16 February 2011

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have commenced a process for the potential sale of SCF’s commercial plant and equipment finance business, FACE Finance, as a further step in realising the assets of the SCF Group.
FACE Finance primarily focuses on “big ticket” financing in the transport and infrastructure sectors and has operated on a largely standalone basis from the rest of the SCF group since establishment, with a separate distribution network and customer relationships.  This sale process will be conducted by Deutsche Bank AG, as sale advisor to the Receivers for SCF’s core finance business. 
Mr Downey and Mr Black say they believe the potential sale would offer the opportunity to transition the business out of receivership and provide greater certainty to customers going forward.
The Receivers have yet to announce the sale process for the consumer and commercial lending businesses of SCF, although they expect this process will commence within two to three months.
Ends
Media Enquiries:
This release issued on behalf of McGrathNicol by:

Kate Alexander
Alexander Communications
12a McColl Street
Newmarket
Auckland, New Zealand

Tel:    +64 9 524 4957
Mob:  +64 27 244 6094

kate@alexandercomms.co.nz
Enquiries to Deutsche Bank should be directed to:

David Gibson
Managing Director
Deutsche Bank AG, New Zealand branch
Tel: +64 9 351-1523
Email: david.gibson@db.com
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. McGrathNicol New Zealand was the receiver for Feltex and managed the high-profile HIH Insurance liquidation.

15 December 2010

Kerryn Downey, the Receiver for South Canterbury Finance Limited, announced today that he had reached an agreement with four other shareholders in Dairy Holdings Limited to jointly market for sale a combined 62.5% shareholding in the company.

The 62.5% shareholding in Dairy Holdings is comprised of:

• the 33.6% shareholding owned by South Canterbury Finance (in receivership)
•  the 24.99% shareholding owned by three US investors; and
• the 3.9% shareholding owned by Humphry Rolleston.

The sale process, which will commence before Christmas, will build on the process undertaken over the past two months by the US/Rolleston interests for their combined 28.9% shareholding.

Humphry Rolleston said that the sale process conducted by Murray & Company had attracted strong interest from potential buyers, but that the opportunity to sell a majority stake in Dairy Holdings was likely to be more attractive to a broader range of parties.

Kerryn Downey noted that it was possible that a shareholding in excess of 62.5% could ultimately be sold depending upon whether the other shareholders of Dairy Holdings also wish to sell their shares in Dairy Holdings. “There is the opportunity for them to join the sale process we are undertaking at any stage,” said Downey.

The Receivers have appointed First NZ Capital to act with Murray & Company as joint sale advisers for the sale of the combined shareholding in Dairy Holdings Ltd.
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. McGrathNicol New Zealand.

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.

17 December 2010

Australian-based Suncorp Group announced that it has today entered into a conditional agreement to sell Guardian Trust to leading Australian independent trustee The Trust Company for NZ$42 million, as part of a focused strategy by Suncorp Life to grow its core life and income protection business in New Zealand.

Guardian Trust is currently part of the New Zealand-based arm of Suncorp Life, which also manages specialist life businesses Asteron and AA Life. 

Suncorp Life New Zealand Managing Director Sean Carroll said that Guardian Trust has been a very important part of Suncorp Life New Zealand to date, and that the decision to sell the trust business to a like-minded trustee parent company is part of its strategy to ensure both Suncorp Life New Zealand and Guardian Trust can continue to grow in their respective industries. 

“Asteron and AA Life, Suncorp Life New Zealand’s flagship brands, are specialists in life and income protection, while Guardian Trust is a trustee company.  Asteron, AA Life and Guardian Trust are all strong performers and are well-placed to pursue growth in their respective markets, and it makes commercial sense to ensure that each is aligned with a parent company which specialises in its respective market“ says Mr Carroll.  “This has been a joint effort and we are all very pleased with the outcome”. 

Mr Carroll confirms that the new owner was selected carefully in order to ensure Guardian Trust is well-positioned to continue its strong performance. The Trust Company is publicly listed and Australia’s largest independent trustee company. There are strong cultural similarities between Guardian Trust and The Trust Company, and both companies are pre-eminent providers of personal and corporate trustee services in their respective markets.

The Trust Company Chief Executive Officer John Atkin said that Guardian Trust’s brand and existing resourcing levels will be maintained, with further investment for future growth in the coming years. “We are delighted to have reached agreement with the Suncorp Group to acquire Guardian Trust, which is widely regarded as the pre-eminent trustee company in New Zealand.  The strong alignment between our respective trustee business models, our similar dedication to client service, our market positions as leading trustees and advocates for our industry and our common heritage makes Guardian Trust an ideal fit”.

