PricewaterhouseCoopers Confirms Appointment

Tuesday , 21 August 2007

Nathans Finance: PricewaterhouseCoopers Confirms Appointment

PricewaterhouseCoopers partners John Waller and Colin McCloy have been appointed as receivers to finance company, Nathans Finance Limited (“Nathans”). Initial information supplied by the company indicates Nathans Finance was holding deposits of $166 million on behalf of 7000 investors, and had a loanbook comprising a total of $170 million.

Receiver Colin McCloy stressed that these figures were based on information provided by Nathans.

“We haven’t had a chance to verify the numbers independently yet. We’ll continue to assess and analyse the financial position of the company over the next few days with a view to determining the realistic value which depositors can expect to recover. Once we have that information we can provide an indicative level of what investors can expect to recover, and also an indicative timeframe of when that recovery might be made.”

The PricewaterhouseCoopers partners were appointed as receivers to Nathans last night by the finance company’s trustee, Perpetual Trust Limited. The company was unable to rectify a breach of the deed setting out the requirements it must abide by when reinvesting investors’ funds.

Colin McCloy said the company had received good co-operation from the staff at Nathans so far. He said the assets had been secured and that employees had been advised of the implications of receivership on the company and on their employment arrangements.

A dedicated page on the PricewaterhouseCoopers website has been set up at www.pwc.com/nz/nathansfinance and this will continue to be updated. In addition, a dedicated phone line (Ph 09 355 8451) has also been established for any investors or creditors who have an enquiry relating to Nathans.

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