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Geneva Finance buys in Tonga

Tuesday, August 21st 2018, 12:07PM

Geneva Finance  has reached agreement to acquire a 60% shareholding in Federal Pacific Finance Ltd, Tonga.

“We see this as a strategic stake in a Pacific Island finance operation, offering medium and long term growth opportunities into the Pacific Rim," Geneva managing director David O’Connell says. The purchase price of $3.81 mill represents, about 3.5% of Geneva total assets, compared to the group’s $110 mill asset base.

As the vendors are related parties, the independent directors, who have the responsibility of completing the necessary due diligence to ensure this transaction is in the best interest of all shareholders, in particular the minority shareholders, advise they are satisfied, subject to the completion of final documentation, that this transaction meets this standard.

Settlement will be a combination of Geneva shares, cash and vendor finance.

“It is the view of the independent directors that the issue price of 70 cents per Geneva share, which is a premium of 13% over the current share price (62.0 cps) more accurately reflects Geneva’s underlying value. In addition as the equity component of the acquisition equates to 46% of the total transaction value, the transaction enhances Geneva’s current conservative equity/total assets gearing ratio (28%), leaving the company in a strong position for further acquisitions,” O'Connell says.

Tags: Geneva

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AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 ▼2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.15 3.29 ▼3.39
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China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac ▼3.39 3.45 ▼2.99 ▼3.35
SBS Bank 4.54 3.09 3.19 3.49
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SBS Bank Special - 2.59 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
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Median 4.55 3.12 3.19 3.14

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