Archive | Mike Pero

Pero lifts value of loans it’s written by 20% for year

Published 1 April 2007


Mike Pero Mortgages Ltd pushed the value of mortgages written for its March financial year up by 20% after record months at the end of 2006.


Chief executive Jeff Staniland said: “We wrote a record $200 million of mortgages in November & $140 million in December, and have seen continued strong demand in 2007, which has pushed us to a record $1.8 billion year.” Recent figures collated by the Mortgage Brokers Association showed mortgage brokers accounted for $15 billion (37.5%) of the $40 billion home mortgage market in 2006. “Mike Pero Mortgages’ share of the mortgage broking channel was 12%, which means that overall around one in 20 mortgages written in New Zealand was done through a Mike Pero Mortgages’ broker. [12% of 37.5% is 4.5%]. “The figures support what we have been seeing for some time: that increasing numbers of existing & potential homeowners are seeking the independent advice of mortgage brokers. “With house prices & mortgage rates continuing to rise, home-wners are taking the time to ensure they get their mortgage right and have the best overall package. Just going for the lowest headline rate is not necessarily the best option, as a small difference in interest can be more than offset by other charges & fees as well as any costs associated with exiting a mortgage after a few years, as most people do.” Mike Pero Mortgages works mainly with 15 primary lenders but has access to a variety of others, some only available through a mortgage broker.


Earlier stories:


14 March 2006: Only 8% of Pero left with minorities


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Pero produces a 9-month annual result, which it says was good

Published 21 April 2006


Mike Pero Mortgages Ltd produced a far-from-meaningful sort-of-annual result today, full of annualised comparisons which might, or might not, be accurate performance indicators.



The Pero result was for the 9 months to 31 March, the balance date of Pero’s new parent, NZ Finance Holdings Ltd. Previously Pero worked to a June balance date.


Finance company people play with numbers all day & every day. It’s what they do, it’s all they do. So it shouldn’t have been so hard to come up with real comparisons, not just theoretical ones, especially as Pero has been under the spotlight as a takeover target.


Setting down a column of 9-month numbers, with a column of 12-month numbers beside it, looks about as unprofessional as a finance company can get.


It got the treatment it deserved from one afternoon newsletter, which said Pero’s earnings had fallen. That’s what I thought at first glance, too. Instead, it seems Pero has made roughly similar revenue & profit in 3 quarters as it did the previous year in 4. Roughly, which is hardly a measure befitting a finance company.


In brief, Pero made ebitda of $2.33 million, ebit of $2.25 million & a net surplus of $1.4 million on $13.5 million revenue in the 9 months.


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Attribution: Company statement, story written by Bob Dey for this website.

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Only 8% of Pero left with minorities

Published 14 March 2006


92% of Mike Pero Mortgages Ltd was in the hands of its 2 main shareholders, NZ Finance Holdings Ltd & Liberty Financial Ltd, by the close of business on Monday.



NZ Finance had 73.97% through its original purchase of George Gould’s 54% at 82c/share and its takeover bid, now at $1.05/share. Liberty, of Melbourne, stood in the market on Friday to get another 5.6% at $1.07/share, to take its stake to 19.9%, and had 18.3% on Friday. Its offer was to close Monday but was extended into Tuesday.


Last story:


1 March 2006: Crighton Anderson says new Pero offer fair


 


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Attribution: Company statements, story written by Bob Dey for this website.

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Crighton Anderson says new Pero offer fair

Published 1 March 2006


Mike Pero Mortgages Ltd’s independent directors have recommended that shareholders accept NZ Finance Holdings Ltd’s $1.05/share offer ($1.02 after the 3 March dividend payment), even though Australian company Liberty Financial Ltd Limited paid $1.10 a month ago to grow its stake to 10.1%.



