Strategic Finance censured, fined over sale disclosure
Strategic Finance, the finance company being acquired by its managers, was censured and fined by NZX Discipline over the way it disclosed details of the plan to some brokers prior to telling the exchange.
Monday, September 22nd 2008, 10:38AM
by Jonathan Underhill
According to the determination, released today, Strategic called certain brokers on August 7 about the sale of its parent, without having informed the NZX. The breached widened the following day when it released information on the transaction to a wider group, it said.
The group will pay NZ$25 million cash, inject NZ$15 million of new funds into the business and acquire loans for NZ$50.2 million as part of the acquisition. BOS International will increase its debt facilities to the company to NZ$150 million from NZ$100 million.
Under the acquisition plan, holders of its debentures, notes and preference shares are being asked to accept new terms, with the bulk of the securities to be replaced by new debt instruments that trade on the NZX.
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