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


Dominion Finance to Purchase North South Finance

Media/NZX Release
13th December 2005

Dominion Finance Holdings to Purchase North South Finance Ltd

Dominion Finance Holdings Limited (DFH) has entered into an agreement to purchase 100% of the shares on issue for North South Finance Limited.

Consideration for the purchase will be satisfied by way of a cash payment of $30 million and the balance by issue of new shares in DFH calculated in accordance with an agreed formula. DFH estimates that the issue price for these shares will be in the vicinity of $1.40 per share.

This transaction is conditional upon DFH completing due diligence before 22 December 2005, and the approval of DFH shareholders before the end of January 2006.

Settlement is set down for the 28th February 2006.

North South Finance Ltd was formed in November 1999 with the principal activity being that of a financer undertaking short term finance, bridging loans and general mortgage finance over New Zealand property.

Terry Butler, Chief Executive Officer for DFH said: “This purchase not only provides an opportunity for growth and significantly increases the size of the company, but it will further enhance the solid base DFH has been developing over the past few years.”

“I have stated on a number of occasions the Group will explore opportunities that will provide additional quality to compliment our existing operations. North South Finance is a well run, profitable company and a good fit with our business.”

Following the purchase North South Finance Ltd will continue to operate as a separate entity headed up by its current CEO Darryl Eastgate.

Full details of the transaction will be forwarded to shareholders as soon as possible in the New Year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>