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South Canterbury Finance Appoints New Directors

30 October 2009

South Canterbury Finance Appoints Three New Independent Directors

South Canterbury Finance Limited is pleased to announce the appointment of Bill Baylis, Stuart McLauchlan and Denham Shale as Independent Directors of the Company.

Welcoming the appointments, South Canterbury Finance Chairman Allan Hubbard said the combined experience and skills of the new directors would make a significant contribution to the company.

“We are privileged to obtain the services of three outstanding directors. We recognise the desire across various stakeholders for South Canterbury Finance to enhance its governance arrangements with the appointment of additional independent directors. These appointments are a further step forward in the restructuring of South Canterbury Finance. Further announcements regarding the company’s restructuring plans will be made when we are able to do so.”

Mr Baylis is an Accredited Fellow of the Institute of Directors and a Fellow of the NZ Institute of Chartered Accountants. He is Chairman of Real Journeys Limited, Director of Port of Tauranga Limited, Landcorp Farming Limited (effective 1 November 2009), and a number of private companies. Mr Baylis is a former Chairman of PGG Wrightson Limited, Pyne Gould Guinness Limited and Naylor Love Enterprises Limited.

Mr Baylis was a partner in the national firm of KPMG until 1992 when he established his own specialist practice. Company directorships now occupy the majority of his time.

Mr McLauchlan is Chairman of Scott Technology Limited, Deputy Chairman of the Pharmaceutical Management Agency (Pharmac) and a Director of a number of other companies including Scenic Circle Hotels Limited, Dunedin Casinos Limited, AD Instruments Pty Limited and Aurora Energy Limited.

His other appointments include Pro-Chancellor of the University of Otago and Crown Monitor to Southland District Health Board. Mr McLauchlan is a partner of G S McLauchlan & Co, Chartered Accountants, a Fellow of the New Zealand Institute of Chartered Accountants and an Accredited Fellow and a member of the National Council of the Institute of Directors.

Mr Shale is an Accredited Fellow of the Institute of Directors and a member of the Institute of Directors' National Council. He is a practising lawyer and has been a member of boards of listed companies for over 20 years. At present he is Chairman of The Farmers’ Trading Company Limited, Jenkin Timber Limited, Eastern Hi-Fi Group Limited, the Japan New Zealand Business Council and Mercy Hospice Auckland Foundation.

Mr Shale is a director of listed companies OceanaGold Corporation and Turners Auctions Limited. He is also a director of Munich Reinsurance Company of Australasia Limited and several other private companies.

He was previously, for seven years during the 1990s, Chairman of Kensington Swan and is a former director of Owens Group Limited.

ENDS

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