Allan Hubbard to pump $40 million in South Canterbury Finance
Allan Hubbard, Shareholder and chairman of South Canterbury Finance has decided to put $40 million of new capital into the company.
In addition, Allan further stated that it will provide further support if required. Mr Hubbard a well-known businessman and philanthropist based in Timaru.
It should be noted that South Canterbury Finance has been the subject of speculation about its exposure to the dairy sector and to related-party loans.
Apart from latest announcement, the company is also investigating other external sources of new equity, to continue to strengthen its position over the next six months. South Canterbury Finance was founded in 1926 and provides finance to businesses, farmers and consumers.
In February South Canterbury raised $100m in a sale of bonds. South Canterbury Finance had total assets at June 30 of $2.3 billion. The company is predicting a net profit before tax between $18m and $22m in its 2010 year.
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