Developer's Claimed Support Premature

19 June 2001
For immediate release

Developer’s Claimed Support For Metropolis Proposal Premature

The developer of Auckland’s Metropolis complex, Andrew Krukziener, is acting prematurely in claiming that TOWER Trust supports his latest proposal to repay Bondholders who invested in the project, TOWER Trust’s General Manager, New Zealand, Glenn Clark, said today.

TOWER Trust is the trustee for the Bondholders

“TOWER Trust received a further proposal from Mr Krukziener only yesterday and we have yet to examine it in detail. We are still waiting to receive further information from Mr Krukziener, which he agreed to provide to enable us to make an assessment of the proposal. Until we have this, together with the prospectus which Mr Krukziener has told us he wishes to send to Bondholders, there is no possibility of us reaching any conclusion about whether TOWER Trust supports the proposal or not,” Mr Clark said.

“We will reserve judgment on the proposal, and make our recommendations on it to Bondholders, when we have the promised information. At this stage it seems unlikely we will have this before next week.”

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