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On 25 June 2013, Keybridge became the effective owner of PR Finance Group Limited (PRFG), by way of Scheme of Arrangement. PRFG owned and operates two key businesses:
- Motor Finance Wizard and;
- AMX Money.
On 17 September 2013, PRFG closed the sale of its major asset, MFW, to an investment company. This sale is subject to certain terms as advised to the ASX on 17 September 2013.
Also as most recently advised to the ASX on 17 September 2013, Keybridge has been undertaking a comprehensive review of PRFG’s remaining businesses, primarily AMX, its short-term consumer-lending business. This review remains in process.
On 1 October 2013, the Australian Securities and Investment Commission (ASIC) issued a letter to AMX expressing its view that the bundle of products currently being offered by AMX constitutes the provision of credit, and that AMX should cease “providing credit” until such time as it holds an Australian Credit Licence (ACL). AMX has been operating under what it considers to be an exemption to the ACL requirements. Keybridge does not express any view as to the position of ASIC with regards to AMX other than to state that legal advice is being sought on the matter.
ASIC has granted AMX a two week timeframe within which to consider its position and provide a response.
Keybridge Capital is a financial services company that has invested in, or lent to, transactions, which
predominantly are in the core asset classes of property, aviation, finance receivables, shipping, and
infrastructure.
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