South Canterbury Finance Update

South Canterbury Finance Update - debenture prospectus registered

A new prospectus for the issue of debenture stocks and deposits has been registered today by South Canterbury Finance Limited.

Deposits are now being accepted for securities with a range of maturities. Investors will be able earn a yield of up to 8 per cent per annum with the benefit of the Crown guarantee under the government’s retail deposit guarantee scheme in respect of debenture stock and deposits that mature, or otherwise become payable on or before 11 October 2010.

South Canterbury Finance chairman Allan Hubbard says the Company also intends applying to participate in the extended deposit guarantee scheme announced by the Government on 22 August 2009. In order to be accepted into the extended Crown guarantee scheme, the Company will need to meet certain eligibility criteria and be accepted for participation by the Secretary to the Treasury.

“We have had to attend to a number of matters in recent weeks which caused delays in the registration of the prospectus. We very much appreciate the patience of our loyal investors and customers and look forward to their continued support,” Mr Hubbard says.

“Further announcements will be made as we evolve our restructuring and recapitalisation plans.”

ENDS

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