SCF receives NZ$152.5 million injection
(3 March 2010 – New Zealand) Southbury Corporation Limited, the parent company of South Canterbury Finance Limited, has made a substantial injection of new equity into the non-bank lender totalling NZ$152.5 million (A$118.7 million).
The capital injection was pursuant to a group restructuring in which Southbury Corporation Limited sold its 100 percent shareholding in Helicopters (NZ) Limited and 64 percent of its shares of Scales Corporation Limited to South Canterbury Finance.
The total purchase price of NZ$162.5 million has been satisfied by the issue of approximately 317.7 million new ordinary shares by South Canterbury Finance to Southbury Corporation for an aggregate issue price of NZ$152.5 million, all of which shares have been credited as fully paid, and by the payment of NZ$10 million in cash.
The transactions were reviewed by Independent Experts approved by the Crown, under the Company’s Crown guarantee, who certified to the Crown that the acquisitions were at fair value and on an ‘arms length’ basis.
A spokesperson for Southbury Corporation said that they have absolute confidence in the future of South Canterbury Finance and the role it plays in providing funding for the growth of businesses, particularly in provincial New Zealand, has led to the further investment in the Company by Southbury Corporation.
The total purchase price of NZ$162.5 million has been satisfied by the issue of approximately 317.7 million new ordinary shares by South Canterbury Finance to Southbury Corporation for an aggregate issue price of NZ$152.5 million, all of which shares have been credited as fully paid, and by the payment of NZ$10 million in cash.
The transactions were reviewed by Independent Experts approved by the Crown, under the Company’s Crown guarantee, who certified to the Crown that the acquisitions were at fair value and on an ‘arms length’ basis.
A spokesperson for Southbury Corporation said that they have absolute confidence in the future of South Canterbury Finance and the role it plays in providing funding for the growth of businesses, particularly in provincial New Zealand, has led to the further investment in the Company by Southbury Corporation.
Subscribe