Finance company merger planned
Listed finance company is to buy fellow financer North South Finance.
Tuesday, 13 December 2005
Dominion Finance Holdings has entered into an agreement to buy North South Finance for $30 million cash plus shares.
The new Dominon Finance share price will be calculated in accordance with an agreed formula. Dominion estimates that the issue price for these shares will be in the vicinity of $1.40 per share.
This transaction is conditional upon Dominion completing due diligence before December 22, and the approval of Dominion shareholders before the end of January.
North South Finance Ltd was formed in November 1999 with the principal activity being that of a financer undertaking short term finance, bridging loans and general mortgage finance over New Zealand property.
“This purchase not only provides an opportunity for growth and significantly increases the size of the company, but it will further enhance the solid base Dominion has been developing over the past few years," Dominion Finance chief executive Terry Butler says.
“I have stated on a number of occasions the group will explore opportunities that will provide additional quality to compliment our existing operations. North South Finance is a well run, profitable company and a good fit with our business.”
Following the purchase North South Finance Ltd will continue to operate as a separate entity headed up by its current chief executive Darryl Eastgate.
Commenting is closed
Weekly Updates including news and commentary
Today's Best Bank Rates
Today's Top 5 Deposit Rates
Find a Rate
Cash PIE Rates
21 June 2017
6 June 2017
4 May 2017
10 April 2017
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2017. Tarawera Publishing Ltd. All Rights Reserved.