You two are not building any credibility by taking cheap shots.
The post actually contains some useful detail additional to the press release.
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You two are not building any credibility by taking cheap shots.
The post actually contains some useful detail additional to the press release.
1) Resimac's parent is one of Australia's most respected non-bank lenders, providing funding via its established and longstanding partners and to date having funding more than A$12 billion (NZ$15.1 million).
2) Resimac set up its New Zealand office last year and this is its first significant move into the New Zealand market.
3) Founded in 1985 by the New South Wales state government, Resimac's current 80% shareholder is Ingot Capital Management, a company controlled by Duncan Saville who is one of Infratil's directors.
4) Other shareholders include Westpac, National Australia Bank, Macquarie Bank and Credit Suisse First Boston and it also has standby support from Perpetual Trustee Company.
Sheesh, Mini ... if it not clear that Resimac is very much a "blue blood" non-bank mortgage lender ... and this is the quality of the new owner of NZF Homeloans ... and this might be of interest to NZF holders ...
Also, it is clear that Westpac has an interest in Resimac ... and are also the current NZF Homeloans wholesale provider ... and this might be of interest to NZF holders ....
Given that Duncan Saville was also one of the NZ government spurned restructurers of SCF ... and that he now has an exposure to the NZ non-bank mortgage market ... and can be expected to be interested in aggressively growing this interest ... and possibly broadening his interests ... and this might be of interest to NZF holders ...
What will be impacts be on the Pero business, with a high quality non-bank mortgage lender actively interested in writing new, high quality, business in NZ ... would this be of interest to NZF holders?
Is it likely that NZF will be liquidating a significant equity position in NZF Homeloans as a result of the transaction? If so, what does the future hold?
No TTG, you did not look at the detail, the first release was through the sharemarket and the second was an article by Jenny Ruth, who has commented on NZF in the media for some time, if you read the two again, you will note subtle differences!!
Oh, my reader was missing a whole page for some reason so I missed that some had already commented on the two press articles and that they had different information, we should know the detail of the structure shortly when the independant report letter goes out to shareholders for a 50% acceptance of the share sale to Resimac!
Enumerate Why do you think the Govt did not want anything to do with him over SCF. Any interest I had in NZF has now gone
OK, we now have Mike about to do a Bishop Brian imitaiton in that early morning advertising space on TV. http://www.stuff.co.nz/business/indu...ffering-TV-ads Innovative - not really. This tried and burned: http://www.sharetrader.co.nz/showthr...Estate-Chanell . And don't be fooled into thinking this is about advertising property - its about raising awareness of Brand Pero at the sellers expense.
Out of the top 20% of real estate agents only 23 of them want to join the team. If it was such a great proposition there would be more
Yes 50% under NZX rules by Ordinary Resolution, as over 50% of Market Capitalisation, but would require 75% as a Special Resolution, if transaction was over 50% of ASSETS
so come on you clever clogs, with an up to date balance sheet, work out the upper value of this transaction - we know its over $1.9m (50% of MCAP of 3.8m)
Home Loan Assets were valued at $204.2m so holders will no doubt be anticipating an injection of at least $102.11m. I suspect thought that Reismac will have its eye on the corresponding $204.9m in liabilities.
How about I make a punt at 3 x profit or round it to $5m
Edit: NZF have said S129 doesn't apply so not a major transaction - being 75% of assets. NZF are silent one what a majority shareholding actually means so lets assume its a tad less than 100% of Home Loans.