NZF Group (NZF and NZF010)

[Xerof]

Invessi, you omitted this part of the announcement for some unknown reason......

NZF advises that the Sale Agreement is still subject to a number of
conditions being satisfied before the transaction can be completed. NZF will
continue to update the market as the transaction approaches settlement.

[invessi]

Invessi, you omitted this part of the announcement for some unknown reason......

NZF advises that the Sale Agreement is still subject to a number of
conditions being satisfied before the transaction can be completed. NZF will
continue to update the market as the transaction approaches settlement.

Not so, I did a cut and paste of exactly what was sent to me by Direct Broking yesterday, the conditional comment appeared this morning in the announcement by Tarawera Press!!

[Xerof]

I find the NZX to be the most reliable place to read announcements - they will always provide it unedited and are always the first cab off the rank - after all, it is their role to do so

[invessi]

NZF
23/12/2011 09:40
ASSET

REL: 0940 HRS NZF Group Limited

ASSET: NZF: NZF Group Limited (NZF) - Sale of NZF's Home Loans Division

Further to our Market Announcement dated 12 December 2011, NZF advises that
all conditions precedent relating to the sale of a majority shareholding in
NZF's Home Loans Division to Resimac NZ Home Loans Limited were satisfied on
22 December 2011, following which settlement of the transaction has now taken
place.

ENDS
End CA:00218104 For:NZF Type:ASSET Time:2011-12-23 09:40:45

[invessi]

Mike Pero Real Estate has officially opened its first offshore office, in the Cook Islands.

Pero, who has Cook Islands heritage, moved from mortgages and other business interests into the real estate market about a year ago.

The offshore operation would work with an existing operation, Cook Island Real Estate.com Limited.

"Carey Winterflood and Peter Heays run an excellent business ... They have decided to rebrand and join us as Mike Pero Real Estate – Cook Islands," he said.

Pero's franchise group – which had grown to 23 operators – only began listing homes eight months ago but was now opening franchise offices at the rate of about four a month.

Christchurch and Auckland had been the original focus, based on a 50-50 joint venture between him and his original high-profile firm Mike Pero Mortgages, of which he is still a director though no longer a stakeholder.

Christchurch-based Pero said the real estate firm's lower New Zealand commission rates had prompted good business growth in Christchurch and Auckland, with competitors keen to cut their charges.

"We've been fortunate also to pick up Timaru, Blenheim and Nelson along the way," he said of offices outside the two main centres.

The Canterbury real estate market had held up surprisingly well, given what had happened after the seismic activity of February onwards.

"We've had a huge number of sales, and have all the way through. Our average number per sales person, I would suggest, would be greater than any other real estate company in New Zealand," Pero said.

He expected the Auckland market would next year keep bubbling higher after recent good sales.

"Personally, I think Auckland is going to go through another mini-boom in the next 12 months."

In Christchurch – where Mike Pero Real Estate has eight franchises – sales were being created by people leaving the east side and moving to the west and north of the city.

"Prices will consolidate and then increase, given that EQC will be doing their payouts in the first half of the year ... a lot of people will just think they can't be bothered waiting to build a new home. They will think they can buy one in Northwood or on the other side of town ready to go."

He predicted building prices would rise by up to 30 per cent in the next 18 months.

Pero said being part Pacific Islander had a big influence on the decision to open a branch in Rarotonga.

Ad Feedback Kiwis would have the chance to buy property in the islands either on a long-term tenure (leasehold) basis or in some cases on freehold, particularly if they also bought a business, Pero said.

Sales there could be a slower process, taking up to three months and requiring approval by the Land Court.

As he was a landowner, Pero had more credibility with the local people as a result.

Part of his reason for moving into the Cooks was that 65 per cent of the visitors to the islands were Kiwis.

"I've been going there since 1972 and can honestly say it's my favourite holiday destination ...

"We think over the next few years there'll be more investment opportunities up here for Kiwis."

New Zealand currency, a common language and a similar culture make Rarotonga a popular Pacific destination for Kiwis just a four-hour flight from Auckland.

- © Fairfax NZ News

[Xerof]

I see Pat O'Connor has jumped ship as a director.......

[invessi]

I see Pat O'Connor has jumped ship as a director.......

I dont think it is a case of "jumping ship", NZF Group have a new direction as an investment company, they are now a lean team of just 3 people, cash in hand and their investment in Mike Pero and Resimac probably sits at around $12 - $14 million, there is probably no justification to have Pat who is mostly based in Australia with other interests to look after sitting on the NZF board as a paid director. I expect to see some good things ahead including much improved performance from Pero.

[Tony Two Gloves]

Market cap now at less than $1Mil and SP is under 1 cent.......this is looking a lot like another Hanover.

Invessi its ok to say these investments are 12 - 14M but lest we forget those pesky $18M worth of notes puts the whole thing upside down by quite a bit. The death spiral continues.......

[Tony Two Gloves]

Plenty of shares able to be purchased at 0.06 at present, Enumerate could be time to average down or is that good money after bad?

[invessi]

Yes but what are the notes really worth, last sale at 35c

Market cap now at less than $1Mil and SP is under 1 cent.......this is looking a lot like another Hanover.

Invessi its ok to say these investments are 12 - 14M but lest we forget those pesky $18M worth of notes puts the whole thing upside down by quite a bit. The death spiral continues.......