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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news