South Canterbury Finance reissues prospectus after SFO probe announced

South Canterbury Finance has reissued its prospectus for raising new funds.

It put it live on its website again this morning just before 7am after taking it down for a day to rewrite it in the wake of the shock announcement on Sunday that its owner Allan Hubbard is being investigated by the Serious Fraud Office over possible breaches of the Crimes Act.

(Updated with SCF reissuing prospectus)

Any material change in the company's situation requires that the prospectus be withdrawn and rewritten to reflect the change.

Meanwhile, South Canterbury Finance CEO Sandy Maier said in a statement he welcomed Commerce Minister Simon Power's statement that South Canterbury Finance was excluded from the statutory management order around Hubbard's other interests.

“We are deeply shocked and surprised by the decision to put statutory managers in control of certain business interests of Allan and Jean Hubbard and other entities related to them," Maier said.

“The matters now under investigation are separate from and not related to South Canterbury Finance.”

South Canterbury Finance investors remain covered by the government deposit guarantee until the end of December next year.

“We will continue to vigorously pursue the turnaround in performance of the Company now in motion. This will include the processing of thousands of notices from investors who have demonstrated support for the Company by extending the maturity date of investments that were due to mature in the next few months,” Maier said.

 Maier said the process already underway to find a new equity investor.

“We will work with the Statutory Managers to complete the process as originally envisioned.”

Hubbard is no longer a director and chairman of South Canterbury Finance, but remains as President for life.

South Canterbury's preference shares begin trading on the NZX around 10 am.