Articles > Newspapers > International Newspapers, Major Markets > The Press articles > March 2006

Article: Allied Farmers launches bid for Prime Finance

Article from:
The Press
Article date:
March 25, 2006
Author:
Copyright

Allied Farmers is poised to buy Wellington's Prime Finance after launching a "friendly" takeover.

The listed Taranaki rural services firm said on Thursday it had entered into a conditional lock-up agreement to buy a 51.9 per cent stake in Prime. The lock-up becomes unconditional on April 5.

The offer price would be 280c per share, valuing Prime at $15.6 million.

Allied Farmers chairman John Loughlin said its finance arm had been growing "sensibly" for some time and provided counter-cyclical income from its farming businesses. "It's an area we wanted to grow and we felt the next stage of growth had to come from acquisition, rather than simply growing it organically."

Allied Farmers shares ...

Read all of this article with a FREE trial

Related newspaper, magazine, and journal articles:

Article: Allied Farmers Finance in issue
The Press;  October 3, 2006 ;     374 words ... ... Hawera rural services company Allied Farmers, and Wellington's Prime Finance. Allied Farmers paid just over $15m for Prime ... Loughlin, the chairman of both Allied Farmers and Allied Prime Finance, said the emphasis would be on ...

Article: ALLIED FARMERS; Finance arm to expand
The Press;  June 29, 2007 ;     443 words ...Allied Farmers' newly amalgamated ... companies, Allied Prime Finance and Nationwide Finance ... about 60 per cent of Allied Farmers' pre- tax profit ... farmers, he said. Allied Farmers took over Prime Finance last year and bought ...

Article: Allied Farmers nod
The Press;  May 10, 2006 ;     241 words ...Allied Farmers' takeover bid for Prime Finance has been recommended by Prime's directors, after ranking at the top end of an independent valuation range. Horwath Porter Wigglesworth ...

Article: Challenges for Allied Farmers
The Press;  November 1, 2006 ;     354 words ...Allied Farmers says it is expecting another ... business. During the year, Allied Farmers took over Wellington-based Prime Finance for just over $15m. Loughlin ... grow into a quality player. Allied Farmers shares closed at $2.16 yesterday ...

Article: Allied Farmers sees profit plunge 40%
The Press;  June 13, 2006 ;     537 words ... ... Loughlin said Allied Farmers' purchase of ... finance company Prime Finance would also help ... coming year. Allied Farmers launched a ... Loughlin said Prime Finance was expected ... profit to the Allied Farmers' result for ...

Article: Allied Farmers plough into 'friendly' takeover of ...
The Press;  March 24, 2006 ;     474 words ...Taranaki firm Allied Farmers is poised to swallow up Wellington's Prime Finance after launching a ... takeover. Yesterday, Allied Farmers said it had entered ... at $15.6 million. Allied Farmers chairman John Loughlin ...

Article: Allied Farmers price set
The Press;  April 17, 2007 ;     303 words ...Allied Farmers says it will pay about $31m ... and amortisation, and allow Allied Farmers' the rural services to have ... rural sector. When Allied Prime Finance and Nationwide are merged, Allied Farmers' exposure to motor vehicle ...

Article: No final dividend as Allied Farmers forecasts loss
The Press;  June 26, 2007 ;     385 words ...Allied Farmers says it expects a $4 million pre ... During the current financial year Allied Farmers has bought Nationwide Finance from ... adding it to its earlier purchase of Prime Finance. Chairman John Loughlin said that ...

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!

Find articles, research, and archives