Allco Finance Group


Allco Finance Group

Infobox Company
company_name = Allco Finance Group
company_
company_type = Public (asx|AFG, asx|RRT, asx|AHI, asx|AHU, asx|AHUG, asx|AHUGA, asx|AEP, asx|AXQ, sgx|ALLC)
foundation = 1979
key_people = David Coe, Company Founder
David Clarke, Chief Executive Officer
location_city = Sydney
location_country = Australia
industry = Financial Services
homepage = [http://www.allco.com.au http://www.allco.com.au]

Allco Financial Group (asx|AFG and others) is fully integrated global financial services business, listed on the Australian Stock Exchange and head-quartered in Sydney, Australia. Major services provided are structured asset finance, funds management and debt and equity funding. Allco has over AUD$4.3billion in assets, and has financed over AUD$60billion of transactions. In its most visible public transaction Allco was a part of Airline Partners Australia, the consortium that unsuccessfully attempted to buy Qantas. Allco is currently experiencing a rapidly falling share price, based on market concerns that over $4billion is required to keep the business running. [Allco shares reel under $4b crunch [http://business.smh.com.au/allco-shares-reel-under-4b-crunch/20080304-1wvn.html Sydney Morning Herald] - March 5th 2008]

History

Allco Financial Group was founded in 1979 by David Coe, a former partner of Sydney law firm Mallesons Stephens Jaques to originate and arrange structured finance transactions for aircraft, ships and rolling stock . Over the years, Allco has grown to provide funding for other services, including infrastructure and commercial finance. Allco now operates globally and employs over 500 people.

Allco listed on the Australian Stock Exchange in 2006 after merging with Record Investments, which was set up by Allco as its listed investment vehicle in 2001. At the time of listing, the merged entity was valued at AUD $3 Billion. [ [http://www.theage.com.au/news/business/recordallco-decision-to-go-to-shareholders/2006/05/02/1146335732273.html Record-Allco decision to go to shareholders - Business - Business ] ] Mr Tim Dodd, previously CFO of the BT Financial Group was appointed as Chief Financial Officer in 2006 [ [http://72.14.253.104/search?q=cache:6C9kpWpHex4J:www.allco.com.au/060828_AFG_Annual_Results_FY_06_Press_Release_Mj2K2.pdf.file+tim+dodd+allco&hl=en&ct=clnk&cd=1&gl=au 403 Forbidden ] ] and former Westpac senior executive David Clarke as the new CEO [ [http://www.theage.com.au/news/business/allco-calls-in-former-banker-for-transformation-scene/2007/03/22/1174153254777.html Allco calls in former banker for transformation scene - Business - Business ] ] .

In December 2006, Allco, along with a several other firms, formed the Airline Partners Australia consortium as a biding vehicle to Qantas although the deal failed in May 2007.

In December 2007 Allco led the acquisition by Australian investors of a series of power plants in the U.S. Northeast from Consolidated Edison Inc., owner of New York City's electric utility, for USD $1.48 billion. [ [http://www.bloomberg.com/apps/news?pid=20601081&sid=amXvB2DM.0D0&refer=australia Bloomberg.com: Australia & New Zealand ] ]

ub-prime crisis

Fallout from the subprime mortgage crisis caused major problems for the company prompting investor concerns about rising debt levels and causing Allco to refocus its operating model to within business sectors it knew well. Chairman David Coe, and two other directors, Gordon Fell and David Turnbull resigned from the board in March 2008. [cite url|author=Susan Murdoch|title=Three Allco Finance Directors to Resign|publisher=The Australian|date=2008-03-04|url = http://www.theaustralian.news.com.au/story/0,25197,23309347-643,00.html|accessdate=2008-03-08]

Banks seized 14% of the company's shares after it defaulted on margin loans. There are doubts as to whether the company can remain a going concern. [cite web|url=http://www.forbes.com/markets/feeds/afx/2008/03/06/afx4742992.html|title=Australia's Allco Finance executives lose 14.2 percent stake to banks - report|accessdate=2008-03-08]

Investment Areas

Allco has invested in many different offerings, mainly in the property and transport areas.
* Aviation - Allco own or manage 54 commercial jet aircraft,with another 40 on order.Most are on lease to carriers such as Qantas
* Shipping - Allco own or manage 38 shipping vessels with another 23 on order.
* Rail - Allco own over 3100 railcars and 29 locomotives.
* Infrastructure - Ownership of various facilities, including power generation (including wind), waste water treatment, pipelines, port facilities and energy distrbution facilities.
* Property - Ownership of over 117 major properties in 8 countries.

References

External links

* [http://www.allco.com.au Allco Financial Group website]
* [http://www.airlinepartnersaustralia.com.au/ Airline Partners Australia website]


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