Deposit rate news briefs
St Laurence profit expected to double, Allied take over of Prime progresses, RoboPlus passes $100 mill mark.
Wednesday, April 12th 2006, 6:34AM
Market conditions have been so favourable for St Laurence Property and Finance it is likely to double its forecast profit.The company said in November that it expected its full year result to exceed last year’s net profit of $18.06 million, subject to the market conditions at the time being maintained.
Yesterday it said that due to continued buoyant property market conditions, it expects a significant increase in the valuation of its group property portfolio.
“As a result, SLP&F now expects its full year profit to 31 March 2006 to be in the range of $30 to $35 million.”
Allied takeover of Prime proogresses
Allied Farmers has gone unconditional on the lock-up agreement enabling it to takeover Prime Finance.
It now holds executed agreements on 55.3% of the ordinary shares in Prime.
As part of satisfaction of the lock-up agreement conditions, Allied Farmers & Prime Finance have entered into an agreement for Allied Farmers to acquire a ledger of receivables from Prime Finance, conditional on Allied getting 90% acceptance in its full takeover offer.
The purchase price will be the face value of the ledger at settlement (expected to be about $10 million) less an agreed provision allocation. The purchase price will be satisfied by way of an on-demand debt owed by Allied Farmers to Prime Finance.
RaboPlus over $100 mill
New online savings account RaboPlus has proved popular with savers. In its first few weeks of operation its online savings account has raised more than $100 mill.
It has now extended its services and allows trusts to set up online savings accounts.
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