South Canterbury Finance preferential shares - issued at $1 nearly three years ago - traded down 11% yesterday to equal their all-time low for the year at 23c.
On December 20, 2006, the shares raised $100 million for the finance company but there was heavy trading yesterday of more than 731,000 shares which ended the day at 24c - valuing the tranche at a greatly diminished $24 million.
Craigs Investment Partners broker Peter McIntyre said the share value had halved during the past month from about 50c, having hit a high of 85c during the past 12-months and low of 23c.
"This [selling] is an indication of investor sentiment out there at present", Mr McIntyre said of the many problems faced by the company in its restructuring and refinancing.
Dividends had been paid on the preferential shares between March 2007 and September 2009.
