South Canterbury Finance Limited

[Beagle]

There we go, directors providing assumptions (presumptions) that they will raise capital, sell assets, get extensions, extensions, bail outs and concessions. How can those directors reasonably believe that the company will be able to perform its obligations when required to do so?

LOL...because they believe they are "special" and too big to fail. There's little doubt they received special treatment when they gained access to the extended GG scheme, (the audited accounts for the six months ended 31 December 2009 wern't even out when the Govt gave them entry) so clearly they believe a precedent has been set for future "kid glove" treatment.

Either that or they are AWOL from normal commercial relality...which to be fair I doubt due to the calibre of the Directors, so clearly they've been told by the Govt wink, wink, we will do everything possible in our "POWER" to look after you if you can please, please, please organise a racapitalization.

[winner69]

LOL...because they believe they are "special" and too big to fail. There's little doubt they received special treatment when they gained access to the extended GG scheme, (the audited accounts for the six months ended 31 December 2009 wern't even out when the Govt gave them entry) so clearly they believe a precedent has been set for future "kid glove" treatment.

Either that or they are AWOL from normal commercial relality...which to be fair I doubt due to the calibre of the Directors, so clearly they've been told by the Govt wink, wink, we will do everything possible in our "POWER" to look after you if you can please, please, please organise a racapitalization.

and POWER helped the cause with the Stat Man saga as well

[minimoke]

LOL...because they believe they are "special" and too big to fail.

Once again the devil is in the detail of the media release

If an exemption is not granted, it may not be able to continue its current business activities.

.
Clearly so special they cannot function without a Deposit Guarantee, without a trust deed waiver and now an RB extension.

[Beagle]

Once again the devil is in the detail of the media release .
Clearly so special they cannot function without a Deposit Guarantee, without a trust deed waiver and now an RB extension.

And I believe if they are still in existence this time next week, (yes folks that's right, less than a week to go), it will only be because of yet another extension by the Trustee and / or a direct Govt capital introduction in one form or another...anyone betting on the Govt buying the so called bad bank as part of a proposed deal ? assuming there is one, which I seriously doubt.

SCF are "very very special" there's no doubt about that.

[Lizard]

Weird, I had just got a letter in the mail offering to buy SCFHA at 20cps... thought it was one of those scams... thought it would be 2cps... they only want 6,000,000... would have thought they'd have got them on market for average that over a few days....

Since it doesn't have a date deadline, I imagine it will still be legally binding if sent in after 31 August (provided the securities are able to be transferred)?

[Beagle]

Weird, I had just got a letter in the mail offering to buy SCFHA at 20cps... thought it was one of those scams... thought it would be 2cps... they only want 6,000,000... would have thought they'd have got them on market for average that over a few days....

Since it doesn't have a date deadline, I imagine it will still be legally binding if sent in after 31 August (provided the securities are able to be transferred)?

Hey Lizard, what are the conditions ?

[Balance]

Hey Lizard, what are the conditions ?

Heads they win, tails you lose?

If SCF gets recapitalised, they pay you 20c. Otherwise, the agreement is void.

[Lizard]

Actually, it only says they can withdraw the offer by notice printed in the public notices of the New Zealand Herald...

Though not sure if that means there is an obligation on them to actually accept any shares that are offered before the date on which such a notice is published. And, since the amounts involved are probably too big for disputes and too small to pay lawyers, would be a tough argument. So perhaps Balance is right - if things go well for SCF, the shares will be purchased... if not, an ad will probably appear in the Herald next week and any queries will be brushed off.

[Beagle]

Actually, it only says they can withdraw the offer by notice printed in the public notices of the New Zealand Herald...

Though not sure if that means there is an obligation on them to actually accept any shares that are offered before the date on which such a notice is published. And, since the amounts involved are probably too big for disputes and too small to pay lawyers, would be a tough argument. So perhaps Balance is right - if things go well for SCF, the shares will be purchased... if not, an ad will probably appear in the Herald next week and any queries will be brushed off.

In other words its blatent theft...if they're sucessfully recapitalised the pref shares will be worth way more than 20 cents, perhaps as much as 50 cents...just another scum bag parasite trying to steal shares off unsuspecting, ill-informed or misguided victims, as if they havn't sufferred enough allready....

[Lizard]

Yes, might be interesting to get a legal opinion on that clause... time to call a friend?