Quentin Hay Joins St Laurence Property & Finance

Quentin Hay Joins St Laurence Property & Finance Limited Board

St Laurence Property & Finance Limited (SLP&F), part of the St Laurence group, has appointed commercial barrister Quentin Hay as an independent director.

Kevin Podmore, managing director of the St Laurence group and chairman of the SLP&F board says; “The appointment of an independent director of Quentin’s calibre brings a wealth of experience and expertise to the board. We are delighted to have secured his services as a director.”

Mr Hay has extensive legal experience in the finance, investment and property sectors. Before becoming a barrister Mr Hay was a senior partner in a leading law firm, Bell Gully, heading their Wellington banking and finance and corporate and commercial practice groups. He was also a member of Bell Gully’s national board for a number of years, a member of the Market Surveillance Committee of the NZ Electricity Market, and Co-Chair of the NZ Chamber Orchestra.

His current practice includes property, finance, energy, competition law and corporate work.

Mr Hay graduated from Victoria University of Wellington with an LLB (Hons) and subsequently obtained a post-graduate degree in Law from the University of Oxford, England.

St Laurence’s executive director Philip Newland, who joined St Laurence earlier this year, has also joined the SLP&F board, replacing fellow St Laurence shareholder Mike O’Sullivan.

Mr Newland, who is based in Auckland, and is establishing a stronger presence for the Wellington-based group in that city, was previously group managing director of Cullen Investments and is currently a director of Abano Healthcare Limited. A former corporate/commercial lawyer with a leading New Zealand law firm, Mr Newland has broad experience in the finance, investment and property sectors in both the USA and New Zealand. He graduated from Victoria University of Wellington in commerce and law and has a master’s degree in finance and investment from New York University.

St Laurence Property & Finance was established in April 2000 and is a property investment and financing group. Its activities include property investment, loan finance, securities investment and the investment in property-related commercial enterprises.

St Laurence Property & Finance had total consolidated group assets of $233 million as at 31 March 2004 and produced a consolidated net profit after tax of $3.82 million for the year ended 31 March 2004. St Laurence Property & Finance achieved a consolidated net profit before tax of $3.37 million for the six months to 30 September 2004.

ENDS

BACKGROUND

St Laurence Limited St Laurence Limited is an Australasian investment and finance company specialising in property bond issues, fixed interest debenture stock investments, managed funds and syndicated property investments.

Founded in 1994 by its Managing Director Kevin Podmore, St Laurence’s mission is to provide investors with higher yields than bank deposits while minimising the risks normally associated with higher performing investments.

The company’s rapid growth over the past ten years is the result of a disciplined and structured approach to the property and finance markets.

With offices in Wellington and Sydney, St Laurence manages more than $600 million of assets for more than 12,000 investors.

St Laurence is owned by Wellington businessmen Kevin Podmore and Mike O’Sullivan who are both well known in the commercial sector.

Prior to setting up the company Kevin Podmore worked on economic consulting projects for The Treasury and some of New Zealand’s largest private sector companies. Mike O’Sullivan has property management and valuation expertise and established property and valuation firm Rolle Associates Limited.

St Laurence is now focused on growing its business in Australia where it opened an office in Sydney in 2001 and expanding its core business to include funds management.

INVESTMENT HISTORY

St Laurence Property & Finance Limited St Laurence Property & Finance (SLP&F) was established in April 2000 and is a property investment and financing group. Its activities include property investment, loan finance, securities investment and the investment in property-related commercial enterprises. SLP&F had total consolidated group assets of $233 million as at 31 March 2004 and produced a consolidated net profit after tax of $3.82 million for the year ended 31 March 2004, and achieved a consolidated net profit before tax of $3.37 million for the six months to 30 September 2004.

St Laurence Mortgages Limited Was formed in July 1999 to raise funds through the issue of Debenture Stock and to invest in a portfolio of secured loan advances, bank deposits and Government stock. The company has grown strongly in total tangible assets from $5 million to around $140m in assets as at December 2004

Property Syndicates Syndication enables investors pooling their funds to take advantage of large commercial property opportunities, achieving investment returns by income rental and capital appreciation whilst enjoying the benefits of professional property management. Since 1994 St Laurence and its subsidiaries have syndicated over $350 million of property to over 9,000 investors.

Bond Issues St Laurence have raised in excess of $65 million from investors through seven successful bond issues, all secured over Auckland property. All St Laurence Bond issues have, to date, performed to expectation.

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