30 Oct 2009

Three new directors for South Canterbury Finance

12:35 pm on 30 October 2009

South Canterbury Finance has appointed three new directors as part of its overall plans to restore its health.

Experienced directors Bill Baylis, Stuart McLauchlan and Denham Shale are to be independent board members.

Chairman Allan Hubbard said their combined experience and skills would make a significant contribution to the company.

On Thursday the company paid half the $US100 million owed to US investors, using a facility set up by Pyne Gould Corporation's asset management arm.

It's expected to undertake a capital raising to shore up its balance sheet.