The Timaru businessman Allan Hubbard has sunk $152.5 million of extra money into South Canterbury Finance. When SCF hit trouble last year Mr Hubbard, 82, said he would back the company, which has 40,000 investors with $1.4 billion in investments, using his personal wealth. “On Sunday Mr Hubbard and his wife’s company, Southbury Corporation, sold its 100% shareholding in Helicopters NZ and 64% holding in Scales Corp to SCF, which is coming out of a turbulent 18 months,” The Timaru Herald reported. In return, Southbury got 317.7m newly issued, fully SCF-paid shares worth $152.5m (48c each) and $10m of cash. “The move covers most of SCF’s $154.9m loss for the six months to December 31, 2009. It means Mr Hubbard has in effect sunk his key assets into SCF … to keep it afloat.” - The Timaru Herald
The Timaru businessman Allan Hubbard has sunk $152.5 million of extra money into South Canterbury Finance. When SCF hit trouble last year Mr Hubbard, 82, said he would back the company, which has 40,000 investors with $1.4 billion in investments, using his personal wealth. “On Sunday Mr Hubbard and his wife’s company, Southbury Corporation, sold its 100% shareholding in Helicopters NZ and 64% holding in Scales Corp to SCF, which is coming out of a turbulent 18 months,” 