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Allied Farmers To Amalgamate Finance Companies
Allied Farmers To Amalgamate Finance
Companies
Allied Farmers Limited today announced that it has decided to amalgamate its two finance companies, Allied Prime Finance Limited and Nationwide Finance Limited to form “Allied Nationwide Finance Limited.”
Allied Farmers Limited acquired
Nationwide Finance Limited from Hanover Group on 1 May
2007.
Nationwide Finance Limited is a diversified
finance company providing property and commercial finance
throughout New Zealand. It has total assets of approximately
$158 million and equity of approximately $19 million. Allied
Prime Finance, also a diversified finance company has total
assets of $155 million and equity of $20 million. The
combined financing activities of the Allied Farmers group
will comprise over $310 million of assets and close to $40
million of equity.
The Allied Farmers board has
considered how best to position Allied Prime Finance and
Nationwide Finance for the future and has decided that an
amalgamation of the two companies would be in the interests
of both companies and their respective debenture stock
investors.
It is expected that the amalgamation of
Allied Prime Finance and Nationwide Finance will be
completed at the end of June 2007, subject to obtaining all
necessary trustee, investor and regulatory
approvals.
It is intended that a meeting of the
Allied Prime Finance debenture stock holders will be held on
or around 13 June 2007 to consider and approve the
amalgamation.
ENDS
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