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Fin coys to join

Allied Prime Finance and Nationwide Finance to amalgamate.

Friday, 29 June 2007
Allied Farmers says that the amalgamation of its two wholly owned finance companies, Allied Prime Finance and Nationwide Finance, had been formally approved and would be completed on 29 June 2007.

The approval of the Allied Prime Finance debenture security holders was obtained on 25 June with the amalgamation supported by the overwhelming majority of investors.

David Bale, Group Chief Executive of Allied Farmers said, "We are extremely pleased to have secured all the necessary approvals and to have the strong support from our investors and intermediaries. The combination of Allied Prime Finance and Nationwide Finance provides us with a significant step towards our stated objective to have over $400 million of finance assets within two years."

On amalgamation, Allied Nationwide Finance will have in excess of $300 million of assets and around $36 million of equity.

John Mallon, currently Chief Executive of Allied Prime Finance and of Allied Nationwide Finance on amalgamation, said "We have created a significant finance company with a robust equity base, strong liquidity and a diversified loan portfolio.

"Looking ahead, our focus will be on continuing to grow our rural, property, commercial and business finance activities. The company is also well placed to deal with the proposed regulations to be introduced for finance companies operating in New Zealand."

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