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Update on Mainzeal Property and Construction

Update on Mainzeal Property and Construction Limited and associated entities (In Receivership)

20 February 2013

PwC Partners Colin McCloy and David Bridgman as Receivers to Mainzeal Property and Construction Limited and associated entities today have provided an update on their current plan for this receivership.

Mainzeal is a large and complex receivership with many different stakeholders and we want to assure all parties that the receivership is being progressed as quickly as possible consistent with the Receivers’ statutory obligations,” says Mr McCloy.

“We have nearly completed our initial assessment of Mainzeal’s projects and have had ongoing contact with Mainzeal’s clients and staff since our appointment. We will continue walking them through each step of what a receivership means. We understand it is a trying time for everyone.”

“We are pleased to have reached some milestones, for example the orderly transition of a substantial number of Christchurch staff to MWH Recovery which has bought Mainzeal out of the MWH Mainzeal Joint Venture,” adds Mr McCloy.

Limited work has resumed on the Kapiti Coast District Council site. The Receivers hope to be in a position to either resume work or, as is more likely in a number of instances, transfer responsibility for other projects back to the client or another contractor in the near future.

“With the progress to date, the vast majority of contractors and sub-contractors have been given access to the sites in order to retrieve their tools and equipment,” says Mr McCloy.

“We also want to thank all parties involved in this Receivership for their patience.”

The Receivers were appointed on Wednesday 6 February 2013 and will provide additional updates when appropriate.

ENDS

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