Enforceable undertakings - Asset Finance Limited

News Release 7 April 2004

Enforceable undertakings - Asset Finance Limited

The Securities Commission has accepted enforceable undertakings from Asset Finance Limited and its director, Mr Clive George.

Asset Finance Limited is a finance company with its head office in Whakatane. The company had offered securities to the public without a registered prospectus or investment statement. There was no trustee or trust deed as required by law.

The Commission is concerned about these apparent breaches of securities law. The company and Mr George acknowledge the Commission’s concerns and have indicated a desire to comply with the law.

The company and Mr George have offered undertakings which include:

- any further offer of securities made to the public will comply with the law or with an exemption granted by the Commission

- the company will within 10 working days of the registration of the prospectus (which occurred on 15 March 2004) provide the investment statement to all existing investors and offer each of them the opportunity to have their money refunded or reinvested

- the company will refund with interest the money paid by any person who does not re-apply for the securities within 15 working days of receiving the investment statement.

The Commission has accepted the undertakings which can be enforced by the Court.

The full text of the signed undertaking is published on www.sec-com.govt.nz.

ENDS

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