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Consumer Loan Book Completed

Tuesday 1 April 2008

Sale of Five Star Consumer Finance Limited Consumer Loan Book Completed


The receivers of Five Star Consumer Finance Limited (“Five Star”), PricewaterhouseCoopers partners Anthony Boswell and Richard Agnew, have today advised that the Five Star Consumer loan book has been sold to a party associated with the Receivables Management Group for an undisclosed sum.

Receiver Richard Agnew said his team were now in a position to make a partial repayment to investors. “We plan to pay an initial dividend of 17.5% to secured debenture holders on 15 April 2008” he said. This represents the majority of expected returns to investors from asset realisations which Mr Agnew advised was now forecast to be between 20% and 25% of secured debenture holders investment.

“The downward revision from our preliminary estimate of 26% to 40% is primarily due to the low level of recoveries from Five Star’s commercial ledger” said Mr Agnew. He confirmed the receiver’s previously expressed view “that the majority of these loans are outside normal commercial lending practices.” The receivers are assisting various government authorities who are continuing their investigations in this regard.
A more detailed report on progress of the receivership is being sent to investors today.

-ends-

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