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A halt has been placed on trading in the securities of Strategic Finance listed on the NZDX market, ahead of an announcement by the company.
NZX Regulation said the halt was at the request of the company, with the announcement expected before the close of business today.
In the middle of last month, Australian owner Allco HIT announced a consortium including senior management was planning to buy Strategic Finance.
The board had agreed indicative non-binding terms with the consortium, which also included BOS International, a subsidiary of Halifax Bank of Scotland, to sell Strategic Investment Group, the parent of property company Strategic Finance.
The sale, expected at the time to take two months to complete, was subject to due diligence, binding agreements and Allco shareholder approval.
BOS International would also increase its existing wholesale funding facility in Strategic Finance to $150 million, lessening the reliance on debenture funding.
- NZPA
