NZF Group lifts Finance Direct stake to 70%
Dec. 5 – NZF Group, the finance company that was involved in the buyout of Mike Pero Mortgages in 2006, has increased control of its Finance Direct unit to 70% from 51%.
Wayne Croad, executive director at Finance Direct, increases his stake in the business to 30%, according to a statement.
Finance Direct is approved under the Crown Deposit Guarantee Scheme and NZF managing director John Callaghan said he’s confident it can “continue to offer both competitive investment rates and remain a provider of choice in the consumer lending market.”
It currently has a term deposit offer of 9.3% annual for a minimum 28 months. NZF managed to keep itself in profit in its first half ended Sept. 30, with NZ$1.3 million, meeting the forecast it made in August.
As at Sept. 30, NZF had cash reserves of NZ$6.7 million and total undrawn bank facilities of about NZ$73 million.
Shares of NZF trade infrequently on the NZX, with 5,000 shares changing hands on Nov. 20 at 35 cents. The shares are down 46% this year.