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 3 FEBRUARY 12
Receivers announce settlement of the sale of 33.6% shareholding in Dairy Holdings Limited
MEDIA RELEASE
3 February 2012
DAIRY HOLDINGS LIMITED (DHL) SOLD TO EXISTING NZ SHAREHOLDERS
Kerryn Downey and William Black, of McGrathNicol, the Receivers for South Canterbury Finance Limited (SCF), are very pleased to announce today that SCF’s shareholding of 33.6% in DHL has been acquired by existing NZ shareholders.
US shareholders, holding 25% of the shares in DHL, followed a parallel process and also sold their shares to the existing NZ shareholders.
The transaction values the DHL Group in excess of $535 million, enterprise value. SCF will receive $56.4 million from the sale of its 33.6% interest.
The Dairy Holdings Group is the largest corporate owner of dairy farms in New Zealand. The group owns 58 dairy farms and owns and leases a further 15 grazing blocks, all in the South Island, covering a total land area of 18,000 hectares. In the 2010/11 season, the DHL Group produced 14.1 million kg of milk solids from approximately 43,400 milking cows.
Kerryn Downey said, “This has been a lengthy and robust sale process that commenced in December 2010. We have worked closely with other shareholders and our sale advisors and are delighted that the sale has been to NZ buyers and will not require OIO approval. This is a good result for SCF, the Crown and the Trustee”.
The Receivers of SCF were advised by First NZ Capital, working with Murray & Company acting for the US based shareholders.
ends
For further information regarding the SCF Group, please refer to the website (www.scf.co.nz) and the Receivers’ website (www.mcgrathnicol.com).
Media Enquiries:
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.
Note to media
Kerryn Downey and William Black, of advisory firm McGrathNicol, were appointed Receivers and Managers of South Canterbury Finance Limited and its charging subsidiaries on 31 August 2010.
Charging Group Entities (collectively “the SCF Group”)
South Canterbury Finance Limited (In Receivership)
Belfast Park Limited (In Receivership and In Liquidation)
Braebrook Properties Limited (In Receivership and In Liquidation)
ECAF (formerly Face Finance) Limited (In Receivership)
Fairfield Finance Limited (In Receivership)
Quality Lease Cars (formerly Flexi Lease) Limited (In Receivership)
Galway Park Limited (In Receivership)
ZNH Nominees (formerly Helicopter Nominees) Limited (In Receivership)
Hornchurch Limited (In Receivership)
Rental Cars Limited (In Receivership)
SCFG Systems Limited (In Receivership)
Sophia Investments Limited (In Receivership)
Southbury Insurance Limited (In Receivership)
Tyrone Estates Limited (In Receivership and In Liquidation)
