After changing to a new Trustee (Supervisor) on 29th November 2016, we listened to your feedback and took on board that you’d like more communication from us to keep you up to date with what the company is up to. So from now on, you’ll hear from us not just when we send you our regular quarterly statements or your maturity letter and specials.
We’re writing to tell you some good news about FEI’s most recent development. We are very pleased to advise that FEI has entered into an agreement with WolfStrike Rentals Group Limited (“Wolfstrike”), an Australian publicly listed company. The agreement will result in Wolfstrike acquiring all of the shares of FEI by issuing shares in Wolfstrike. This will result in the shareholders of FEI holding the majority shareholding in Wolfstrike.
What is the effect of this transaction?
The effect of this transaction means FEI will now be fully owned by an Australian listed public company which has the ability to subscribe for further capital from time to time on the Australian Stock Exchange. Shareholders of FEI will now control WolfStrike as well as FEI.
Who is WolfStrike?
WolfStrike is a technology company and was established by New Zealander Ian Bailey (ex Cadmus Technology). It focuses on financing and management of rental contracts for technology solutions, particularly eftpos machines. WolfStrike also manages its own direct and agent-based sales network which provides a consistent flow of new deals to the rental company. It operates in both New Zealand and Australia.
Why we are doing this?
WolfStrike originates rental contracts which are in turn funded by FEI.
FEI is growing and the agreement gives FEI a major new source of capital and funding to aid its future growth, considerably enhancing its financial prospects.
FEI has been working with Ian Bailey of WolfStrike for 13 years and is a major financier to WolfStrike. WolfStrike’s business represents a large proportion of FEI’s loans and FEI has been integral to WolfStrike’s growth.
When is this happening?
An announcement was made at the WolfStrike AGM on 30th November about the acquisition and the directors expect the transaction to be concluded by April 1, 2017.
The agreement is subject to the approval of the Reserve Bank of New Zealand and the Supervisor and all statutory procedures are being followed.
What this means for you?
Entry into the Australian market opens up new and exciting opportunities to FEI and enhances its financial strength.
Do you need to do anything?
As FEI will operate unchanged with the same staff and the same management, there is nothing you need to do. We assure you that your deposit will remain unchanged and interest and principal will be paid to you when due in the normal way.
This is an exciting new development for FEI and we look forward to continuing and sharing our future growth with you.
We thank you for the confidence and support you have shown in FEI and wish you well over the Christmas season.
If you have any questions or queries please don’t hesitate to contact our Directors, Mel Stewart and TK Shim or myself, or alternatively refer to our website which will be updated with a full explanation.