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Newcall Group Selects Financial Advisor

26 March 2002

Newcall Group Selects Financial Advisor To Begin Restructure Process

The Board of Directors of Newcall Group Limited (NGL) has engaged Grant Samuel and Associates as financial advisors to facilitate the restructure of the existing business of NGL to enhance shareholder value.

NGL is active in electricity retailing and information technology. Its three subsidiaries are electricity retailer, Energy Online Ltd, specialist utility and CRM software vendor, Newcall Technology Ltd, and Internet service provider, Iprolink that also includes a three percent investment in the Wellington City Council fibre optic city link. The group also has a minority shareholding in Singapore telco, Newcall Communications Singapore PTE Ltd.

The Board continues to feel that the underlying value of the Newcall businesses is not reflected in its share price and has concluded the best way to realise greater value for its shareholders is through a restructure says Managing Director Jim Bracknell.

“We want to explore every possibility for our shareholders in a transparent manner and feel the active participation of Grant Samuel and Associates, a recognized financial advisor, is essential to achieving this objective” he says.

Mr Bracknell says several proposals are under active evaluation by Grant Samuel. “This will culminate in a series of recommendations that in due time the Board will put to Newcall shareholders for ratification.”

ends

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