Scales Not Part Of SCF Receivership

Scales Not Part Of SCF Receivership

Scales Corporation Limited is not part of the receivership of South Canterbury Finance Limited. Scales Corporation operates autonomously from the activities of its majority shareholder, South Canterbury Finance, and its day to day operations will not be affected by the receivership.

Scales Corporation recorded an unaudited $10.10 million pre-tax operating profit for the year ending 30 June 2010. Chief Executive Officer Andy Borland says this result reflects the sound operating earnings of its various subsidiaries.

“For the year ahead we are forecasting a continuation of profitable trading from our subsidiaries.”

“We continue to enjoy the ongoing support of our staff, customers and other stakeholders.”

Scales Corporation is one of New Zealand’s oldest and most respected companies and was formed in 1912 as a shipping service for the wool industry. Today it operates a shipping logistics business, a petfood ingredients operation, temperature controlled coolstores, industrial parks, bulk liquid storage and processing, insurance, and is New Zealand’s largest apple grower and exporter.

The Company has 554 shareholders. South Canterbury Finance is its majority shareholder with a 79.7 per cent holding.

ENDS

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