This is drawing a long bow ....
The deal was killed, for some reason. Treasury is taking the blame - but I wonder - this clearly does not make sense.
Look at the following register changes since Allan Hubbard went into Statutory Management and ceased to be a Director of Southbury.
Can you spot anything of interest? Well, I reckon that Allan could have been put into Statutory Management because he was still hanging onto Scales and Helicopters through some mechanism - rather than handing over the full equity control, as promised, when the government guarantee was negotiated. Here we have the Statutory Manager completing the letter of the agreement on the 7th and 8th of July.
The Torchlight issue is simply a minor version of what was to become a major issue. Maybe Allan agreed to the Torchlight equity deal - but, like with Scales and Helicopters, could not bring himself to execute.
What do you think?
1) South Canterbury Finance
07 July 2010
Previous Number of Shares:
276400000
Increased Shares by:
317708333
New Number of Shares:
594108333
Details of Issue
Type of Change:
Issue
SOUTHBURY CORPORATION LIMITED( 2328706 )
Previous:
156400000 Shares
Updated:
474108333 Shares
2) South Canterbury Finance
08 July 2010
Previous Number of Shares:
594108333
Decreased Shares by:
317708333
New Number of Shares:
276400000
Details of Acquisition
Type of Change:
Acquisition
SOUTHBURY CORPORATION LIMITED( 2328706 )
Previous:
474108333 Shares
Updated:
156400000 Shares
3) South Canterbury Finance
08 July 2010
Previous Number of Shares:
276400000
Increased Shares by:
317708333
New Number of Shares:
594108333
Details of Issue
Type of Change:
Issue
SOUTHBURY CORPORATION LIMITED( 2328706 )
Previous:
156400000 Shares
Updated:
474108333 Shares