Allco bids for all of Strategic

Australian financial services company Allco Finance Group has made a cash and shares offer for full ownership of Strategic Investment Group.

Tuesday, 12 December 2006

Strategic Finance is the wholly owned subsidiary of Strategic which is currently 50% owned by Allco.

The conditional offer will make Strategic part of a publicly listed group which includes other finance sector businesses including Momentum Investment Finance and International Mezzanine Funds Management Australia.

Strategic Finance chief executive Kerry Finnigan said a change of ownership would not lead to any perceptible change for Strategic Finance’s own investors and loan clients.

"Allco’s decision to purchase the remaining 50% of Strategic is an endorsement of the quality of our business," he says.

"Senior executives, including myself and other executive directors, have signed contracts committing us to the company for at least three years."

Finnegan says the advantage of the deal is that "we now have the backing and opportunities provided by being a full member of the Allco Group".

Allco Finance Group is a fully integrated global financial services business, listed in the top 100 on the Australian Stock Exchange, with a global network of operations, and specialising in structured asset finance, funds management and debt funding.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Deposit Rates go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.