9 Jun 2010

Series of meetings to be held by SCF

7:07 am on 9 June 2010

South Canterbury Finance is to publicly answer questions from investors about the company's future.

SCF has been rebuilding its financial strength in the last year, pumping in new capital, retaining investors, stripping out bad loans and being accepted into the Government's extended retail deposit guarantee, which runs until October next year.

But its credit rating was recently downgraded.

SCF is now organising a series of public information meetings, to answer questions about the downgrade, the company's inclusion in the Government scheme, and its structure and future.

Milford Asset Management executive director Brian Gaynor says it's an approach that more finance companies are likely to take.

South Canterbury's first meeting is on Thursday in Christchurch, followed by Invercargill and Dunedin on Friday.

The company also plans meetings for Timaru, Ashburton, Wellington and Auckland next week.