A meeting was held in Auckland where Hanover Investors met with representatives from Allied Farmers for making the decision on their wealth and income.
There were around 1000 investors who attended the meeting. Hanover investors have agreed to this deal.
As the decision made, the Allied Farmers will take over Hanover's assets by converting Hanover and United investors' debentures to shares. By this Hanover investors would own about 97 percent shares of Allied Farmers. Allied Farmers shareholders are in favor of the tie-up.
As has been confirmed by the Treasury Secretary Timothy Geithner, the Obama Administration has plans of extending the $700 Billion bail-out for the financial sector, but a new limit to the spending in areas such as housing and small businesses would be imposed.
For the three months up-to September end, Australia's current account gap widened on the back of falling iron ore and coal exports and rising imports.
For the third-quarter, the "shortfall on goods, services and investment" climbed to A$16.18 billion ($14.8 billion), from a much lower figure of A$13.1 billion recorded for the second-quarter. The figures have been confirmed by the Bureau of Statistics. The gap has been in-line with the expectation of analysts polled by Bloomberg, who estimated the gap to be A$16.7 billion.
While stressing that no counter offer has been made to Allied Farmers' huge $400 Million bid for the financially troubled lender's acquisitions, Hanover Finance Chairman David Henry has revealed that the deal is in the best interest of all the parties involved, while also sharing that it has been supported by the finance company's directors. All the company's secured and unsecured investors, who are scheduled to vote on the matter on December 16 in Auckland, have been recommended to vote for the deal.
The rumors of wide spread credit card scam grappled the administration as the Wellington City Council officials conducted a checking of all parking machines located in different localities. The scammers are said to have attempted some illegal transactions by using machines meant for payment through credit cards. Thieves are reported to have hacked details of credit cards which are used to pay parking fees in a downtown Auckland. Banks are also concerned about the development and geared up to avoid such events happening in future.
It has been reported that the core business of Suncorp – Metway Ltd. is now “sound” and that the losses have declined by a huge amount in the last quarter compared to the previous losses.
The core assets of the company have, in the light of the new profits recorded, been declared as “worth retaining”. The bank’s core lending operations revolve around mortgages, loans to medium and small businesses and personal banking.
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