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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news