Strategic sale terminated on adverse credit markets
The sale of Strategic Finance has been scrapped because deteriorating credit markets meant conditions of the transaction couldn’t be met.
Friday, October 17th 2008, 1:41PM
by Jonathan Underhill
The bidding group, Clarence Investments, was to have paid Allco NZ$25 million cash, transfer 8 million Allco shares and inject NZ$15 million into Strategic by way of subordinated debt securities and buy loans for NZ$50.2 million as part of the acquisition. BOS International would increase its debt facilities to the company to NZ$150 million from NZ$100 million.
Shares of Allco have slumped 99% in the past 12 months and last traded at 1.7 Australian cents.
| « Dominion shares suspended indefinitely | AXA suspends $225m of funds as redemptions climb » |
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