NZ Finance - Building an Empire

[Halebop]

That's a comfort.

In the 80s I also found any "serious" investment company had large equity trading and property development exposures. They must have taken much heart from being part of such a large herd.

The subtext:
...If everyone are taking the same risks, a key failing of the institutional imperative, benchmarking is unlikely to give you a useful barometer.

You will find many bankers aggrieved to be placed in the same category as finance companies. Banks have far greater prudential requirements while at the same time they avoid exposing 50%+ chunks of their equity to individual property risks.

But then you're right. I don't know much about finance companies. So I stick to investing in what I understand.

[rmbbrave]

New Zealand Finance Holdings Limited (NZF)

NZF announces that:

1. NZF has entered into a Pre-Bid Lock Up Agreement with Gould Holdings Limited (GHL) in relation to the prospective acquisition by NZF of all of the equity securities held by GHL in Mike Pero Mortgages Limited ("MPM") as part of a prospective full Takeover Offer to be undertaken by NZF in respect of all of the equity securities on issue in MPM. The terms of that agreement provide that GHL is, subject to the terms of the Agreement, required to accept the Offer proposed to be undertaken by NZF in respect of all of the equity securities on issue in MPM not later than 3 business days after the date of the dispatch of the Offer by NZF.

2. NZF intends to lodge a Takeover Notice in respect of a full offer for all of the Equity Securities on issue in MPM next week.

3. In respect of the ordinary fully paid shares on issue in MPM, the consideration payable shall be 82 cents per share, payable in cash.

4. In respect of the options on issue in MPM, the consideration payable shall be 2 cents per option, payable in cash.

[rmbbrave]

Is NZF launching a full takeover for MPM?

[moimoi]

yes.

[rmbbrave]

NZ finance launches takeover of Mike Pero
18 November 2005

The controlling shareholder in Mike Pero Mortgages Limited has agreed to sell his shares to New Zealand Finance Holdings Limited as it seeks to take over the company.


NZF has entered into a pre-bid lock up agreement with Gould Holdings Limited (GHL) in which Gould must accept NZF's 82 cents per share offer within three days of a full takeover launch.

GHL - which owns 54 per cent in Mike Pero - is an investment vehicle of Christchurch businessman George Gould.

It recently sold international advertising company iSite - New Zealand's second largest provider of "out-of-home advertising sites" - to Wellington International Airport for an undisclosed sum.

Shares in Mike Pero, issued at $1 in May last year, closed yesterday at 76c.

The stock dropped from 86c in February to a low of 55c in April as banks stopped paying commissions on Mike Pero-brokered mortgages.

This month, Mike-Pero attempted to mollify mildly grumpy, but resigned shareholders at its annual meeting with an upbeat profit report and the company's launch into insurance broking.

AdvertisementAdvertisementNZF - which last month posted a 43.7 per cent increase in first half profit - has said that it intends to launch a takeover next week.

In March, it acquired New Zealand Mortgage Finance.

[rmbbrave]

26 Jun 2006 11:58
JOINTV: NZF: 50/50 joint venture with Liberty Financial Limited

NZF 26/06/2006 Market Information

New Zealand Finance Holdings Limited (NZF) - Continuous Disclosure Notice

New Zealand Finance Holdings Limited (NZF) announces that it has today
entered into a 50/50 joint venture with Liberty Financial Limited (Liberty)
to make a takeover offer for all of the equity securities in Mike Pero
Mortgages Limited (MPM). Currently, NZF and Liberty, between them, hold or
control 94.6% of the shares in MPM. Details of the transaction are as
follows:

1. NZF and Liberty have entered into a joint venture agreement (JVA) pursuant
to which:

(a) NZF and Liberty have incorporated MPMH Limited (MPMH). The shares in MPMH
are owned 50/50 by NZF and Liberty; and

(b) it is proposed that MPMH will make a takeover offer (Offer) for all of
the equity securities in MPM.

