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

 


NZF meeting for Mike Pero sale on hold for court hearing

NZF meeting for Mike Pero Mortgages sale on hold as buyer seeks to limit information

Dec. 27 (BusinessDesk) - NZF Group, the financial services firm at odds with receivers of its failed finance unit, has delayed a shareholder vote on whether to exit its stake in Mike Pero Mortgages after the buyer filed High Court papers to limit information that can be shared with investors.

Australia's Liberty Financial, which owns the other half of MPMH, has applied to "restrain information that NZF Group may provide to its shareholders in considering the sale and to compel the directors of NZF Group to make a positive recommendation to approve the sale," the firm said in a statement.

The Auckland-based firm needs shareholder approval to sign off on the sale of its 50 percent stake in MPMH, which was valued at $2.76 million by Simmons Corporate Finance, as it's more than eight times greater than NZF's $330,000 market capitalisation. NZF shares last traded at three-tenths of a cent, and have plunged 90 percent this year.

Last month, NZF said it valued the stake at $7.51 million and that its board was surprised by the discrepancy between the valuations.

NZF's directors put the discrepancy down to different valuation methodologies being used, the valuers not placing much weight on a recovery in the property market, and the strained relationship between NZF and Liberty which meant Simmons didn't have access to MPMH board approved information including projections.

A High Court hearing is scheduled for February.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news