comprising managers and directors of Strategic and a unit of BOS International failed to close the deal.

The bidding group, Clarence Investments, was to have paid Allco NZ$25 million cash, transfer 8 million Allco shares and inject NZ$15 million into Strategic by way of subordinated debt securities and buy loans for NZ$50.2 million as part of the acquisition. BOS International would increase its debt facilities to the company to NZ$150 million from NZ$100 million.

Shares of Allco have slumped 99% in the past 12 months and last traded at 1.7 Australian cents.

BusinessWire.co.nz

« Dominion shares suspended indefinitelyAXA suspends $225m of funds as redemptions climb »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 2.00  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com