A letter & annex from the committee of independent directors was sent to shareholders yesterday, along with the target company statement and an independent advisor’s report by Crighton Anderson Corporate Finance Ltd.The letter, annex, Target Company Statement and Independent Adviser’s Report are being mailed to shareholders today. Crighton Anderson assessed the Mike Pero shares’ fair value in a range of 96c-$1.09 and concluded that the offer was fair, and that the offer of 4c/option was also fair.


NZ Finance (managing director John Callaghan, major investors the Huljich family) bought 54% of Pero from controlling shareholder George Gould at 82c/share in November but made it only to 55.02% when its takeover bid closed in December.


The new bid closes on Thursday 16 March. NZ Finance’s last notice, on 27 February, said it had 62.86% of Pero.


Earlier stories:


19 February 2006: NZ Finance edges up to 57% of Pero


14 February 2006: NZ Finance sends out Pero bid, reduced to $1.02 for dividend


5 February 2006: Liberty gets 10.1% of Pero


1 February 2006: NZ Finance raises Pero bid by 28%


29 January 2006: NZ Finance promises new Pero offer “in due course”


12 January: NZ Finance bid for Pero closes with 55% stake


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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NZ Finance edges up to 57% of Pero

Published 19 February 2006


NZ Finance Holdings Ltd has collected just over 2% more of Mike Pero Mortgages Ltd under its 14 February takeover bid.



NZ Finance (managing director John Callaghan, major investors the Huljich family) bought 54% of Pero from controlling shareholder George Gould at 82c/share in November but made it only to 55.02% when its takeover bid closed in December.


Its new bid is at $1.05/share (reduced to $1.02 for Pero’s dividend) and on Friday it said it had 57.07% of Pero. The new bid closes on Thursday 16 March.


Earlier stories:


14 February 2006: NZ Finance sends out Pero bid, reduced to $1.02 for dividend


5 February 2006: Liberty gets 10.1% of Pero


1 February 2006: NZ Finance raises Pero bid by 28%


29 January 2006: NZ Finance promises new Pero offer “in due course”


12 January: NZ Finance bid for Pero closes with 55% stake


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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NZ Finance sends out Pero bid, reduced to $1.02 for dividend

Published 14 February 2006


NZ Finance Holdings Ltd reduced its takeover offer for Mike Pero Mortgages today to take the 3c Pero dividend into account, even though:


the dividend payout was an entirely predictable event and will be made before the bid’s closing date, and
Australian company Liberty Financial Ltd bought 10.1% of Pero on 3 February at $1.10/share – 28c more than the original NZ Finance offer, 5c more than NZ Finance’s announced higher offer & 8c more than the offer being posted out.

The NZ Finance bid closes on Thursday 16 March. After buying the 54% of major shareholder George Gould at 82c in November, NZ Finance added only 1% more with its original offer, which independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed in December as being well below the fair value range of 96c-$1.09.


Staples Rodway Corporate Finance Ltd prepared a report for NZ Finance comparing terms & conditions offered for voting & non-voting securities. It wasn’t on the merits of the offer. A separate independent advisor’s report on the offer’s merits commissioned by Pero’s independent directors still has to be released.


Staples Rodway came up with a value range for the Pero options of 3.8-8.5c, for which NZ Finance is offering 4c, and found the offer was fair.


Last week, Pero announced a half-year net profit of $952,231, up 18.7%, on revenue up 44% to $9.2 million & ebit up 23.9% to $1.53 million.


Earlier stories:


5 February 2006: Liberty gets 10.1% of Pero


1 February 2006: NZ Finance raises Pero bid by 28%


29 January 2006: NZ Finance promises new Pero offer “in due course”


12 January: NZ Finance bid for Pero closes with 55% stake


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 

Attribution: Company statement, story written by Bob Dey for this website.

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Liberty gets 10.1% of Pero

Published 5 February 2006


Australian company Liberty Financial Ltd has 10.1% of Mike Pero Mortgages Ltd after a stand in the market on Friday.



