Hubbard writes to South Canterbury investors, arguing they should stick with him

South Canterbury Finance Chairman Allan Hubbard has written to investors, saying a government decision on a guarantee extension is due shortly and the Timaru-based finance company is working to raise capital to strengthen its operations. Hubbard said he was humbled by the support of depositors and reiterated that South Canterbury had never missed any payments. "I want to assure you that the Company is soundly based and well positioned to meet the challenges ahead," Hubbard said in the newsletter. "I acknowledge that the recent financial performance of the Company has been disappointing and this has adversely affected investor confidence but I remain totally committed to ensuring a successful future for South Canterbury Finance," he said. "I am satisfied that we are well on the way to a totally fresh approach to the future and the restoration of South Canterbury Finance as a leader in the sector. This may require the raising of further capital by the Company and possible sale of non-core assets to ensure compliance with the new regulatory environment," Hubbard said. Here is the full newsletter reproduced below: South Canterbury Newsletter Hubbard