Potential takeover signalled for Finzsoft

The Board of Finzsoft Solutions Limited (Finzsoft) (NZX:FIN) welcomes the announcement today that Andrew Holliday, who is both the Managing Director of Finzsoft and associated with the majority shareholder of Finzsoft has formed a company, Silverlake HGH Limited (Silverlake HGH) with Silverlake Axis Limited (SAL), a provider of digital economy solutions, and understands that Silverlake HGH intends making an offer to all Finzsoft shareholders under the Takeovers Code in the New Year.

As signaled to the market, the Finzsoft board had engaged PWC to assist with a strategic review of Finzsoft’s capital and ownership structure. Through the review process we identified Silverlake Axis Limited as a strategic partner in the Asia Pacific region with the expertise, market access and client base to take Finzsoft to the next level.

If Silverlake HGH proceed with the offer, it will send finalised offer documents to shareholders but I understand that this will not occur until after the holiday period. The Board will provide a further update on the process as it becomes aware.

An Independent adviser's report on the merits of the offer will be commissioned by the Board in accordance with the Takeovers Code. The company will also prepare its response to the offer. At this time it is hoped that the report and the response can be distributed to shareholders with the offer.