Cash-strapped South Canterbury Finance, in which Allan Hubbard is the major shareholder, has requested a trading halt on its securities, pending a further announcement.The trading halt comes as statutory managers of Mr Hubbard and his associated entities
Cash-strapped South Canterbury Finance, in which Allan Hubbard is the major shareholder, has requested a trading halt on its securities, pending a further announcement.
The trading halt comes as statutory managers of Mr Hubbard and his associated entities release a damning report into his private finance companies Aorangi Securities and Hubbard Funds Management.
NBR reported in its print edition today that South Canterbury’s cash position has fallen to $10.6 million.
The company is operating under waivers after breaching its trust deed and has until August 31 to comply.
The company has been seeking to secure a new investor to provide new equity to bring it into line with its trust deed.
South Canterbury has today withdrawn its investment statement and prospectus for new funds while further amendments are made.
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