VIDEO: Sandy Maier - full news conference on SCF Receivership

South Canterbury Finance head Sandy Maier discusses the fallout of the collapse of the company on 31 August 2010. Full Press Conference.

CEO Sandy Maier stated that unwise property ventures in Auckland, Queenstown and Fiji led to SCF downfall.

“South Canterbury's failure is as a result of its own actions and activities and poor choices historically... we could not overcome all that baggage. The ultimate cause of this is South Canterbury's problem, a management, governance and misdirection problem.

As fast as the trustee and the Crown can get the money out I'd say to the retail establishment and the investment establishments there's a wave of people coming at you.”

Allan Hubbard meanwhile has blamed others for the collapse.

Related Share Investor Reading

Download Grant Thornton Report 1
Download Grant Thornton Report 2

VIDEO: Ministerial Statement on SCF Failure - Bill English, Sept 8 2010
Allan Hubbard Statement on SCF Receivership
Market Alert: South Canterbury Finance to be placed in Receivership
Allan Hubbard: Ignorant Supporters Blissfully Unaware
Thornton Report 2: Allan Hubbard Guilty as Charged
Allan Hubbard: Full TV3 Interview - July 16 2010
Thornton Report: Allan Hubbard's Aorangi Securities
Whatever happened to? Muriel Dunn
Bothered by Simon Botherway
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same
Jane Diplock Q & A Interview
Hanover's "White Knights" are really daylight robbers
Hanover collapse: It was just a matter of time
Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap
Kevin's Blog


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Market Alert: South Canterbury Finance to be placed in Receivership

South Canterbury Finance is about to be put into receivership and shares in the company have been suspended.

From the NZX

South Canterbury Finance Ltd - Request to Appoint Receiver

NZX Announcement

South Canterbury Finance Limited announced today that it has been unable to complete a recapitalisation and restructure. As a result, the Company would have been unable to certify to Trustees Executors Limited, in accordance with the terms of its debenture trust deed with Trustees Executors Limited, that it was compliant with various financial covenants under the debenture trust deed for the financial year ended 30 June 2010.

Accordingly, South Canterbury Finance Limited has requested Trustees Executors Limited to appoint a receiver in respect of the whole of its undertaking and assets, and Trustees Executors Limited has done so. A further announcement will be made by the Company in due course.

Related Share Investor Reading

Download Grant Thornton Report 1
Download Grant Thornton Report 2

Allan Hubbard: Ignorant Supporters Blissfully Unaware
Thornton Report 2: Allan Hubbard Guilty as Charged
Allan Hubbard: Full TV3 Interview - July 16 2010
Thornton Report: Allan Hubbard's Aorangi Securities
Whatever happened to? Muriel Dunn
Bothered by Simon Botherway
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same
Jane Diplock Q & A Interview
Hanover's "White Knights" are really daylight robbers
Hanover collapse: It was just a matter of time
Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap
Kevin's Blog


Recommended Amazon Reading


The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
Buy new: $14.95 / Used from: $7.50
Usually ships in 24 hours

Buy The Intelligent Investor & more @ Fishpond.co.nz




c Share Investor 2010

Long Term View: Westpac Banking Group Ltd

In this series of posts I am going to be looking at stocks listed on the NZX in relation to their returns to shareholders over the life of their listing -what shareholders would now see in their back pockets if they had invested in the company IPO. The calculation of returns includes dividends and tax credits.

Westpac Banking Group Ltd [WBC.NZX] has been a stellar investment for shareholders since its 1970 listing* on the ASX at $AU 2 per share and 1992 listing on the NZX at an adjusted $NZ 6.50. With $AU15.62c in net dividends (see NZX chart above and ASX chart here ) and numerous share splits, bonus issues, rights issues,share buybacks capital raisings and ; a 1:5 bonus issue in 1970 ,1:4 bonus issue in 1973 and 1977, a 1:4 rights issue in 1985 and 1988, a 5% share buyback and numerous capital raisings ** in 1996 gives WBC an 1970% return (see chart below for the share price percentage gain against the average of all NZX indexes - does not include dividends, tax credits and the share split in its calculation) and over the nearly 40 year listing of WBC an annual net return of 49.25 %***!.


