MEDIA RELEASE 22 JULY 11

MEDIA RELEASE

22 July 2011

SOUTH CANTERBURY FINANCE LIMITED (“SCF”) AND ITS CHARGING SUBSIDIARIES (the “SCF Group”) RECEIVERS ANNOUNCE SETTLEMENT OF THE SALE OF 79.7% SHAREHOLDING IN SCALES CORPORATION LIMITED

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, are pleased to confirm that the previously announced conditional sale of the 79.7% shareholding in Scales Corporation Limited (“Scales”) to Direct Capital Investments Limited (“Direct Capital”) for NZ$44m has been completed and settled.

Kerryn Downey said, “The completion of this transaction is a very positive outcome for the company, its shareholders and us as receivers. This has been a comprehensive process that identified a highly credible New Zealand purchaser.”

Scales CEO Andy Borland said, “We are pleased with this outcome, which had the overwhelming support of our other shareholders, and we welcome Direct Capital as a new, positive shareholder. This will allow us to focus our full attention on moving the business forward.”

Direct Capital is a New Zealand-based investment firm that was established in 1994 to invest in private companies. Direct Capital will complete the investment in Scales through its current fund, Direct Capital IV, and with co-investment from the New Zealand Superannuation Fund and Accident Compensation Corporation.

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.

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