Published 26 November 2005
New Zealand Finance Holdings Ltd has taken up a $17.5 million acquisition facility from the Commonwealth Bank of Australia to finance its Mike Pero Mortgages Ltd takeover.
That leaves NZ Finance Holdings with $3 million to find for an 85.4%-geared takeover using foreign money â€“ the kind of shopping Reserve Bank governor Alan Bollard has been berating housing investors for, as a cause (in his eyes) of inflation.NZ Finance Holdings has to make its takeover offer between 5-21 December 2005. It gave notice on 21 November of an offer at 82.c/share, saying it would acquire Gould Holdings Ltd’s 54% stake. Mike Pero’s committee of independent directors, which includes Mike Pero himself as a minority shareholder, told shareholders to wait until they see the target company statement & independent advisor’s report before acting on the offer.
19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover