MEDIA RELEASE 3 FEBRUARY 12
RECEIVERS REPORT 23 DEC 10 - Receivers' first report on the state of affairs of Southbury Corporation Limited (In Receivership)
MEDIA RELEASE 16 AUG 11 – Receivers announce sale of SCF core lending business
MEDIA Release
SOUTH CANTERBURY FINANCE LIMITED (“SCF”) AND ITS CHARGING SUBSIDIARIES (the “SCF Group”)
RECEIVERS ANNOUNCE COMPLETION OF SCF CORE LENDING BUSINESS SALE PROCESS
16 August 2011
Kerryn Downey and William Black of McGrathNicol, as Receivers of the SCF Group, have announced the sale of SCF's consumer, business and rural loan portfolios to Nomura, the global investment bank.
The three loan portfolios, with an aggregate book value of circa $123 million, together comprised the balance of SCF’s “good bank” business, following the successful sale of FACE Finance in May 2011.
While the sale price is confidential, Receiver William Black said that "the sale represents an excellent outcome and is another important step in maximising the return for the Crown when combined with the other sale processes completed to date and loan recoveries made during the receivership.”
“Nomura is pleased to have acquired South Canterbury Finance’s core loan assets and we would like to reassure the underlying borrowers and businesses that their loans will continue to be managed from Christchurch,” said Jai Rajpal, Nomura’s Head of Fixed Income, Asia ex-Japan. “This acquisition provides Nomura with a platform from which to lend and invest in additional opportunities in New Zealand, which has a robust, well-managed economy,” he added.
Nomura was successful in its acquisition following a competitive sale process, with Deutsche Bank AG New Zealand branch acting as sole financial advisor to the Receivers.
Ends
Media Contact Details:
Kate Alexander, Alexander Communications
T +64 9 524 4957
M +64 27 244 6094
Jonathan Williams, Nomura Corporate Communications, Asia ex-Japan
Tel: +65 6433 6336
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 30 partners.
About the Business, Rural and Consumer loan portfolios
The business loans portfolio is comprised of loans primarily to smaller, generally owner-operated, regional SME businesses for purposes including business expansion, vehicle plant and equipment acquisitions, working capital facilities, bridging finance, owner occupier property funding.
The rural loans portfolio is comprised of loans to the rural sector for purposes such as land use charges and seasonal funding requirements.
The consumer loans portfolio is comprised of small personal loans to consumers for specific purposes (e.g. personal vehicles, home appliances, furniture, vacations and weddings).
About Nomura
Nomura is a leading financial services group and the preeminent Asian-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries.
Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs approximately 27,000 staff worldwide. Nomura’s unique understanding of Asia enables the company to make a difference for clients through three business divisions: retail, asset management, and wholesale (global markets and investment banking). For further information about Nomura, please visit www.nomura.com.
