South Canterbury Finance Limited

[Beagle]

Where are you quoting from?

Alan.

Confirmed, the first quote was from interest.co.nz and was an extract from their article.

Here's a link to the second quote

http://www.depositrates.co.nz/news/9...cut-to-cc.html

[Beagle]

http://www.nzherald.co.nz/business/n...ectid=10668178

[Alan3285]

http://www.nzherald.co.nz/business/n...ectid=10668178

Another source said last week the deal could involve South Canterbury founder Allan Hubbard being required to relinquish all ownership of South Canterbury and associated companies.

The source understood in return Hubbard would not face any charges that may arise from the Serious Fraud Office investigation into his affairs initiated two months ago.

The Timuru Players present a Fictional Account of Events Moste Foul

{Enter Stage Left - Man in Dark Suit to sound of maniacal laughter}

{Present - Mr & Mrs H - Sitting alone in front of a small fire}

Man In Dark Suit:

'We can't find that you've done anything very wrong, although using paper rather than computers is not on, but we can't just back down, else Mr Min will look foolish.

So, if you want us to rescue the mill and actually keep it going, rather than letting it sink and having us bail out the cotton (holders), you have to let it be sold out from under you, and at the same time we'll drop the {cough} MANAGEMENT {cough}.

That way, it will *look* like we did a deal with you, dropped the investigation, and you agreed to give up mill in return, and we will be exonerated.'

{Family cat wanders in from stage right, and jumps up on Mrs H's knee}


"Sign here Mr H, or the cat gets it!"

{Maniacal laughter}

{Crash of thunder} {Flash of lightning}

{Curtain falls}

{End of Act 1}

[Danthetitan]

"South Canterbury Finance's substantially diminished cash balance - which is now at a level that in our view may see the company seek additional liquidity support - reflects a combination of loan repayment delays and weaker-than-anticipated reinvestment experience and new debenture inflows."
additional liquidity support = selling more loans at discounts?

[minimoke]

http://www.nzherald.co.nz/business/n...ectid=10668178

But waht does the first paragraph say

South Canterbury Finance chief executive Sandy Maier South Canterbury Finance chief executive Sandy Maier has reassured investors the business is on track to make an announcement about its recapitalisation by its August 31 deadline after a credit rating downgrade over its worsening cash position.

Its not hard to make an announcement - its the content of that announcement which will be important.

[winner69]

The Timuru Players present a Fictional Account of Events Moste Foul

{Enter Stage Left - Man in Dark Suit to sound of maniacal laughter}

{Present - Mr & Mrs H - Sitting alone in front of a small fire}

Man In Dark Suit:

'We can't find that you've done anything very wrong, although using paper rather than computers is not on, but we can't just back down, else Mr Min will look foolish.

So, if you want us to rescue the mill and actually keep it going, rather than letting it sink and having us bail out the cotton (holders), you have to let it be sold out from under you, and at the same time we'll drop the {cough} MANAGEMENT {cough}.

That way, it will *look* like we did a deal with you, dropped the investigation, and you agreed to give up mill in return, and we will be exonerated.'

{Family cat wanders in from stage right, and jumps up on Mrs H's knee}


"Sign here Mr H, or the cat gets it!"

{Maniacal laughter}

{Crash of thunder} {Flash of lightning}

{Curtain falls}

{End of Act 1}

Nice one Alan ..... but in your words a bit 'irresponsible' to get the cat involved

[Alan3285]

Nice one Alan ..... but in your words a bit 'irresponsible' to get the cat involved

Ah, but notee thee that myne was fictionale.

Catee is moste unhappy methinks.

Alan.

[minimoke]

Catee is moste unhappy methinks.

Its a Cat - not a dog. It'll be fine!

[Alan3285]

Its a Cat - not a dog. It'll be fine!

Thisee true methinks.

Yonder cat is a superior being, twilst dog is but a pathetic pooping contrivance.

[fungus pudding]

Its a Cat - not a dog. It'll be fine!

Ah, but you can turn a cat intgo a dog. Simply douse it with petrol - chuck a match at it - and it goes 'woof'!