DR - Finance companies

Cash impact of finance co sale to cost PGG Wrightson $2.5m

Tuesday 14th of June 2011

Heartland Building Society is to buy PGG Wrightson's finance company for a nominal amount of about $100 million although the net cash position will see Wrightson forking out $2.5 million.

That's because Wrightson will keep 18 bad loans with an estimated net value of about $90 million and give Heartland a three-year guarantee over another eight loans currently valued at $30 million.

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