South Canterbury Finance in trading halt pending material announcement

South Canterbury Finance in trading halt pending material announcement

Sharemarket operator NZX says South Canterbury Finance's listed securities have been placed in a trading halt pending a material announcement from the company.

The short statement didn't say when the announcement was likely.

South Canterbury Finance has until next Tuesday, August 31, to raise at least NZ$180 million of fresh equity to bring it back in line with its Trust Deed.

The company is covered by the Crown retail deposit guarantee scheme until October 11 and the extended guarantee scheme that runs from October 12 until December 31, 2011.

The finance company has both perpetual preference shares and bonds listed on the NZX.

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Folks, what if the new investor is you and I? IE the taxpayer?

The bonds? Probably about NZ$250 million -

Although you could argue control of the company changed some time ago...

Never mind Alan Hubbard, I reckon you should follow L Ron Hubbard...........

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