JACOBSEN ENTERTAINMENT LIMITED(JEL)

company deregistered

reports that another Jacobsen company, Arena Management, is now also in administration

this company has failed and is still in external administration and subject to a Deed of Company Arrangement - the company's shareholders are unfortunately last in line to recover their losses and have little, if any, recourse, particularly as the company is also delisted from ASX

in response to the question "has any thought been given to selling [the company] as a shell", the company responds "the directors have not at this time considered this action"

there have been no further developments since our note below of 14/03/06 - the company has not been trading and unless new funding sources are found the status quo will continue

in response to questions about what is being done to have the company removed from administration and its shares reinstated to quotation we are informed by the company that "this matter is in the hands of the directors and shareholders will be advised of any development"

we would be pleased to hear from shareholders (admin@delisted.com.au) if the company releases any news of its operations or plans

delisted at the request of the entity

at a shareholders meeting today a resolution was passed that will lead to the delisting of the company

directors now want to delist from ASX because third parties are "reluctant to participate or invest in JEL business ventures while it remains a listed entit" - a meeting is be held on 9 July 2004 to consider this - given the company's record of not keeping shareholders informed, delisting would be a disaster for small shareholders

almost a year after the event the company announces losses for the year ended 30 June 2003 of $12.7m - no wonder the company did not want to tell the market - and what about the last 11 months?

we asked the company for an update of developments since the last release to the market on 30 January and were advised they only speak to shareholders who provide an SRN

the company is operating under a Deed of Company Arrangement - there has been no release to the market since 30 January (and why not, given the immediate background) and the shares have not traded on the market since September of last year

administrators advise that pursuant to the Deed of Company Arrangement the company is in the hands of the directors

seeking update since 10 mar 04

company announces that it has executed a Deed of Company Arrangement (DOCA) proposed by the Jacobsen family and as recommended by KordaMentha, the company's administrators - the family has waived its right to be paid out of the creditors' deed fund for the $3 million owed to it by JEL (which remains a JEL debt to the family) - the family will fund the payment to employees of 100% of their entitlement - the DOCA provides the potential for unsecured creditors to receive an ongoing return over the next two years

reports that administrators are considering a deed of company arrangement proposed by the Jacobsen family and will hold another creditors' meeting on 21 November

company appoints administrators (KordaMentha) as a "precautionary measure to assist the company to work through the current period, while protecting the company's value as restructure options are developed" - we understand creditors, made up mostly of trade contractors, were owed $2 million with the Jacobsen family owed another $4 million - JEL has about 900 shareholders with the Jacobsen family holding a 78 per cent stake

shares suspended from quotation following failure to lodge the Preliminary Final Report for the period ended 30 jun 03