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Other White Knight bidder for Hanover unlikely to bid, says Hanover
November 25th, 2009Hanover Finance Chairman David Henry has said it is unlikely the rumoured ‘well known and trusted’ alternative bidder for Hanover Finance will make a bid. This alternative bidder is now likely to wait for Allied Farmers’ bid to be successful and then take a stake in Allied Farmers itself, Henry said.
Hanover Finance is expected to release an independent experts report for investors early next week and a meeting to vote on the Allied Farmers bid will be held at 10.30am on December 16 in Auckland.
Here is the full statement below from Hanover.
Hanover today confirmed it had only received the Allied Farmers Proposal for Hanover and United Finance investors. We have not received an offer from any other party.
Chairman, David Henry, said that Allied Farmers has done extensive due diligence investigations, and that Hanover was committed to take the Allied Farmers Proposal to Hanover investors, at meetings of investors to be held in Auckland at 10.30am on 16th December. The merits of the proposal have been evaluated in an independent expert report produced for investors by Grant Samuel, which is to be sent to investors with formal notices of meeting and explanatory materials approved by trustees. These materials will be sent to investors by early next week.
“We believe the Allied Proposal to be a serious and credible Proposal, worthy of investor consideration.”
“We have no knowledge of any other interested party, and we will not speculate on media commentary,” he said.
“We are aware of some other interest in the past few days, but we now understand this is not going to proceed in a formal offer. Instead, we understand this party may look to take a position with Allied Farmers if the vote is successful.”
Tags: David Henry, Hanover Finance, Mark Hotchin
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November 25th, 2009 at 4:26 pm
White knight? In relation to Hanover I would have thought it more likely to be the Prince of Darkness that would have been interested in a takeover…..
November 25th, 2009 at 4:57 pm
Aren’t David Henrys two last statements oxymorans,if they were taken from the same media release.
“We have no knowledge of any other interested party, and we will not speculate on media commentary,” he said.
“We are aware of some other interest in the past few days, but we now understand this is not going to proceed in a formal offer. Instead, we understand this party may look to take a position with Allied Farmers if the vote is successful.”
If you are not aware of any other interested parties, then how do you know there is a party that is not going to submit a formal offer.
I wonder if they are paying a PR company for writing these media releases, and evaporating more investors money.
November 25th, 2009 at 6:13 pm
Rob,
You have to admit though, it does match the quality of their loan book quite nicely, wouldn’t you say?
November 25th, 2009 at 7:43 pm
Would it be stating the obvious that Henry is trying to tempt investors with the possibility of a super rich sugar daddy coming to save them if they go for the Allied Farmers deal? Rob’s excellent observations of contradictions in what Henry claimed to know and not know point to a guy talking with forked tongue. Wouldn’t trust him as far as I could throw him.
November 25th, 2009 at 8:35 pm
That would be oxy-morons Rob…
November 25th, 2009 at 11:29 pm
SORER-LOSER Says:
November 25th, 2009 at 8:35 pm
That would be oxy-morons Rob…
Well they probably think Hanover investors are. A pity our media didn’t pick that inconsistency up, and shows they are possibily not being upfront with investors.
One thing about this Alied Finance deal. Aren’t most of the loans that Hanover lent, actually party related loans to Hotchins and Watsons other companies (eg their property deveopment comapnies). Therefore aren’t the best people to get these loans back from Hotchins and Watson other companies, infact Hotchins and Watson themselves, in the name of Hanover finance. I just can’t see how this ‘deal’ benefits Hanover investors at all. It certainly benefits Allied Finance and Hanovers directors, as they won’t be called on to put in that extra 20 million in cash, and it removes them from direct investor contact and backlash. I would definitely vote against it if I was an investor, as I would want Hanover to finish what they promised.
Whats with the Ugg boot spam. This forum gets spammed everynight with it. Must be a security hole in a Wordpress plugin.
December 6th, 2009 at 8:28 pm
It’s summer , get sandals !