After the creditworthiness of South Canterbury Finance (SCF) was lowered once again, Timaru millionaire and philanthropist Allan Hubbard surrendered his position as a Chairman. The Company in question has
45,000 investor- creditors with $1.4 billion of debentures.

Hubbard is still the biggest shareholder in South Canterbury Finance (SCF) stressed that he is trying to reduce his stake and find a new equity partner. He pointed that he was also concerned about three long term future of the organization.

Three new board members were appointed to the board of South Canterbury Finance (SCF), but Hubbard along with former Director Edward Sullivan is still present on the Company's board.

Hubbard announced that he would become the President of the Company and he will attend board meetings in that position.

The Company's Chief Executive Sandy Maier stressed that Hubbard has an important and his contribution to the Company cannot be overlooked. Maier pointed that Hubbard had helped transform the Company from a local into a leading financial Company. He also praised the role played by Hubbard's wife and co-owner Jean.

Standard and Poor's had pointed that South Canterbury Finance (SCF) was not moving swiftly to increase liquidity. It expected SCF to generate $150 million by the end of this month but it had only raised $106m. This lead the rating agency to lower the Company's rating.