* We will look at the full history for this Australian stock that listed in 1970 on the ASX and December 1992 for a New Zealand listing on the NZX.

**Estimated dilution of 90% for shareholders.

*** For holders of New Zealand listed shares the annual return has been just over 28 % since available data based on a 1992 share price of NZ$6.50, AU$9.48 in net dividends, 30% in tax credits and a 5% share buyback in 1996. This compares to a 7.22% return from the average of all NZX indexes.

! This compares to a 51.21% return for ANZ Bank over 41 years.



Long Term View Series

Auckland International Airport
Air New Zealand
AMP Ltd
ANZ Banking Group Ltd
Briscoe Group Ltd
Cavalier Corporation Ltd
Comvita Ltd
Contact Energy Ltd
Delegats Group Ltd
EBOS Group Ltd
Fletcher Building Ltd
Fisher & Paykel Appliances
Fisher & Paykel Healthcare
Freightways Ltd
Goodman Fielder Ltd
Hallenstein Glasson Holdings Ltd
Hellaby Holdings Ltd
Infratil Ltd
Kirkcaldie & Stains Ltd
Kiwi Income Property Trust Ltd
Mainfreight Ltd
Michael Hill International Ltd
Metlifecare Ltd
Methven Ltd
Mowbray Collectables Ltd
NZ Oil & Gas Ltd
New Zealand Refining Ltd
New Zealand Stock Exchange Ltd
Nuplex Industries Ltd
PGG Wrightson Ltd
Port Of Tauranga Ltd
Postie Plus Group Ltd
Pumpkin Patch Ltd
Restaurant Brands Ltd
Ryman Healthcare Ltd
Sanford Ltd
Sealegs Corp Ltd
Scott Technology Ltd
Skellerup Ltd
Sky City Entertainment Group Ltd
Sky Network Television Ltd
Smiths City Group Ltd
Steel & Tube Ltd
Telecom NZ Ltd
Telstra Corp Ltd
Tourism Holdings Ltd
Trustpower Ltd
Turners Auctions Ltd
Turners & Growers Ltd
The Warehouse Group Ltd
Vector Ltd
Wakefield Health Ltd

Westpac Banking Group Ltd @ Share Investor

Discuss WBC @ Share Investor Forum
Download WBC Company Reports


Recommended Amazon Reading


The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
Buy new: $14.95 / Used from: $7.50
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c Share Investor 2010

NZ Superfund: Performance & Investment Detail

Source: TV One Q & A, August 29, 2010.

A really interesting interview with Paul Holmes interviewing Adrian Orr, head of the New Zealand Superannuation Fund (NZSF) and what he thinks about the NZ and global economy and where it might be headed.

He briefly outlines the investment profile and goals of the NZSF and gives his view on what makes a good investment for the long-term.

I don't agree on the Government or rather taxpayer funding our retirements but be that as it may returns have been pitiful since the funds inception in 2003. An annual return of 5.39% before tax is what kiwis have to look forward to.

Yes, it is a long term 20 year investment horizon but after 7 years we have lost money on this escapade - we have invested on borrowed money.

Investments in the NZSF are spread across the world, including New Zealand, from equities to bonds to foreign exchange.

Find out more about the NZSF

Full list of Equities
Returns to June 30 2010
NZSF Statement of Intent
NZSF 2009 Annual Report


Related Share Investor Reading

Compulsory Super fails on all fronts
Kiwisaver: A mediocre substitute for real saving
But wait there’s more: How I’m learning to love Kiwisaver



Discuss this topic @ Share Investor Forum


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c Share Investor 2010