Published 1 March 2006
Mike Pero Mortgages Ltd’s independent directors have recommended that shareholders accept NZ Finance Holdings Ltd’s $1.05/share offer ($1.02 after the 3 March dividend payment), even though Australian company Liberty Financial Ltd Limited paid $1.10 a month ago to grow its stake to 10.1%.
A letter & annex from the committee of independent directors was sent to shareholders yesterday, along with the target company statement and an independent advisor’s report by Crighton Anderson Corporate Finance Ltd.The letter, annex, Target Company Statement and Independent Adviser’s Report are being mailed to shareholders today. Crighton Anderson assessed the Mike Pero shares’ fair value in a range of 96c-$1.09 and concluded that the offer was fair, and that the offer of 4c/option was also fair.
NZ Finance (managing director John Callaghan, major investors the Huljich family) bought 54% of Pero from controlling shareholder George Gould at 82c/share in November but made it only to 55.02% when its takeover bid closed in December.
The new bid closes on Thursday 16 March. NZ Finance’s last notice, on 27 February, said it had 62.86% of Pero.
19 February 2006: NZ Finance edges up to 57% of Pero
14 February 2006: NZ Finance sends out Pero bid, reduced to $1.02 for dividend
5 February 2006: Liberty gets 10.1% of Pero
1 February 2006: NZ Finance raises Pero bid by 28%
29 January 2006: NZ Finance promises new Pero offer “in due course”
12 January: NZ Finance bid for Pero closes with 55% stake
18 December 2005: Advisor says 82c Pero bid way too light
11 December 2005: Pero bid unconditional
26 November 2005: Pero takeover bid 85% geared
19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover
Attribution: Company statement, story written by Bob Dey for this website.