NZX halts trading of Strategic bonds on NZDX

The NZX has announced that trading of Strategic Finance bonds has been halted on the NZDX pending a material announcement. Strategic announced on July 17 it had agreed indicative non-binding terms with Bank of Scotland for the bank to take a 19.9% stake in the property financier with an option to buy up to 49%. This deal involved Bank of Scotland doubling its loan facility for Strategic to NZ$150 million and was part of a management-led buyout of Strategic's current owners, the Australian financial services and investment fund, Allco HIT. Strategic said then it was looking to complete due diligence and enter binding agreements by the end of July.