Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Strathmore Stake In Giant Australasian Merger


Strathmore Takes Stake In Giant
Australasian Merger

CreditNet Technology To Play Key Role in RMG

AUCKLAND – 27 April 2000 – Internet and technology investment company, Strathmore Group Limited (NZSE: SMR) today announced it had reached agreement to sell its stake in CreditNet International Limited along with other shareholders in CreditNet. The ownership of CreditNet will transfer to a new entity, RMG Limited, which intends to list on the Australian Stock Exchange.

RMG Limited will not only become Australasia’s largest receivables management company, it will be the first in the region to offer an integrated range of receivables, debt management and credit reporting services under a single umbrella.

Clients who have traditionally dealt with several agencies will now be able to obtain a full range of services from the one company. These will include traditional debt recovery and receivables management, credit information services together with database management, debt purchasing, factoring, ledger management as well as complete outsourcing of a company’s receivables function.

“The RMG initiative will significantly change the receivables management business in Australasia. The decision to become part of this transaction fast tracked Strathmore’s original plans with CreditNet,” explains Strathmore’s Executive Chairman Phil Norman.

“CreditNet was experiencing significant growth primarily from its core technologies which were well suited to the emerging on-line environment. RMG intends to continue this approach leveraging CreditNet’s state-of-the-art technology,” continues Norman.

Strathmore will receive script in RMG in return for its shareholding in CreditNet, which stands at 36.3%. “This is a good deal for Strathmore,” says Norman. “The merged organisation will be in a stronger and more competitive position. Our investment will benefit from the partnerships with other companies that RMG enters into to secure and maintain a dominant position in our Asia Pacific region.”

CreditNet is a credit business with offices in Auckland, Wellington, Christchurch, Dunedin as well as a number of regional centres. It provides services to clients in the utility, insurance, automotive and retail sectors through its trading units, which include the well-known Creditmens brand.

About Strathmore Group Limited

Strathmore Group Limited is a technology investment company with approximately $NZ 19 million of shareholders’ funds. It targets Internet, e-Commerce and information technology companies with potential to deliver accelerated growth in shareholder value by competing in global markets. It provides strategic advice, capital support, operational assistance, industry expertise and a network of relationships to assist technology companies to migrate internally.

For further information, please call:

Phil Norman, Executive Chairman, Strathmore Group Limited
Phone +64 21 667 210, Email

Nicholas O’Flaherty, Senior Account Manager, Botica Conroy & Associates
Phone +64 9 303 3862, Email

© Scoop Media

Business Headlines | Sci-Tech Headlines


Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>


Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>


Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>


Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>


Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>