MTF's treatment of shareholders inadequate, says Heartland

Heartland Bank went cold on a possible acquisition of Motor Trade Finance due to the finance company’s lack of disclosure to shareholders about potentially having to refund customers charged unreasonable fees.

The stoush blew up publically when MTF [NZDX:MTFHC], which has a loan book of around $438 million, informed its shareholders on Monday it had rejected a takeover proposal from Heartland New Zealand [NZX:HNZ] earlier this year.

 

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