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02 November 2000

News Release

WALTUS PROPERTY FINANCE LIMITED APPEAL WITHDRAWN

The appeal against the Securities Commission's decision to prohibit the offer documents of Waltus Property Finance Limited was formally discontinued in the Wellington High Court today.

On 29 August the Commission prohibited the distribution of an investment statement for secured debenture stock offered by Waltus Property Finance Limited. Registration of the prospectus for the same offer was cancelled on the same day. Both offer documents had been suspended by the Commission on 15 August.

The company gave notice of its intention to appeal the Commission's decisions on 31 August and the papers were lodged in the High Court on 16 October.

The proceedings were discontinued today at the company's request.

Norman F Miller
Senior Executive (Operations)

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