Published 5 February 2006
Australian company Liberty Financial Ltd has 10.1% of Mike Pero Mortgages Ltd after a stand in the market on Friday.
Forsyth Barr Ltd handled the market stand for 5.1% of Pero at $1.10/share after acquiring 5% on & off market.
The Liberty move successfully blocks a full takeover by NZ Finance Holdings Ltd (managing director John Callaghan, major investors the Huljich family), which bought major shareholder George Gould’s 54% at 82c in November, made a full bid at the same price which added only 1%, then announced a new bid on 27 January at $1.05.
Independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed Pero’s fair value at 96c-$1.09/share in a December report.
Liberty describes itself is a specialist finance provider, offering “innovative & fair solutions to borrowers who do not meet traditional lending criteria or do not wish to use mortgage insurers”.
Sherman Ma launched Liberty in Melbourne in 1997 and is its managing director. He studied economics & operations research at the University of Pennsylvania, got an MBA from the Wharton School of Business, gained portfolio management & derivatives experience at Black Rock Financial Management & Merrill Lynch, was a management consultant at McKinsey & Co Associates where he advised at executive level on operational & strategic direction, and was a Wall St fixed-income analyst for Credit Suisse First Boston.
Liberty has offices in Auckland & Wellington and its business lines include residential mortgage lending & vehicle finance.
Website: Liberty Financial
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.