NZF Group (NZF and NZF010)

[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 ...

[minimoke]

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

3) 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.

Do you know what happened to Greyhound Pioneer, ERG or New Cap Reinsurance. How well did their shareholders fare?

Weren't Reismac partly behindf the ALF bid to take over Hanover assets?

[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]

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?

[invessi]

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?

I can confirm that they only require 50% shareholder approval, I don't know what percentage Resimac are buying!

[Xerof]

Yes 50% under NZX rules by Ordinary Resolution, as over 50% of Market Capitalisation, but would require 75% as a Special Resolution, if transaction was over 50% of ASSETS

so come on you clever clogs, with an up to date balance sheet, work out the upper value of this transaction - we know its over $1.9m (50% of MCAP of 3.8m)

[minimoke]

but would require 75% as a Special Resolution, if transaction was over 50% of ASSETS

Home Loan Assets were valued at $204.2m so holders will no doubt be anticipating an injection of at least $102.11m. I suspect thought that Reismac will have its eye on the corresponding $204.9m in liabilities.

How about I make a punt at 3 x profit or round it to $5m

Edit: NZF have said S129 doesn't apply so not a major transaction - being 75% of assets. NZF are silent one what a majority shareholding actually means so lets assume its a tad less than 100% of Home Loans.