2 Nov 2009

South Canterbury Finance directors appointed

7:45 am on 2 November 2009

South Canterbury Finance says its three new directors will help put together a proposed capital raising that has been delayed until early next year as it first repays American investors.

The lender appointed Bill Baylis, Stuart McLauchlan and Denham Shale as independent directors last week as part of overall plans to restore the company's financial health.

South Canterbury Finance has paid half the $US100 million it owes American investors and chairman Allan Hubbard says the rest should be paid soon.

The new directors will give the lender greater credibility with investors as it firms up plans to raise capital and pursue a share float next year, he says.

Mr Hubbard would not discuss the potential float, saying it would breaking securities laws if he did.