Media Statement

18.08.08

EUFA

(exposing UnacceptableFinancail Activities)

www.eufa.co.nz

A successful meeting was held in Christchurch yesterday with Hanover investors committed to work under the EUFA umbrella.

A letter clearly laying out the investor's position that was written to Hanover's Trustees by lawyers acting on behalf of the EUFA Hanover sub committee, was unanimously supported by the meeting.

One investor who was feeling very depressed and low stated " I feel like I have got some power back, knowing that as a group we are going to ensure that acceptance of a proposal by Hanover will have my input".

Coordinator of EUFA, Suzanne Edmonds stated in Christchurch today "There was a nervous skepticism expressed about assuring comments made by Greg Muir on the TV3's Campbell live show last week"

"It is little wonder that investors find it hard to believe the same assuring words that led them to risk their savings with Hanover in the first place".

Although investors are appreciative that Directors have agreed to return some of the money taken from the company, they firmly believe that company Directors in such circumstances actually have a legal obligation to do so.

Hanover investors are adamant that every effort must be taken to protect their money, while most observers agree that the Directors could have no objection to external supervision of the recovery plan unless they have something to hide.

Accordingly, the EUFA Hanover subcommittee will continue to work with lawyers to progress matters in the best interest of the investors.

ENDS

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