The restructuring of Conister continues as the company's board pushes ahead with the development of its Transend Division, formerly Transbank. This is the pre-paid cards market which the firm sees as an important part of its future.
But the way is being paved to diversify away from the mainstream banking businesses. A significant development was the establishment of the new holding company for Conister, Conister Financial Group, or CFG. One reason for this, says the group, is the movement towards businesses operating in non banking business segments.
The directors say they have been told an appropriate method of restructuring the activities of the group involves a scheme of arrangement of the company. On the basis the scheme devised becomes effective, they say: 'the company will become a wholly owned subsidiary of CFG and shareholders will cease to hold ordinary shares but instead be issued with such a number of New Ordinary Shares, credited as fully paid, as is equivalent to that number of ordinary shares held by them on the Record date.'
If the scheme becomes effective, CFG will acquire the ordinary Shares in consideration of the allotment of the New ordinary shares to holders of the Ordinary Shares and the subsidiary shares will be transferred to CFG.
Conister is now located at the Ballacottier Business Park, after selling and moving from the long time headquarters in Finch Road.
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