NONFERRAL RECYCLERS LIMITED(NFR)

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued

we understand there will be no return to shareholders and the shell is not able to be sold - we have asked the liquidator for a declaration enabling shareholders to claim their loss

following a request from the company's directors for an extension to submit a proposal, the liquidator has deferred issuing a declaration that would enable shareholders to claim their loss

we understand that directors are still negotiating with investors for an injection of funds into the group - if this were proposed, it may warrant the conversion of the liquidation into a voluntary administration and subsequent Deed of Company Arrangement - the liquidator has granted a final extension to mid May 2006 to achieve this

liquidators advise there is no change in the status

we understand the liquidators are still expecting a proposal from certain parties that may lead to the company being removed from liquidation - liquidators confirm it is unlikely there will be a return to shareholders or to unsecured creditors

following a couple of "further developments" the liquidators hold out some hope that the company may potentially be removed from liquidation - they should be in a position to confirm one way or the other over the next few months

liquidator advises that it appears very unlikely there will be any return to the shareholders of the company - however, they have not finalised all aspects of this administration and therefore are not in a position to make a final declaration that there will be no distribution to the shareholders - moreover, they do not expect this position will be clarified prior to 30 June this year

liquidator is considering the possibility of issuing a liquidators declaration so that shareholders can claim their losses in this financial year

liquidator is in the process of assessing the realisable value, if any, of surplus assets and does not expect to be in a position to determine prospects of a dividend to unsecured creditors for at least 6 months

receivers advise they resigned from office recently - the company is now under the control of its liquidators, Wayne Benton and Ian Carson of Carson and McClellan PPB

receivers advise the property sale was settled on September 19 and they are now in the process of finalising all administrative receivership issues with a view to resigning the position in mid/late October - all matters thereafter will be handled by the liquidator

according to the receivers they are now nearing completion and expect to resign and hand the remaining assets to the liquidator within 4-8 weeks, assuming the 3 main outstanding issues (a property sale and a couple of statutory lodgment matters) can be dealt with in the timeframe anticipated

seeking update from both receivers and liquidators

receivers advise that receiverships of the Nonferral Group companies are essentially complete, aside from a handful of issues - these may take several months to resolve

liquidators report that they are still waiting for the receivers and managers to retire so that they can proceed with the liquidation

receivers and managers expect that their task will be completed in a month or so and that they will then be resigning - they believe there is little possibility of any return to shareholders

waiting to hear from liquidators as to when they may be in a position to issue a liquidators declaration

there has been no release to the market since receivers were appointed on 4 December 2001 and now the company is delisted

delisted due to failure to pay annual listing fee

ASIC notified that company to be wound up with I Carson and W Benton appointed liquidators

M Mentha and M Madden of Andersen appointed as Receivers and Managers

securities suspended from quotation as board appoints voluntary administrator

Ian Carson and Wayne Benton, from chartered accountants Carson & McLellan PPB appointed voluntary administrators