SCF sells entire stake in Pyne Gould
Hi All,
This just spotted on RNZ:
http://www.radionz.co.nz/news/storie...2/1245da281e27
Quote:
Originally Posted by Alan, but quoted from RNZ
South Canterbury Finance (SCF) has sold its entire stake in Pyne Gould Corporation. The sale, at 50c a share, netted the company more than $14 million.
SCF had a 4.5% stake in in the rural services firm, or 29.5 million shares.
Chief executive Nigel Gormack says the sale, which made a small profit, is part of a programme to sell off assets not related to the company's main lending business.
He says the money raised will be used to shore up the balance sheet by providing extra liquidity.
South Canterbury Finance will carry out a capital-raising early next year, and is considering floating on the sharemarket.
Looks like they are serious about fixing things up for a float.
I'm getting into those 2012 bonds (SCF010) further - the yield is looking fantastic at more than 20%.
Still can't understand why anyone would hold onto the preference shares (SCFHA) though -the price is still ridiculously high giving a yield around 11%.
Alan.