Liberty gets Mike Pero
The battle for ownership of Mike Pero Mortgages is reaching its conclusion with NZF agreeing to sell its half share.
Wednesday, September 5th 2012, 6:00PM
NZF said, in an NZX announcement, that it has agreed to sell its 50% stake in MPMH, which owns the Mike Pero Mortgages business and half of Mike Pero Real Estate, to Liberty Financial.
The two sides have been locked in a High Court battle over the ownership for some time.
The price will be determined by "the joint commissioning of an independent valuation of MPMH.
The only conditions are that the sale may require shareholder approval.
"The outcome of the independent valuation of MPMH will be advised to the market in due course and, if necessary, a shareholders meeting date for approval of the sale," NZF says
Melbourne-based Liberty is a big player in the Australian lending markets and has been active in New Zealand, particularly in second-tier lending. However in the past year it has entered the prime home loan space and offers a very competitive floating rate of 5.74% (see how it compares here )
Liberty also bought non-bank deposit taker Business Finance and has become active in the deposit taking space. See its rates here
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