MEDIA RELEASE 11 JUL 11 – Receivers announce settlement of sale of Helicopters (N.Z.) Limited

MEDIA RELEASE

11 July 2011

SCF RECEIVERS ANNOUNCE SETTLEMENT OF THE SALE OF HELICOPTERS (N.Z.) LIMITED

Kerryn Downey and William Black of McGrathNicol, receivers of the South Canterbury Finance Group (“SCF”) are pleased to confirm that the previously announced conditional sale of its wholly-owned investment company Helicopters (N.Z.) Limited (“HNZ”) to Canadian Helicopters Limited (“CHL”) has been completed.

The final purchase price was NZ$154m, with the reduction from the announced $160m being primarily due to the exclusion of HNZ’s share of joint venture company Glacier Helicopters Limited from the CHL sale transaction.  HNZ’s shares in Glacier Helicopters Limited have been retained by HNZ pending the outcome of sale negotiations pursuant to pre-emptive rights.

Kerryn Downey said, “The completion of the transaction is very pleasing for us as receivers and also represents a positive step for HNZ, which can now focus its full attention on growing the business under a new stable ownership structure.”

CHL is the largest helicopter transportation services company operating in Canada, and is also one of the largest in the world based on the size of its fleet. With over 35 base locations across Canada, CHL provides helicopter services to a broad range of sectors, including infrastructure maintenance, utilities, oil and gas, mining, forestry, construction and emergency medical services, and provides military support. With over 60 years of experience, CHL is an industry leader in establishing safety standards and operating procedures. CHL is a public corporation trading on the Toronto Stock Exchange (TSX).

Ends

This release issued on behalf of McGrathNicol by:

Kate Alexander

Alexander Communications

Tel:    +64 9 524 4957

Mob:  +64 27 244 6094

kate@alexandercomms.co.nz

About McGrathNicol

McGrathNicol is an independent advisory firm specialising in corporate advisory, forensic, transaction services and corporate recovery. It is a market leader in Australia and New Zealand, with more than 300 people across the region, including more than 31 partners. McGrathNicol New Zealand was the receiver for Feltex and managed the high-profile HIH Insurance liquidation.