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Allied Prime first results, Oz fund in NZ, New appointments at Mascot.

Friday, 9 February 2007
Allied Prime Finance has recorded a net profit before tax of $1.98 million for the half year ended 31 December 2006.

Allied Prime was formed last year through the amalgamation of Allied Farmers Finance and Prime Finance.

“We are pleased with the performance of Allied Prime over the half year, taking into account the challenging operating environment and the focus on bedding down the amalgamation,” Allied Farmers Group chief executive David Bale said.

Allied Prime had total assets of $159.6 million as at 31 December 2006, including $151.6 million of finance receivables, and its shareholders funds were $20.1 million.

Australian income fund comes to NZ
Australian-based funds management and property development group, Fincorp Group, has launched its Enhanced Income Fund (EIF) into New Zealand.

The fund is forecast to distribute returns to investors at a rate of 8.5% annually for a two years term.

EIF is an unlisted unit trust which will invest in a portfolio of commercial loans secured by first and second mortgages over real property. Mortgages will be for development and construction or investment purposes, diversified across the residential, commercial, industrial, retail, rural and specialty property sectors.

Fincorp has a Capital Loss Insurance Policy with underwriters at Lloyd’s of London. This policy insures 100% of the capital loss on qualifying loans, subject to a maximum aggregate claimable under the Insurance Policy of A$10 million annually.

New appointments at Mascot
Dean Snelling has been appointed to the position of chief executive officer for South Island based Mascot Finance. He replaces Brennan Nelson, who has resigned for personal and health reasons.

Prior to joining the company, Dean worked at a senior level for 25 years in large companies and institutions as either the chief financial officer or as deputy chief executive. The industry sectors in which he has been involved include:
manufacturing, construction, wool trading, trust and tertiary education. Dean will oversee the strategic direction and operational performance of the company.

As well, John Grant has been appointed as head of lending. Previously, John held senior positions in property finance with BNZ and ANZ. He has also been a senior executive with BNZ Finance Limited. John will be responsible for development of Mascot's lending business.
Dean Snelling top left, John Grant lower right

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