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


Strategic Finance part of Allco restructure

11 December 2006

Strategic Finance part of Allco restructure

Australian financial services company Allco Finance Group has made a cash and shares offer for full ownership of Strategic Investment Group Limited (Strategic), through its Asia-Pacific diversified financial services group, Allco Hybrid Investment Trust (AHL). Strategic Finance Limited is the wholly owned subsidiary of Strategic which is currently 50% owned by Allco.

The conditional offer (needing, among other things, shareholder approval) will make Strategic part of a publicly listed group (24% public owned) which includes other finance sector businesses including Momentum Investment Finance Pty Ltd (Momentum), and International Mezzanine Funds Management Australia (IMFML).

Strategic Finance chief executive Kerry Finnigan said a change of ownership would not lead to any perceptible change for Strategic Finance’s own investors and loan clients.

“Allco’s decision to purchase the remaining 50% of Strategic is an endorsement of the quality of our business.”

“So there are absolutely no plans to change the winning formula of personnel and investment portfolio which attracted Allco to Strategic in the first place.”

“Senior executives, including myself and other Executive Directors, have signed contracts committing us to the company for at least three years.”

“The combined cash and share offer means Strategic’s vendors retain a strong equity interest in the success of Strategic and the Allco group.”

“Strategic Finance will continue to operate as a separate entity, fully committed to our staff, investors and broker network.”

“The advantage is that we now have the backing and opportunities provided by being a full member of the Allco Group,” Mr Finnigan said.

The Allco Finance Group (Allco) is a fully integrated global financial services business, listed in the top 100 on the Australian Stock Exchange, with a global network of operations, and specialising in structured asset finance, funds management and debt funding.

AHL, currently a unit trust multi-issuer of mainly listed hybrid, income-style securities is being transitioned by Allco into a listed corporate entity to be known as Allco HIT Ltd. Initially, AHL will own and operate a diversified group of businesses that provide asset financing; property related lending, and alternative investment management to high net worth individuals and small to medium sized enterprises in Australia and the Asia Pacific.

Full details of the acquisition of Strategic will be available on the issuing by Allco HIT of a “Prospectus and Notice of Meeting document” next week. This will be available on the Allco website


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>

MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>

Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>

DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>

Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>