Pero halves stake in bid-target company

Mike Pero has halved his stake in the mortgage broking company that bears his name - transferring 750,000 shares to leave him with a 3 per cent stake.

A statement to the stock exchange yesterday showed a matrimonial property settlement was one reason for the change. The second part of the sale related to his retirement as a trustee of the Mike Pero Trust and the transfer of shares to the new trustee.

The statement said the transfer did not reflect Pero's view of New Zealand Finance Holdings' takeover offer.

NZF has said it intends to make an offer at 82c a share in cash, and 2cps for options, conditional on acceptances for 50.1 per cent. Gould Holdings, which has a 54 per cent stake, has said it would accept. NZF must make its offer by December 21.

Pero is a member of the committee of independent directors formed in response to the takeover offer. He will make his recommendation after the formal bid is lodged in mid-December.

The committee is advising shareholders not to accept the offer until they have received the target company statement.