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EUFA call for Statutory management of Hanover

Media Release: 30 November 2008

EUFA call for Statutory management of Hanover

EUFA

(Exposing Unacceptable Financial Activities Inc Soc)

www.eufa.co.nz

In light of the information sent out by Hanover to investors, in a bid to push through a moratorium, EUFA members have become increasingly worried and concerned. Less than 2% of EUFA members have agreed that the proposal is in the best interests of investors.

An Investor (who wishes to remain anonymous) who attended a Hanover ROAD SHOW last week stated in an email to EUFA administration; "There was tea and coffee available, and it felt like some sort of social gathering" . He added "We had been somewhat swayed by the PR spin. But, since reading the commentaries from respected professionals such as Bernard Hickey, Brain Gaynor and Bruce Sheppard, we feel the ROADSHOW was more like a dog and pony show. "

PWC s report on Moratorium v Receivership does not take into account the states obligations to control - govern and ensure messes Hotchin and Watson do not continue being the controlling governors. The Trustees obligations are also being understated.

Due to Hanovers current track record and information gathered from investors to date - EUFA executive have been pushed, on behalf of members, to call on the Minister of Commerce, Hon Simon Power and the Securities Commission to put Hanover into Statutory Management. The State has an obligation to stop Hanover Directors having the power over investors any longer.

EUFA Coordinator Suzanne Edmonds wrote to Hon. Simon Power this morning appealing to him to step in now. There is too much division and there are too many opposing professional views for a moratorium or receivership to go ahead to enable a true and just outcome for investors. People are fearful of receivership - as they are too often reported and run in a fire sale style.

Statutory management has enormous powers and given the complexities and enormity of Hanovers troubles, the governing bodies must act now.

ENDS


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