Morgan Price faces court action in Australia

News Release
25 June 2003

Morgan Price faces court action in Australia

The Supreme Court of New South Wales has appointed a receiver and manager to Morgan Price Ltd, a brokerage firm which has cold called investors in New Zealand from Sydney.

“We investigated Morgan Price after complaints from people who had been approached by them,” Director of Enforcement Norman Miller said. “We then referred the matter to the Australian Securities and Investments Commission (ASIC).”

“We are pleased that this company has been put out of action by the Australian authorities.”

ASIC has obtained injunctions against the company and its directors from promoting or offering any shares. The company has also been ordered to cease operating its website.

For further details see the attached statement from ASIC released late yesterday.

New Zealand people who paid money to Morgan Price could contact the receiver, Hall Chadwick, Level 29, St Martins Tower, 31 Market Street, Sydney, NSW 2000.

See http://www.sec-com.govt.nz/invest/overseas_brokers.shtml for the names of brokers who are known to have approached New Zealanders without complying with New Zealand law.

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