The Otago Daily Times understands that newly-registered Southbury Corporation will be listed and include a smaller South Canterbury Finance, Helicopters New Zealand and Scales Corporation.
The directors of Southbury Corp, which was registered on September 24, are Bill Baylis, Stuart McLauchlan, Denham Shale (all appointed yesterday as independent directors of South Canterbury Finance) and SCF chairman Mr Hubbard.
Mr Hubbard controls SCF through Southbury Group, he owns 100% of Helicopters New Zealand and 86% of Scales Corp.
SCF's owner, Southbury Group, has appointed Forsyth Barr and Harmos Horton Lusk as advisers to assist in the restructuring and recapitalisation of the group, which is ongoing.
Forsyth Barr is likely to be the lead manager of the float.
The appointment of Messrs Baylis, McLauchlan and Shale will be welcomed by the market as they work together on the Institute of Directors at a national level and will provide the governance that SCF has been lacking in recent times.
They also all have experience as chairmen or directors of listed companies.
SCF will be streamlined before the float, its current $2.5 billion of total assets trimmed to $1.5 billion.
SCF will concentrate on lending to the farming and business sectors and get out of lending on property.
Scales reported a profit of $19 million for the past financial year.
It incorporates Geo H. Scales, which has a long history of involvement in the shipping and cargo industry sectors, Liqueo Bulk Storage, Meateor Foods, Mr Apple New Zealand, Polarcold Stores, Scales Logistics, Selacs Insurance, Silverstream Industrial Park, Whakatu Cold Stores and Whakatu Property Management.
Helicopters New Zealand was registered in 1955, starting work in aerial agricultural sector.
The company has worked in the oil exploration sector as well as the tourism industry and the laser mapping of Transpower's transmission assets throughout the country.