John Botica, Managing Director of Guardian Trust, said the purchase was “extremely good news for all parties. This is an exciting opportunity for Guardian Trust and our customers, and one that we have achieved by working closely together with Suncorp Life and The Trust Company”.   Mr Botica will continue as Managing Director of Guardian Trust. 

The conditional sale and purchase agreement was signed today, with the sale process scheduled for completion in the first quarter of the 2011 calendar year.

ends

For more information:

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

 About Guardian Trust

Guardian Trust, with origins dating back to 1882, has been serving New Zealanders for generations and is a market leader in personal and corporate trusts. Through its network of offices Guardian Trust manages approximately NZ$3.3 billion of assets on behalf of some 4,500 trust, estate and agency clients, and provides corporate trustee services for the issue of securities, with over NZ$56 billion under supervision.

 About The Trust Company

The Trust Company is one of Australia’s longest serving financial services companies with over 125 years of experience.  The Trust Company provides a wide range of financial services including:

• Personal Services offering Wealth Transfer Planning, Lifestyle Care, Health & Personal Injury services, Funds Management, Financial Planning, Estates & Trusts administration to intermediaries and the wider retail market.
• Corporate Services offering Property & Infrastructure Custody services, Responsible Entity services, Superannuation Compliance & Trustee services, Structured Finance Trustee services and REIT Trustee services to institutions.
• Philanthropy Services include setting up charitable structures, advice on taxation and charitable vehicles, funds management and assistance selecting charitable projects.

The Trust Company has offices in Sydney, Melbourne, Brisbane, Townsville, Perth and Singapore with over 230 employees and a market capitalisation of approximately A$190 million.

About Suncorp Life New Zealand

Suncorp Life New Zealand manages life risk companies Asteron Life and AA Life.  It has over NZ$1.1 billion of funds under management and looks after the financial protection needs of 203,000 clients.

Suncorp Life is one of Australia and New Zealand’s largest financial service providers with key business activities in life assurance, superannuation savings, funds management and trustee services. A member of the Suncorp Group, Suncorp Life is part of an entity with approximately 9 million customers with over NZ$935 million of life insurance premiums and in excess of NZ$30 billion funds under management.

From the glistening sands of deserted beaches to the splendour of fine wine and dining experiences, Waiheke Island enjoys unique status and is the ideal destination for weekend escapes, conferences and business meetings.

The island’s largest and most well-equipped venue, the Waiheke Island Resort, has been given a new lease of life with a new management team, providing the destination with a timely uplift in service and appearance.

The new team is a group of highly qualified professionals, all locals with deep knowledge of the area and an abiding passion both for the island and the resort.

“This well-known and sought-after destination has attracted some great talent,” Waiheke Island Resort Conference Director Nique van Selm says. “We are very fortunate to have assembled a group of accomplished managers who are among the best in their respective fields and share the vision we have for this venue.”

Nique van Selm, originally from South Africa, has lived on the island for eight years and has more than 20 years’ experience in the publishing and event management industries. Nique is joined by Tanya Charman, Waiheke Island Resort Sales Director, who has lived on Waiheke for 30 years and has a wealth of experience across the hospitality and marketing industry.

Assistant General Manager Chris Samuels also has a long association with the property. Chris is the backbone of the business, heading the accounts department and overseeing operations.

The Dunes (also part of The Waiheke Group, which owns and operates Waiheke Island Resort) is the island’s glamorous destination for special events and weddings. The unique venue boasts open views and access to the golden sands of Onetangi Beach, and has a hidden gem in the form of Executive Chef Uges Chand.

“We ‘imported’ Uges from the UK to head up the catering for our resort. He is a true asset to our team and we are privileged to have this highly skilled chef here,” Nique van Selm says. Uges originally spent eight years at Waiheke Island Resort before heading off to new ventures abroad and later running his own restaurant in New Zealand.

Uges is supported by Food and Beverage Director Kahn Denton, who has spent most of his life on the island. Kahn has extensive industry knowledge and experience through New Zealand and offshore career ventures, managing various bars such as Cats Tango, Harbourmasters and Kingfish Lodge in Whangaroa.

An event at Waiheke Island Resort or The Dunes is a world-class experience. The resort is equipped to cater for all types of events, from standard conferences to themed and extravagant events, and the team has the contacts and experience to make them a success.

To complement the new team, the resort’s 51 villas and five-bedroom lodge have undergone refurbishment, reinventing the accommodation experience and constituting a substantial investment in the local hospitality industry. Situated in a prime location, the resort’s rooms boast magnificent views of the Hauraki Gulf and are accompanied by a tennis court, restaurant and day spa for guests.

