14 Aug 2008

Strategic's new sale deal

8:20 pm on 14 August 2008

The troubled finance firm Strategic Finance says it has cut a new deal to sell the company, which it hopes will happen within weeks.

Since the sale negotiations began, Strategic has stopped its investors from pulling out a total of $325m.

Its chief executive Kerry Finnigan, who's part of the buyout consortium, says market conditions have changed and the commercial terms need to reflect that.

He says the new terms for the deal are confidential.

Big loss but expansion still in sight

The farm developer New Zealand Farming Systems Uruguay plans to raise more capital to further expand in South America.

The company made a net loss of $7.9m after paying a performance fee for the year to the end of June.

PGG Wrightson set up the company to manage dairy farms in South America, and it received a $US13.6m performance fee.

That fee's based on the shareprice, which rose to 1.74 in June, from its listing price of $1 in December.

Steel and Tube Holdings' net profit fell 19% to $22.5m from a year ago, as the business dealt with number of challenges.

And offshore acquisitions have helped bolster half-year profits at the engineering consultancy firm Opus International by 38% to $9.1m.