You can smell the desperation.
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You may be right Percy. I am an interested observer rather than a holder myself. So I would be interested if others know how the Hubbard dairy farm interests are tied into South Canterbury Finance now. I am just assuming they are because of the 'forum/blog baying' that seems to indicate that Hubbard has done everything he can to help out SCF, the implication being that the 'Hubbard cupboard' is now bare.
SNOOPY
SCF bailing out Strategic
Echo's of 2006 from this post back then by lambton
I wouldn't rely on Mr Hubbard to save the poor old Provincial investors. He will cherry pick alright but at his price which won't be $ for $. As for investment advisors huffing and puffing saying they're going to rescue the coy from the arms of the receiver. Give me a break. This is grand standing - merely keeps angry investors at bay for now. Ha wont be long before investors are baying for blood. I wouldn't be one of the many investment advisors(and there were heaps sucking from the Provincial tit as far as I can make out - CL included) for all the tea in china. After all if they were doing their job properly and did better screening in the first place, lacking investor support from the advisor community, Provincial would not have grown as fast and large as it did.
Sad really ... 4 years on and things aint changed ... even then SCF was mentioned a lot on 'So Which Finance Company is Next" thread
Strategic looks even sadder when considering that Provincial investors managed to recover 92.5c in the $ (from memory). Though no one's laughing, it is kind of ironic.
Balance post 557 3/3/10
"If Strategic investors are prepared to swap debt for SCF's equity it will be a good deal for both"
A bet each way?
Westerly
Events since then have shown SCF's position to be a lot worse than expected. Specifically, SCF's ability to get the extended govt guarantee is now seriously in doubt - refer Bruce McKay's article.
Getting Strategic investors to swap into SCF's equity would definitely be very good for SCF - not so for Strategic.
Jeez Alan .... you get those million plus SCF010 yesterday at 37 .... well done
Big spike in volume ... you had to wait for that many and you jumped in eh ?
Or was it Balance?