PR Finance takeover delayed

Ian Rogers
PR Finance Group's failure to prepare full accounts for the 2012 financial year has forced a delay in the takeover of the troubled firm by Keybridge Capital. PRFG is owner of Motor Finance Wizard.

On Tuesday, the Federal Court ruled that the application to agree to the merger be deferred until August.

A further meeting of PRFG shareholders will have to be held.

The company's audited accounts must be lodged with the Australian Securities and Investments Commission not less than 10 days before such a meeting.

Justice Michael Jacobson said that "material information" - ie, the 2012 financial report - "has been withheld from the shareholders" of PR Finance.

Meanwhile, Lazard Private Equity has sold Scottish Pacific to Next Capital for about A$90 million, the Financial Review reported in its Street Talk column.