Strategic Finance statement delayed
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Friday, 08 August 2008 |
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Strategic Finance Ltd said it will not be able to update on talks with a consortium of investors as hoped today.
The board had expected to make an announcement in relation to the negotiations between Allco HIT Ltd and a consortium for the sale of Strategic Investment Group Ltd, the immediate parent of Strategic Finance Ltd.
"The board has been informed that negotiations continue with respect to that transaction and as material developments occur SFL will make appropriate announcements," chief executive Kerry Finnigan said.
The company's directors include New Zealand Rugby Union chairman Jock Hobbs.
About $330 million of investors' funds were affected when the company suspended redemptions on Thursday, according to media reports.
Strategic Finance has also ceased accepting subscriptions for debenture stock and subordinated notes under its current prospectus and investment statement.
The announcement on Thursday came after a halt was placed on trading in the securities of Strategic Finance listed on the NZDX market.
NZPA
