Fisher & Paykel and FCU Proposed Transfer of Engagements

Fisher & Paykel Credit Union Incorporated (Fisher & Paykel) proposes to transfer its engagements (Transfer of Engagements) to First Credit Union Incorporated (First) in accordance with section 135(3) of the Friendly Societies and Credit Unions Act 1982 (FSCU Act).

Under the Transfer of Engagements, it is proposed that First will undertake to fulfil all engagements of Fisher & Paykel, by succeeding to all of the assets, property, rights, powers, and privileges of Fisher & Paykel, together with all liabilities and obligations of Fisher & Paykel. The Transfer of Engagements is similar to a merger between Fisher & Paykel and First.

As a small financial entity, Fisher & Paykel has been finding it difficult to compete due to relatively higher costs to meet and deliver services and, in recent years, the increased cost of compliance. This trend is expected to continue in the future. The Transfer of Engagements has been proposed to a larger, more resilient credit union to secure the future of Fisher & Paykel for its members, and will create increased opportunities to deliver improved products and services in the future. First have a similar vision to continue to develop a strong, competitive and sustainable sector that delivers on its purpose of ‘people helping people’ across New Zealand.

It is proposed that members of Fisher & Paykel will vote on the Transfer of Engagements at the Annual General Meeting called for Thursday 17 August 2023. If approved, the Transfer of Engagements will be subject to the further approval of the board of First and will remain subject to other conditions. It does not need to be approved by members of First.

If the Transfer of Engagements is approved by members of Fisher & Paykel by way of special resolution and the Transfer of Engagements becomes unconditional, the special resolution will be filed with the Registrar of Friendly Societies and Credit Unions (Registrar) pursuant to sections 135C(1) and 82(3) of the FSCU Act. Under section 82(4) of the FSCU Act, a period of six weeks is then allowed for objections to be made in respect of the Transfer of Engagements.

It is anticipated that the Transfer of Engagements will take effect on or around 1 October 2023.

The most recent Product Disclosure Statements and audited financial statements for Fisher & Paykel and First may be obtained online by accessing the Disclose register www.disclose-register.companiesoffice.govt.nz (using the “Search for an Offer” function).

Further information may be obtained by contacting welcome@firstcu.co.nz or by calling 07 834 4810.