Friendly Waiheke service is ingrained through the resort, with front of house managed by Veronica Lewis, who is originally from Hawaii and has been with the resort for 11 years. As first point of contact for guests, the resort’s receptionist, Verina Potgieter, has a wealth of experience, from publishing to photo journalism, and is skilled at showcasing the offering.

ends

4 November 2010

Kerryn Downey and William Black of advisory firm McGrathNicol were appointed Receivers and Managers of Southbury Group Limited and Southbury Corporation Limited (the “Southbury Companies”) last night (3 November 2010).

Kerryn Downey and William Black are also the Receivers and Managers of South Canterbury Finance Limited (SCF) and its 13 charging subsidiaries and were appointed on 31 August 2010.

Southbury Group Limited was incorporated in December 1987 and holds 100% of the shares in Southbury Corporation Limited, which was incorporated in September 2009.  Southbury Corporation Limited holds 100% of the shares in SCF.

The receivers have taken possession and control of all of the assets and undertakings of the Southbury Companies that together, through funding by SCF, hold a diverse range of investments. SCF is a major secured creditor to the Southbury companies.

Kerryn Downey said that the receivership was necessary to gain access to the records and better management control of the group. “It’s a critical step to protect value and ensure we get the best possible outcome for the Crown. It will also help in ongoing investigations into SCF’s finances,” he said.

The Southbury receivership will not affect the sale process for SCF’s interests in Helicopters (N.Z.) Limited or Scales Corporation Limited (Scales). Both HNZ and Scales are separate from the core finance business of the SCF Group, are not in receivership and have leading positions within their respective industries. “And South Canterbury Finance will continue to trade as usual,” Mr Downey said.

The South Canterbury Finance receivership is the largest and one of the most complex in New Zealand’s history. It is also the only finance company in receivership where the company and its 13 subsidiaries have continued to trade.
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. McGrathNicol New Zealand.
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) 
Braebrook Properties Limited (In Receivership) 
Face Finance Limited (In Receivership)
Fairfield Finance Limited (In Receivership) 
Flexi Lease Limited (In Receivership) 
Galway Park Limited (In Receivership)
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)

26 October 2010

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have appointed Deutsche Bank AG, New Zealand Branch as sale adviser for SCF’s core finance business.

The core finance business comprises the SCF branch network, subsidiaries such as FACE Finance and Southbury Insurance.  The key products and services offered include hire purchase, floor plans, leasing of plant and equipment, vehicle and equipment, personal loans, business term loans and revolving credit facilities, mortgages over property and other financial instruments, including consumer loan insurance.

Kerryn Downey said that Deutsche Bank was appointed on the basis of a comprehensive selection process over the past few weeks.  The receiver is confident that Deutsche Bank’s reputation and experience will maximise outcomes.

Mr Downey said that Deutsche Bank would be in contact with all those parties that expressed an interest in acquiring SCF’s finance business in the coming weeks, although a formal sale process was unlikely to commence until late first quarter 2011. 
 “South Canterbury’s size and complexity makes it imperative that we work closely with our advisors in determining the best sale strategy to deliver the optimal outcome for the Crown and other stakeholders,” he said.

Mr Downey reassured SCF’s customers that South Canterbury Finance remains open for business as usual and has resumed lending to its approved consumer and business customers.
Ends

Media Enquiries:
This release issued on behalf of McGrathNicol by:

Kate Alexander
Alexander Communications
12a McColl Street
Newmarket
Auckland, New Zealand

Tel:    +64 9 524 4957
 

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. McGrathNicol New Zealand was the receiver for Feltex and managed the high-profile HIH Insurance liquidation.

22 October 2010

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have appointed Goldman Sachs & Partners New Zealand Limited as sale adviser for specific investment assets owned by South Canterbury Finance.

The investments include 100% of Helicopters (N.Z.) Limited (HNZ) and a majority shareholding in Scales Corporation Limited (Scales). Both HNZ and Scales are separate from the core finance business of the SCF Group. These companies have leading positions within their respective industries and are not themselves in receivership.
Kerryn Downey said he is very pleased to have such a reputable and experienced investment bank on board.

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 43 helicopters.
“Helicopters New Zealand grew to be an internationally-respected operator with the support of its previous owners and we welcome this opportunity to find a new owner to drive further growth in the business,” said HNZ’s CFO Paul McGuinness.

Scales has over 100 years of history in New Zealand and its operations include Mr Apple, the largest grower, packer and exporter of apples in New Zealand; Coldstore ownership, providing services to leading primary producers; and Shipping Agents, offering shipping and cargo services.
Scales and HNZ have experienced management teams who remain fully focused on their businesses, staff and customers. Scales’ CEO Andy Borland said, “We’ve enjoyed a good working relationship with the receivers of South Canterbury Finance since their appointment, and we believe the commencement of this share sale process will provide greater certainty to all of the Scales Group’s stakeholders, being our employees, customers, suppliers and minority shareholders.”

