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Palandri Finance appoints Voluntary Administrators

Contact: Vessa Playfair
Deloitte
Director of Communications
+61 (0) 2 9322 7576

Contact: Kanak Pillai
Deloitte
Media & Communications Manager
+61 (0) 2 9322 5664

Contact: Yee Ting Lee
Deloitte
Corporate Reorganisation Group
+61 (0) 8 9365 7146

Contact: Sally Mellors
Deloitte
Corporate Reorganisation Group
+61 (0) 8 9365 7192

Perth, 19 February, 2008: Palandri Finance Limited has appointed Neil Cussen, John Greig and Gary Doran from professional services firm Deloitte, as joint and several Voluntary Administrators.

The Voluntary Administrators have taken control of the company’s operations and have commenced a review of the business. In the meantime the Voluntary Administrators are continuing to trade Palandri Finance Ltd’s business as usual. They are also working collaboratively with the management of the broader Palandri Group and the Queensland Public Trustee and their appointed representatives to develop the best options to protect and enhance shareholder value.

To safeguard the rest of the Palandri Group businesses, the Voluntary Administrators have isolated Palandri Finance early in the process. This ensures that the Palandri Group’s wine business will be unaffected and will continue business as normal. The Palandri Group’s wine business will continue to produce and sell wine in Europe, America and Australia and is actively preparing for its 2008 vintage.

The Voluntary Administrators will have a more thorough understanding of the options available when they meet at the first creditors’ meeting that is scheduled on February 27, 2008.

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