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Hubbard vehicle sells 17% stake in Salvus to Milford

Monday 15th March 2010

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A company related to Timaru-based businessman Allan Hubbard has sold its 17% shareholding in Salvus Strategic Investments to Milford Funds for just under $2.5 million.

The Milford Aggressive Fund purchased 3,445,100 shares at 70 cents apiece from the Hubbard Churcher Trust Management Ltd. last Friday. Hubbard wasn’t immediately available for comment.

Earlier this month, Hubbard agreed that his Southbury Corp. will sell Helicopters (NZ) and a majority stake in Scales Corp. to South Canterbury Finance in order to strengthen the balance sheet of the finance company it owns.

SFC has been caught in property write-downs reflected in $180.3 million losses on impaired or non-performing assets for the year ended December 2009. SFC’s newly appointed chief executive Sandy Maier said that other than property, sectors the company is in “are largely performing satisfactorily” at an operating level.

At the time of SFC’s purchase of Helicopters (NZ) and Scales Corp. Hubbard said in a statement “the earnings contributions of these two successful companies are now part of South Canterbury Finance, which materially and substantially changes the earnings profile and prospects of the company.”

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