Ends
Media Enquiries:
This release issued on behalf of McGrathNicol by:

Kate Alexander
Alexander Communications
12a McColl Street
Newmarket
Auckland, New Zealand

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. McGrathNicol New Zealand was the receiver for Feltex and managed the high-profile HIH Insurance liquidation.

Mark Lowndes of Lowndes Associates speaks with Corin Dann on NZI Business

A commercial lawyer says clients have become more discerning as the impact of the global financial crisis hits the sector and the growth of social media frees up information.

Mark Lowndes from Lowndes Associates represented New Zealand at the recent Multilaw conference in South America and says while the feeling in New Zealand is that we are emerging from the crisis, American and English lawyers still felt like they were well in the middle of the recession.

Lowndes told NZI Business that commercial law firms in most countries have had a drop off in revenue and have had to trim costs and look at their business model.

In boom years people get a bit careless with costs, Lowndes says and he believes more flexibility is needed with the way legal services are delivered.

Lowndes says while the traditional hourly rate charging model is convenient and easy to understand, it doesn’t necessarily align itself to value. As clients become more demanding, Lowndes says lawyers need to stay close to them and really understand what they are looking for.

Younger managers and lawyers have different expectations around work-life balance and the formality of the way service is delivered, says Lowndes.

And he says clients tend to turn up well informed. Lowndes says lawyers need to be collaborating with them as business people, not just information providers. He says clients aren’t  prepared to pay large fees for routine transactions.

“The days of doing standard transactions and delivering standard information and making a good living out of that are gone.”

Bayfair Shopping Centre’s $15 million refurbishment is well under way with local construction firm Marra Construction’s 30-plus team working on site each day. 

Tauranga MP Simon Bridges was on site at Bayfair Shopping Centre to view the progress of the refurbishment.  Looking forward to seeing the work being done at Bayfair, Mr Bridges donned a hardhat and hi-visi-vest during his visit to the centre where sunlive.co.nz caught a glimpse behind the scenes of development.

Bayfair Shopping Centre Manager Andrew Wadsworth says “it is a tremendous refurbishment and the timing is ideal as we approach Bayfair’s 25^th anniversary. It will add more shops to the retail mix and give the front of the centre a more contemporary look – which will be great for retailers and customers alike.”

Leading fund manager Tyndall Investment Management New Zealand Limited has appointed Peter Lynn as Managing Director. He replaces Greg Campbell, who was appointed as Managing Director of The New Zealand Guardian Trust Company Limited, a related company within the Suncorp Group.

Brett Himbury, Tyndall Managing Director, Australia and New Zealand, said Mr Lynn’s expert knowledge of investment markets and deep understanding of the Tyndall New Zealand business made him the ideal choice for the role.

“Peter has a wealth of knowledge of investment markets and a great balance of technical investment expertise and leadership skills with which to harness the potential of the Tyndall New Zealand business.

“Tyndall New Zealand, as the fifth-largest fund manager in New Zealand, has weathered the challenges of 2008 and 2009 extremely well. Peter has the leadership skills and expertise to build on its strong reputation and excellent track record as the business moves into its next growth phase.”

Mr Lynn said, “I am delighted and proud to be leading Tyndall New Zealand, which is a premier provider of investment solutions with a long-serving investment management team that has received numerous industry awards. I look forward to building on our excellent track record. I also wish to thank Greg for the great contribution he has made to Tyndall New Zealand over the past two years and wish him well in his ongoing role at Guardian Trust.”

Mr Lynn has more than 17 years’ experience in investment markets in New Zealand. He is a qualified actuary and became a Chartered Financial Analyst in 2005.

He has been with Tyndall New Zealand for nine years, most recently as Head of Strategy, and has previously acted as Interim Managing Director.

About Peter Lynn

Peter is Managing Director of Tyndall Investment Management New Zealand. He is an actuary with 17 years’ experience in investment consulting, management and capital market research, portfolio strategy development, performance measurement and client servicing. Peter joined Tyndall New Zealand in November 2000 after nearly eight years at Mercer Investment Consulting in Christchurch and Auckland. Peter previously held the role of Head of Strategy at Tyndall and has also held the roles of Head of Quantitative Analysis, Head of Client Services and Interim Managing Director prior to his current role. Peter is the past Chairman of the Investment Subcommittee of the New Zealand Society of Actuaries and is New Zealand’s past representative on the CFA Institute’s Global Investment Performance Standards Council. He holds a first class Honours degree in Mathematics from the University of Canterbury. 

About Tyndall New Zealand

Tyndall, part of ASX-listed Suncorp-Metway Ltd, manages over $3.6 billion in investments for a range of clients, covering KiwiSaver schemes, retail investors, corporates, superannuation schemes, charities and group companies Vero, Asteron and Guardian Trust.