Strategic Finance Limited - Update
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Strategic Finance Limited (SFLHA) | 12:12 pm, Friday 17 October 2008 The Board of Strategic Finance Limited (“Strategic Finance”) has been advised by Clarence Investments Limited (“CIL”) that the Agreement for Sale and Purchase dated 29 August 2008 (“Sale and Purchase Agreement”) relating to the acquisition by CIL of all the shares in Strategic Investment Group Limited, the immediate parent company of Strategic Finance, has been terminated by agreement of all parties, subject to formal documentation.
The Sale and Purchase Agreement was subject to satisfaction of various conditions and the Board understands that certain of those conditions had become unable to be satisfied, principally due to the recent events in credit markets adversely affecting the outlook for the New Zealand property finance sector.
The Board will continue to work with Perpetual Trust Limited (the trustee under Strategic Finance’s debenture trust deed), BOS International (Australia) Limited and Allco HIT Limited as to the best course of action for Strategic Finance and its investors moving forward. The sale transaction and the capital restructure proposal as previously disclosed to the market will not proceed as originally contemplated.
Strategic Finance will continue to keep the market informed as and when further material information arises requiring disclosure under the Listing Rules.
Ends
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