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Western Bay Receivers advise estimate of outcome

Press Release 18 August 2006

Western Bay Receivers advise estimate of outcome

Grant Graham and Brendon Gibson, receivers at Western Bay Finance Ltd, announced today that they expect debenture holders to receive the majority of their investment back.

"From our early analysis, we expect to return 75-80 cents in the dollar of the principal outstanding at receivership to debenture holders", said Grant Graham. "There remain some risks to this estimate, given the profile of the book", said Graham, "and we will update debenture holders periodically as we progress. However we are mindful of the concerns of debenture holders and wished to give an early estimate to debenture holders".

"We have taken immediate steps to bolster the collection function in-house, and we are examining a range of options such as external agencies, and outright sale of tranches of the book."

"In the interim, we project to be able to pay a first dividend to debenture holders of 10 cents in the dollar, before the end of September", he added.

Mr Graham also announced that the receivers had reinstated the Western Bay website www.wbf.co.nz and would use that as a primary channel of updating debenture holders on progress.

ENDS

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