NZF accepts Pero valuation
NZF appears to have paved the way for the sale, today, of its half share in Mike Pero Mortgages to its joint venture partner Liberty Financial.
Monday, May 27th 2013, 7:11AM
One of the sticking points of the sale has been the valuation of the half share. NZF held it in its books at $7.2 million however an independent valuation came in at a far lower number.
NZF has, as explained here, tried to clarify the differences but at the end of the day has now accepted the lower valuation.
It told the NZX on Friday that it had consulted its auditors and changed the carrying value of its share of Mike Pero Mortgages in its books.
It has impaired the carrying value of NZF's 50% shareholding in MPMH Limited from $7.2m to $2.762m.
The impairment will be recorded in the NZF financial statements for the year ending 31 March 2013.
"The revised carrying value of $2.762m reflects the independent valuation undertaken on MPMH Limited by Simmons Corporate Finance in November under the sale process for MPMH."
NZF shareholders are due to vote on the sale proposal at a special meeting in Auckland today.
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