South Canterbury Finance receivers William Black and Kerryn Downey of McGrathNicol have confirmed the $44million sale of their stake within Scales Corporation.

The receivers sold their 79.7 per cent shareholding in Scales Corporation to Direct Capital Investments – another New Zealand investment company.

The completion of this transaction comes just one week following the confirmation of the sale of Helicopters New Zealand to Canadian Helicopters for $154million. Receiver Kerryn Downey says that the sale of their Scales Corporation stake is a “very positive outcome for the company, its shareholders and us as receivers”.

Click here to read the full article on nzherald.co.nz

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group are pleased to announce that a conditional agreement has been entered into for the sale of the business and assets of its wholly owned investment company Helicopters (N.Z.) Limited (“HNZ”), to international helicopter operator Canadian Helicopters Limited (“CHL”).

HNZ is a leading provider of helicopter services and operates in New Zealand, Australia, South East Asia and Antarctica. HNZ was founded in 1955 with one helicopter and has grown significantly, now operating a fleet of 37 helicopters.

CHL is the largest helicopter transportation services company operating in Canada and is also one of the largest in the world based on the size of its fleet. With over 35 base locations across Canada, CHL provides helicopter services to a broad range of sectors, including infrastructure maintenance, utilities, oil and gas, mining, forestry, construction and emergency medical services and provides military support. With over 60 years of experience, CHL is an industry leader in establishing safety standards and operating procedures. CHL is a public corporation trading on the Toronto Stock Exchange (TSX).

CHL was selected through a competitive sale process that commenced following HNZ’s shareholder, SCF, being placed into receivership in late August 2010. The sale price is approximately NZ$160 million. The sale is subject to a number of conditions, including regulatory approvals, and is expected to complete in the coming months.

Kerryn Downey commented “This announcement is the culmination of a significant amount of work by the company and our advisors. This has been a very robust process and we are very pleased to have identified such a credible purchaser and achieved what we believe is a good price for the business”.

“Helicopters New Zealand has grown from a local NZ based company to an internationally respected operator involved in all aspects of helicopter operations. We welcome the opportunity to continue to maintain our high level of quality services and continue to grow and enhance our business for all stakeholders, including our clients and staff in the future with Canadian Helicopters” said HNZ’s CEO Brian McDonald.

“We are very pleased with the acquisition of HNZ”, said Don Wall, President and Chief Executive Officer of Canadian Helicopters. “HNZ has excellent people and a very strong brand particularly with respect to safe operations, and will be a significant part of CHL’s growth plan as we look to the future. Like CHL, HNZ operates in challenging environments and positions itself as providing “excellence in the extremes”. We look forward to supporting the employees in New Zealand, Australia and elsewhere in the region in continuing to provide “best in class” service.”

Goldman Sachs & Partners New Zealand Limited acted as financial advisor to the receivers of the SCF Group.
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For media enquiries: Kate Alexander, Alexander Communications 09 524 4957 / 027 244 6094

30 March 2011

The Palms Shopping Centre is pleased to announce a phased reopening plan, which will see the first phase of the shopping centre open by the target completion date of 30 June 2011.

The target completion dates will roll out in the following timeframe:

• Phase One (30 June 2011) – Majority of specialty stores, Countdown
• Phase Two (mid July 2011) – Remainder of specialty stores and Kmart
• Phase Three (late July 2011) – Reading Cinemas, Arena restaurants and Contours
• Phase Four (late August 2011) – Farmers

The Palms Shopping Centre Manager Keryn Ward says, “We have worked closely with our consultants to develop a robust remedial plan which meets our stringent criteria.

“We would like to thank our retailers and the community for their encouragement and support. Like so many members of our own community, we have been working hard to get back on our feet and plan to re-open The Palms with significant fanfare and celebration!

“In the interim we would like to support the community and will be rolling out several community initiatives including a Market Day, which will be held at the Shirley Intermediate School grounds on Saturday 9 April.”

