More on South Canterbury Finance

Today in the NZ Herald I read:-

South Canterbury Finance yesterday disclosed that chief financial officer Graeme Brown resigned several months ago but agreed to postpone the move until now.

“Several months ago Graeme tabled his resignation to pursue a new opportunity but at the request of the board agreed to, and was able to, postpone this opportunity until such time that new management could be installed,” the finance company said.

So the CEO resigns, the CFO resigns, but it is not announced until yesterday.

Just what is going on here? Surely this fact should have been made public sooner?


One response to “More on South Canterbury Finance

  1. Hi Peter, don’t you think this call is expecting a bit too much? Suppose the guy was on a fixed term contract, should that have been disclosed?

    That said SCF seems to be rather shy of making disclosures, e.g. when they got a life-saving $75m facility from an entity managed by a subsidiary of PGC, PGC not SCF was the one doing the disclosure. Likewise for SCF’s holdings of PGC shares.

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