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SUB resurfaces on Unlisted

09/07/04

SUB resurfaces on Unlisted

Previous NCM listed Submarines Australasia Limited (SUB) announced it has listed on the Unlisted share-trading platform. SUB was put into liquidation in July 2003 and suspended on the NCM in September 2003. The new MD of SUB, Craig Tarres, started the process of taking the company out of liquidation 8 months ago.

“The company was at the bottom of the ocean. With the help of previous directors, the liquidators, creditors and some shareholders we have managed to salvage the company and bring it back to the surface”.

SUB has 476 shareholders, with no assets or liabilities at present. SUB is to change its name to reflect the new direction and management. A notice of shareholders meeting is to be sent out within the week. Part of that meeting is to vote on a renouncable rights issue. Proceeds from the issue will enable the company to purchase its first subsidiary. We are proposing a 1 for 2 rights issue at half a cent .005c per share.

Depending on the shareholder uptake of the issue, existing shareholders should be left with no less than 25% of SUB. This will provide an opportunity for them to recoup their losses from their initial investment.

“Unlisted is the best way forward for our shareholders to trade their shares. It is very cost effective. The company plans to be very open about the business. We are very aware of compliance, governance and accountability. We will work hard to make sure that shareholders understand their rights. Our goals will be very much aligned with theirs. We look forward to a bright future for SUB and its shareholders”.

Unlisted was set up early 2004 to help companies facilitate the trading of their shares. Some of the companies on Unlisted include, Skyline Enterprises, BlueSky Meats, Rangatira, Active Equities, King Country Energy and many more.

Copies of the Disclosure Information and other relevant information are available on the Unlisted website www.unlisted.co.nz . The stock is available to be traded as of today. There are a number of broking firms, throughout NZ, who are able to trade the stock for shareholders.

ENDS

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