A number of The Palms retailers will hold stalls at the Market Day. This provides an opportunity for the community to enjoy some live music and entertainment such as a performance of the Haka by students from Shirley Boys’ High School. Members of the local council, library and schools will also be in attendance to speak with the community about updates relating to their services.

Details of the phased re-opening will be made available on The Palms website and Facebook page, as work continues to ready the centre to open its doors to the public.

http://www.facebook.com/pages/The-Palms-Shopping-Centre/144755025564699

www.thepalms.co.nz

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For further information:

The Ray White Group confirms that based on further information received over the past weekend, it has made a decision to remove itself from the receivership process.

Grant Thornton was appointed as receiver of Don Ha Real Estate Limited, a Ray White franchise, on March 17.

Ray White New Zealand CEO Carey Smith says, “Our original intention was to assist in the receivership process. However, more information has since come to light, and we are now of the opinion that our involvement would not be advisable. We have full confidence that the receiver can achieve the best possible result for all parties, and we support their appointment.”

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On behalf of Ray White:

Kate Alexander
Alexander Communications
09 524 4957/027 244 6094
kate@alexandercomms.co.nz

The Ray White Group confirms that it was advised on March 17 that a receiver had been appointed to Don Ha Real Estate Limited, a Ray White franchise.

Ray White New Zealand CEO Carey Smith says the receiver, Grant Thornton, has requested Ray White’s support in the receivership process. “Grant Thornton now controls every aspect of Don Ha Real Estate, including the management of the rent roll, the sales division, financial income and expenditure, and the compliance of the agency.

“We have met with the receiver, consulted our legal advisers and assessed the broader implications of the receivership action. We have reached an agreement with the receiver that we will fully support the process.

“Ray White will be involved in the day-to-day management and operation of Don Ha Real Estate, with the intention of putting the business into a position where the assets and goodwill can be sold to a third party. It is important that we achieve the best possible outcome for the business and for the people who have been affected by the receivership.”

Mr Smith says that while the receivership means that Don Ha is no longer part of the Ray White Group, there are many others involved with the agency, including salespeople, clients and suppliers, who need and deserve support. “We believe we can play a useful role to help those affected and achieve a resolution as expeditiously as possible.”
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About Ray White Group

The Ray White Group is a family-owned business which, since its formation in Australia in 1902, has been well regarded for its impeccable level of service, experienced and dedicated staff and commitment to training and support.

The Ray White Group provides a broad range of real estate and related property services. Ray White New Zealand has 136 offices trading approximately $4.71 billion annualised property sales.   
For further information, please contact:

Kate Alexander
Alexander Communications
+64 (0)27 244 6094
kate@alexandercomms.co.nz

11 March 2011

The receivers for Allied Nationwide Finance (ANF) have started the sales process for specific loans within ANF’s performing loan book. The receivers are also seeking expressions of interest for performing receivables in Spiers Securities Limited, which the receivers administer on behalf of its board.

Andrew Grenfell and Kerryn Downey of McGrathNicol were appointed receivers and managers of Allied Nationwide Finance Limited on 20 August 2010 by, ANF’s trustee, the New Zealand Guardian Trust Company Limited.
Andrew Grenfell said that the ANF and SSL portfolios can be purchased jointly or separately but all loans within each portfolio must be bought as a whole.

The ANF portfolio comprises business and consumer finance leases, hire purchase agreements revolving credit facilities and other loans predominantly secured by motor vehicles and other chattels.  The portfolio also includes loans subject to a motor vehicle dealer agreement.

ANF is the administrator of a securitisation vehicle – Spiers Securities Limited (SSL) – into which it has sold receivables.  The SSL portfolio consists of receivables for business-related finance leases, consumer finance and conditional purchase agreements and other loan receivables, principally secured by motor vehicles and other chattels.

ANF has no equity interest in SSL and SSL has its own independent board.  ANF does have a financial exposure to SSL by way of subordinated debt of $8.5m as at 31 December 2010.

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 over 30 partners.

Anne Gibson interviewed Kerryn Downey for the Weekend Herald about some of the milestones achieved so far in the South Canterbury Finance Receivership.

You can find the link to the online version of the print story here