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Receivers of Western Bay Finance Pleased

Receivers of Western Bay Finance Pleased to Announce Sale of Portion of Loan Book

The Receivers of Western Bay Finance Limited (In Receivership) announced today that they have agreed to sell a substantial portion of the company’s loan book to Finance Now Ltd.

Receivers Grant Graham and Brendon Gibson said, “Prior to receivership Western Bay Finance had actively marketed its assets for sale, without a transaction being concluded. Since our appointment we have continued to review the quality of the company’s loan book, to actively pursue outstanding loans and to monitor the collection profile.

Our analysis has led us to the definite conclusion that this transaction with Finance Now represents the best available value for this portion of the loan book.”

Loans with a face value of $30 million are being sold for cash of $27.9M. The transaction is scheduled to settle on 2 October 2006.

The proceeds of the sale, combined with the collections to date, will enable the Receivers to pay a first dividend of 65 cents in the dollar. This first dividend should be in the hands of debenture holders by the middle of October.

The timing of further payments from realisations of remaining assets held is dependent on the timing of further collections.

The Receivers continue to actively pursue the realisation of the balance of the book with the assistance of company staff.

The Receivers said, “We are pleased to be able to get a significant chunk of principal back into the hands of debenture holders in a timely fashion. The transaction is consistent with the Receivers’ earlier recovery estimate of 75 to 80 cents in the dollar.”

ENDS

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