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St Laurence Limited Recapitalisation Plan Approved

Contributor:
Fuseworks Media
Fuseworks Media
St Laurence Limited Recapitalisation Plan Approved

5 December 2008 - St Laurence Limited (SLL) is pleased to announce that its Recapitalisation Plan (the Plan) and proposal to amend the Trust Deed has been approved by Secured Debenture Stock and Capital Note holders at investor meetings held today in Wellington.

The Resolutions, as put to Secured Debenture Stock holders were passed by 95.86% and, as put to Capital Note holders were passed by 99.64%. By value, 73.6% of SDS holders and 71.75% of Capital Note holders voted at the meetings.

St Laurence Limited will now commence implementation of the Plan. Outstanding interest on Secured Debenture Stock for the period from 1 July 2008 to 5 December 2008, and Capital Notes for the period 1 May 2008 to 5 December 2008, will be paid to investors in the next week. Interest will accrue on investor holdings and quarterly principal payments will commence starting on 1 April 2009.

St Laurence Limited managing director Kevin Podmore says, "We are pleased with this result and particularly the support our investors have shown over the last few months. Our core focus now is on returning SLL to profitability. The Plan will enable loans to be repaid in an orderly fashion while preserving and maximising the value of our funds management business."

"Investors will accrue interest on their investment and receive quarterly principal payments providing a regular income for investors until principal is repaid," Mr Podmore says.

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