South Canterbury Finance has registered a new prospectus, allowing it to start taking in money again from investors. But its prospectus discloses Allan Hubbard will step down as Chairman within 12 months and that will divest non core assets, including its major stake in New Zealand's largest corporate dairy farmer Dairy Holdings and in South Island Farm Holdings, which has 20 dairy farms reports interest.co in its blog. Just three of the many points that SCF makes in its prospectus that directly relate to agriculture. * South Canterbury plans to sell a range of non-core assets over the next 6-12 months. * "The Dairy Holdings Limited shareholding is, in the Company's view, a high quality asset and is expected to attract wide-spread interest should the Company decide to reduce, or sell all of, its shareholding in that company. South Island Farm Holdings Limited owns shareholdings in some twenty dairy and other farms across the South Island. In the medium term, the Company is likely to seek to divest its holding in South Island Farm Holdings Limited to ensure the Company is able to meet proposed Reserve Bank capital requirements for non-bank deposit takers." * South Canterbury "intends re-focusing its lending operations on its traditional business, plant and equipment, consumer and rural lending areas and winding down and, where possible, divesting its exposure to property development lending."
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