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Statement from Receivers of Panama Rd Developments Ltd

22 May 2014

Statement from the Receivers of Panama Road Developments Limited (In Receivership)

Steve Tietjens and Kevin Gillespie, the receivers of Panama Road Developments Limited (In Receivership), can confirm that the receivers have settled the purchase of the land for stage one of the Springpark Development in Mt Wellington.

All pre-purchase deposits paid for homes in stage one of the Springpark Development are secure in a Trust account.

The receivers have worked to secure funding for the land purchase since their appointment on 30 April 2014. If funding had not been found by the agreed date (Monday 12th May), the vendor could have terminated the Sale Agreement and the site for the development would have been lost.

The receivers have engaged Bayleys Real Estate to manage a tender process to find a developer to complete the Springpark Development.

The receivers advise that anyone with questions about their deposit or interest in the development should contact Steve Tietjens via e-mail: Stephen@accrusc.co.nz.

On 30 April 2014, Stephen Rex Tietjens and Kevin James Gillespie of Accru Smith Chilcott Limited were appointed Receivers and Managers of the property of Panama Road Developments Limited by Crown Finance Limited.

ENDS

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