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RMG Completes Power Company Deal

Melbourne: Friday, November 23, 2001 - Receivables management company RMG Limited today announced that it had completed its landmark agreement to provide credit reporting and debt recovery services to the NZ power industry.

Chairman Tony Hodgson said that as of yesterday, the last outstanding energy supplier had agreed to become part of the group.

“RMG announced in the latter part of 2000 that it was embarking on a project involving energy suppliers to form a closed user group effectively providing credit information between the various suppliers, with RMG correlating and providing the information,” Mr Hodgson said.

The conclusion of the agreement means the energy database will commence operating and become a revenue source for RMG from next month.

“This has been a major coup for the company in that it represents the first significant step in creating an information database which is one of the major areas of business RMG will look to develop in future years,” Mr Hodgson said.

RMG Executive Deputy Chairman Jim Boult said power companies had very large customer bases, with 250,000 customers switching power suppliers each year.

“Increased efficiencies in managing the exit and entry of these customers and identifying persistent bad debtors will make a significant difference to the power retailers,” he said.

“In the management and provision of quality information, RMG will provide a valuable service to the New Zealand power industry.”

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