NZF Group (NZF and NZF010)

[minimoke]

Pero has high praise for low commission model

Thursday 22 September 2011


The company aims to recruit from the top 20% of agents, "and there is no room for complacency - it ends up adding to the operational costs, which typically gets added on to the customers' fees."

OK, we now have Mike about to do a Bishop Brian imitaiton in that early morning advertising space on TV. http://www.stuff.co.nz/business/indu...ffering-TV-ads Innovative - not really. This tried and burned: http://www.sharetrader.co.nz/showthr...Estate-Chanell . And don't be fooled into thinking this is about advertising property - its about raising awareness of Brand Pero at the sellers expense.

Out of the top 20% of real estate agents only 23 of them want to join the team. If it was such a great proposition there would be more

[Tony Two Gloves]

Enumerate - Yes I have had some business dealings (not as a borrower) with them back when there SP was well over a $1.00. I found them extremely arrogant at the time and then decided to liquidate the majority of my shares which in hindsight was brilliant in realtion to where the SP is now. The only downside was I didn't sell the lot at the time.....

Invessi - It was the receiver who made reference to outdated valuations on loan roll overs, I think I would trust the receiver more than the company denying this. Whilst this is an anonymous forum, I doubt you are just a casual shareholder as the info you provide is not readily avalable to "casual shareholders".

At the end of the day this Resi deal should ensure the survival of the company and I am amazed they got it over the line so well done to NZF on that front. I suppose the devil will be in the detail as to pricing etc and what this will mean to all shareholders. Giving up a majority stake in the only part of your business that is profitable (pero's only made $10K last year) would not be a decision made lightly and would indicate there were no other viable options for survival.

[invessi]

Resimac to take majority stake in NZF's securitisation operations

NZF Group has at last revealed its long-awaited equity partner is Australian non-bank mortgage lender Resimac.
Tuesday, September 27th 2011, 1:20PM
by Jenny Ruth

Resimac will buy a majority stake in NZF's home loan securitisation operations for an as yet undisclosed sum. In June, NZF resumed originating home loans under its $225 million warehouse facility provided by Westpac.

NZF has been looking for an equity partner since early last year and Resimac has been conducting due diligence for months.

NZF says a number of conditions remain to be satisfied with the major ones being the completion of a shareholders agreement "which will, among other matters, give NZF certain minority protection rights," tax rulings and NZF shareholder approval.

NZF has commissioned corporate advisory firm Campbell Macpherson to prepare an independent report for shareholders.

While the price hasn't been disclosed, NZF says it will constitute a "major transaction" under the NZX listing rules which require shareholder approval for any transaction in excess of 50% of a company's market capitalisation. NZF shares last traded at 3.5 cents, giving it a $3.8 million market capitalisation.

NZF says it expects all conditions will be satisfied on or before November 30 and settlement should take place shortly afterward.

The transaction will help shore up NZF's balance sheet. Its net equity at March 31 was $10.3 million but that was before its finance company, NZF Money, went into receivership on July 22.

Last week, NZF said it would write off its $5.1 million investment in NZF Money and will record a $10.7 million loss from discontinued operations in its accounts for the year ending March 2012.

"NZF is excited with the prospect of having (Resimac's New Zealand arm) as a partner in its home loan business and the significant opportunities this will bring," the company says.

Resimac's parent is one of Australia's most respected non-bank lenders, providing funding via its established and longstanding partners and to date having funding more than A$12 billion (NZ$15.1 million).

Resimac set up its New Zealand office last year and this is its first significant move into the New Zealand market.

Founded in 1985 by the New South Wales state government, Resimac's current 80% shareholder is Ingot Capital Management, a company controlled by Duncan Saville who is one of Infratil's directors. Other shareholders include Westpac, National Australia Bank, Macquarie Bank and Credit Suisse First Boston and it also has standby support from Perpetual Trustee Company.

[minimoke]

Resimac to take majority stake in NZF's securitisation operations

NZF Group has at last revealed its long-awaited equity partner is Australian non-bank mortgage lender Resimac.
Tuesday, September 27th 2011, 1:20PM
by Jenny Ruth

Did you forget your post on 27/9. Just because the news is repeated doesn't necessarily make it any better.

[Tony Two Gloves]

Hehe the NZF spin doctor must be getting Alzheimer’s.......

[invessi]

No TTG, you did not look at the detail, the first release was through the sharemarket and the second was an article by Jenny Ruth, who has commented on NZF in the media for some time, if you read the two again, you will note subtle differences!!

[invessi]

Hehe the NZF spin doctor must be getting Alzheimer’s.......

Oh, my reader was missing a whole page for some reason so I missed that some had already commented on the two press articles and that they had different information, we should know the detail of the structure shortly when the independant report letter goes out to shareholders for a 50% acceptance of the share sale to Resimac!

[POSSUM THE CAT]

Enumerate Why do you think the Govt did not want anything to do with him over SCF. Any interest I had in NZF has now gone

[Enumerate]

Enumerate Why do you think the Govt did not want anything to do with him over SCF. Any interest I had in NZF has now gone

There you are ... another example where the information provded to be useful ...

[Tony Two Gloves]

Oh, my reader was missing a whole page for some reason so I missed that some had already commented on the two press articles and that they had different information, we should know the detail of the structure shortly when the independant report letter goes out to shareholders for a 50% acceptance of the share sale to Resimac!

I would think being a major transaction it will require a good deal more than a 50% shareholder approval or are you saying that Resimac has purchased 50% of the home loan business?