2. The JVA is subject to certain conditions (see paragraph 6 below).

3. Contemporaneously with the entry into the JVA, NZF has agreed the terms of
a 3-way lock-up agreement (Lock-up) with Liberty and MPMH. Under the Lock-up
it is proposed that:

(a) the Takeover Notice in respect of the Offer is to be sent to MPM within
14 days of the date of the Lock-up;

(b) the consideration payable under the Offer in respect of the ordinary
shares in MPM will be $1.10 per share and the consideration payable for the
options on issue in MPM has yet to be determined, but in any event will be
such amount as is determined fair and reasonable by the independent adviser
engaged by MPMH to provide a report under Rule 22 of the Takeovers Code;

(c) Liberty and NZF are, subject to the terms of the Lock-up, required to
accept the Offer no later than 5 days after the date that the Offer is
despatched; and

(d) the Lock-up may be terminated by either NZF or Liberty if MPMH does not
send the Offer to offerees within 44 days of the date of the Lock-up.

4. The proposed offer price for the MPM shares represents a 8c to 10c premium
to the price the MPM shares have recently been trading at. It is proposed
that the Offer will be subject to certain conditions, including a minimum
acceptance condition of 90% which cannot be waived or varied.

5. Contemporaneously with the entry into the JVA, NZF has today also entered
into a business co-operation agreement (BCA) with Liberty, pursuant to which,
subject to certain conditions (see below), NZF and Liberty have agreed to
implement various business arrangements which would see MPM establishing a
securitisation structure to originate "Mike Pero" branded mortgages and,
potentially, other "Mike Pero" branded financial products to be marketed
through the MPM broker network.

6. Each of the BCA and the JVA are conditional upon:

(a) the Offer being sent to offerees by 8 September 2006; and

(b) the Offer becoming unconditional by 10 November 2006.

ENDS

[DCski13]

Hm, what's going on here! (and without doing any research except to say NZF is ex-div). Can anyone tell me why the share price has fallen 30% since Nov 23.

[Steve]

*BUMP*

FWIW - Nbr has broken the story that Long Strangle on this thread is in fact Peter Huljich.

For those that care.

Can you post a copy of the story here?

[jonu]

Read pg 8 of this thread. NBR didn't have to research much!

[BFG]

Very interesting thinking about recent events.

I notice Mr Joyce's name is at the bottom of recent announcements for NZF and has been very active in updating the market recently.

As a shell, NZF is primed for a new business to be inserted into it (with all the baggage that comes with it...).

And who is a good friend of Mr Joyce via the Snakk backdoor listing in 2013? Why none other than Mr Sorehead of course!

And who now owns 90% of Mega/Baboom after Mr Dotcom neededa new cash injection and was obviously a distressed seller? Sorehead of course!

Despite the rhetoric displayed in the media recently (www.nbr.co.nz best shows it), Mega Baboon has found it very difficult (if not impossible) raising funds from even foreign investors of a paltry $5M. I wouldn't be surprised if the ASX blocked the listing as well.

To compound problems, TRS has delayed the acquisition of Mega multiple times over 2014. In addition, we have seen a recent dearth in trading of the shells shares and complicit sell down at lower prices.

Recent market updates from NZF of talks with a $100M revemue per year company suggest Mega was the target company (thinking about Dotcoms excessive illegal gains). If talks are on with Baboom, it will be much lower.

In conclusion, I would not be surprised if Baboom was backdoor listed into NZF before the end of 2014. How they will consolidate the outstanding notes I do not know but suspect it will be no problem for the bottom dwellers on terms that are suited for massive gains for themselves. I smell a rat, and a HUGE one at that...

BFG

PS - I have also heard of (unsubstantiated claims) Mega users having data wiped from their accounts and email accounts being hacked from foreign lands after signing up. Even if you get a free account with Orcon, REMEMBER WHO YOU ARE DEALING WITH HERE!!! Please be careful out there people.