Wellington, Oct 30 NZPA - South Canterbury Finance Ltd (SCF), which has signalled a period of succession planning, today named three new independent directors to its board.

They are Bill Baylis, Stuart McLauchlan and Denham Shale.

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.

Chairman Allan Hubbard said the appointment of independent directors was a further step forward in the restructuring of SCF.

Mr Baylis is a fellow of the NZ Institute of Chartered Accountants and is a chairman and director of a range of companies, many of which are in the agriculture sector.

Mr McLauchlan is chairman of Scott Technology Ltd, deputy chairman of Pharmac and a director of several other companies. He is also a fellow of the New Zealand Institute of Chartered Accountants and a fellow and member of the National Council of the Institute of Directors.

Mr Shale is a practising lawyer and has been a director of listed companies for more than 20 years.

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