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Hanover meeting a step forward for Investors

Media Release:
11.08.08

EUFA
(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz

At the Hanover meeting run by EUFA yesterday, a resolution to form an action committee to represent investors was passed.

After an address to the meeting from Tim Rainey from Grimshaw and Co the action committee will work with Grimshaw and Co to progress matters raised at the meeting.

The motion which has been reported in the media is as follows “ In principle, investors support a moratorium on interest and capital payments by Hanover provided:
the terms of the moratorium are acceptable to investors; and Sufficient time is available between the proposal and any vote to allow for proper consideration by investors; and the moratorium/restructuring is subject to independent management and supervision.”

This motion for a moratorium is consistent with some investors wishes, that have been re-laid in emails to EUFA since Hanover announced the freeze.

The large majority of investors insist that they require details of the Hanover proposal, which will undoubtedly, include a moratorium. The investors are adamant that any proposal from Hanover is given in a timely manner and that Investors are able to get expert advice on Hanover’s proposal before they vote on it.

The anxiety and sombre mood of investors is very evident and they want to be proactive and positive, not falling victim to any industry player that may have become rich at their expense.

EUFA Coordinator Suzanne Edmonds said from Auckland today “As a result of the media coverage of the meeting the EUFA office has been inundated with calls and emails this morning from very disgruntled Hanover investors and it seems from the calls so far that the investor’s stance yesterday is representative.”

ENDS

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