Statement from North-South Finance

Statement from North-South Finance

The independent directors of North South Finance Limited (“NSF”) Rick Bettle and Vance Arkinstall following discussions with the Covenant Trustee Company Limited (“Covenant”) have today invited Covenant to appoint receivers. NSF is currently operating under a moratorium.

Rick Bettle, Chairman of NSF acknowledged that continuing the moratorium under the direction of the directors in the light of the Securities Commission charges against the directors of NSF was inappropriate.

Covenant has today appointed Grant Graham and Brendon Gibson of KordaMentha as receivers to NSF. Graham Miller, Managing Director of Covenant acknowledged the constructive role that Rick Bettle and Vance Arkinstall had played in the conduct of the NSF moratorium. It has repaid 55.5 cents in the dollar to date and is regarded as being one of the more successful moratoriums.

ENDS

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