RECEIVERS UPDATE 26 OCT 10 - Preference Shareholders Update

INFORMATION FOR HOLDERS OF PREFERENCE SHARES

• Kerryn Mark Downey and Guy William Black (the “Receivers”) were appointed jointly and severally as receivers and managers of SCF on 31 August 2010.
• SCF’s preference shares are not covered by the Crown’s Retail Deposit Guarantee Scheme and the claims of SCF’s shareholders (including its preference shareholders) rank behind the claims of SCF’s secured and unsecured creditors. Neither interest nor principal can be repaid until all of SCF’s secured and unsecured creditors have been paid in full.
• Computershare are continuing to maintain the preference shareholder register; however the NZX has suspended trading of the preference shares until further notice.
• At this point in the receivership the Receivers are unable to give any indication as to the likelihood of preference shareholders receiving any payments of principal or interest.
• The Receivers will be reporting publicly on the progress of the receivership in accordance with statutory requirements. The first of these reports is due to be lodged with the Companies Office by 2 November 2010.
• Preference shareholders should contact their usual financial adviser for advice in relation to their shareholding.
  
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