Forsyth Barr Ltd handled the market stand for 5.1% of Pero at $1.10/share after acquiring 5% on & off market.


The Liberty move successfully blocks a full takeover by NZ Finance Holdings Ltd (managing director John Callaghan, major investors the Huljich family), which bought major shareholder George Gould’s 54% at 82c in November, made a full bid at the same price which added only 1%, then announced a new bid on 27 January at $1.05.


Independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed Pero’s fair value at 96c-$1.09/share in a December report.


Liberty describes itself is a specialist finance provider, offering “innovative & fair solutions to borrowers who do not meet traditional lending criteria or do not wish to use mortgage insurers”.


Sherman Ma launched Liberty in Melbourne in 1997 and is its managing director. He studied economics & operations research at the University of Pennsylvania, got an MBA from the Wharton School of Business, gained portfolio management & derivatives experience at Black Rock Financial Management & Merrill Lynch, was a management consultant at McKinsey & Co Associates where he advised at executive level on operational & strategic direction, and was a Wall St fixed-income analyst for Credit Suisse First Boston.


Liberty has offices in Auckland & Wellington and its business lines include residential mortgage lending & vehicle finance.


Website: Liberty Financial


Liberty Financial NZ


 


Earlier stories:


1 February 2006: NZ Finance raises Pero bid by 28%


29 January 2006: NZ Finance promises new Pero offer “in due course”


12 January: NZ Finance bid for Pero closes with 55% stake


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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NZ Finance raises Pero bid by 28%

Published 1 February 2006


NZ Finance Holdings Ltd has raised its bid for Mike Pero Mortgages Ltd by 23c – 28% – from 82c to $1.05 cash/share, unconditional.



NZ Finance (managing director John Callaghan, major investors the Huljich family) bought major shareholder George Gould’s 54% at 82c in November, but its takeover bid petered out with only 1% more added by the time the offer closed in December.


Independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed Pero’s fair value at 96c-$1.09/share in a December report and concluded the 82c offer wasn’t fair.


NZ Finance has offered 4c cash/option.


Staples Rodway Corporate Finance Ltd has compiled a report attached to the offer. None of the offer information is on the NZ Finance website.


A committee of independent Pero directors Humphry Rolleston (as chairman) & Abigail Foote will oversee all aspects of Pero’s response to the offer and arrange for an independent advisor’s report.


Earlier stories:


29 January 2006: NZ Finance promises new Pero offer “in due course”


12 January: NZ Finance bid for Pero closes with 55% stake


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statements, story written by Bob Dey for this website.

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NZ Finance promises new Pero offer “in due course”

Published 29 January 2006


New Zealand Finance Holdings Ltd said on Friday it intended to make a new offer for Mike Pero Mortgages Limited and would issue a takeover notice “in due course”.



NZ Finance Holdings (managing director John Callaghan, major investors the Huljich family, with Peter Huljich as a director) went unconditional in December after buying major shareholder George Gould’s 54% in November.


But independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) then assessed Pero’s fair value at 96c-$1.09/share and concluded the 82c offer wasn’t fair. The last sale was at $1.01.


Earlier stories:


12 January: NZ Finance bid for Pero closes with 55% stake


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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NZ Finance bid for Pero closes with 55% stake

Published 12 January 2006


NZ Finance Holdings Ltd’s takeover bid for Mike Pero Mortgages Ltd closed today with just 1% more added to its stake in the past month.



NZ Finance Holdings (managing director John Callaghan, major investors the Huljich family, with Peter Huljich as a director) went unconditional a month ago after buying major shareholder George Gould’s 54% in November.


But in December independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed Pero’s fair value at 96c-$1.09/share and concluded the 82c offer wasn’t fair.


Earlier stories:


18 December 2005: Advisor says 82c Pero bid way too light


11 December 2005: Pero bid unconditional


26 November 2005: Pero takeover bid 85% geared


19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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