ASSET LOANS LTD (ASX.ASQ)

name changed to ASQ Financial Group Limited

on 28 June at the general meeting, shareholders approved all eight resolutions

a general meeting is to be held on 28 June to consider the restructuring of the company

the varied Deed of Company Arrangement has now been executed

creditors agree to execute a varied Deed of Company Arrangement

the Committee of Creditors today resolved to vary or terminate the Deed of Company Arrangement and adjourn the meeting for another period of 60 days to allow for the finalisation of an expected proposal - the Deed Administrators will call the next creditors meeting in late November 2009

one creditor was present at a creditors meeting today at which the deed administrators discussed the terms of the offers received from interested parties for the recapitalisation of the listed shell - the creditors meeting was adjourned to vary or terminate the Deed of Company Arrangement be adjourned for another period of 45 days to allow for the finalisation of an expected proposal

the Committee of Creditors attend a meeting called by the Deed Administrators - the main business of the meeting was to update the Committee of Creditors on the progress of the Deed Proposal for recapitalisation of the listed shell, and seek a subsequent adjournment of the meeting for finalisation of the Deed Proposal - the Committee of Creditors resolved that the creditors meeting to vary or terminate the Deed of Company Arrangement be adjourned for another period of 45 days to allow for the finalisation of an expected proposal

on 24 June 2009 the Committee of Creditors attended a meeting called by the Deed Administrators - the main business of the meeting was to update the Committee of Creditors on the progress of the Deed Proposal for recapitalisation of the listed shell, and seek a subsequent adjournment of the meeting for finalisation of the Deed Proposal - the Committee of Creditors resolved that the creditors meeting to vary or terminate the Deed of Company Arrangement be adjourned for a period of 45 days to allow for the finalisation of an expected proposal - the Deed Administrators will call the next creditors meeting in early August 2009

Asset Loans limited (ASQ) has received the benefit of an ASIC no-action letter in relation to contraventions of subsections 292(1), 301(1), 314(1), 315(1), 316 and 319(1) of the Corporations Act

Deed Administrators of Asset Loans Limited hereby seek expressions of interest for proposals to recapitalise the Asset Loans Limited listed company shell, and other assets owned by subsidiaries - expressions of interest are required to be submitted to Deloitte prior to the close of business on Friday 13 February 2009

the Company executes a Deed of Company Arrangement

the company has the benefit of ASIC Class Order 03/392 relating to externally administered companies and financial reporting relief so that the company need not report to members or lodge financial accounts with ASIC for the period ended 30 June 2008 until 9 March 2009

the second meeting of creditors is to be held on Friday 5 December 2008 at offices located at level 25, Riverside Centre, 123 Eagle Street, Brisbane, Queensland 4000, at 10:00am Brisbane time

shareholders are asked to direct queries to the Administrators via email assetloans@deloitte.com.au

a first meeting of creditors has been held and the administrators say "Given the various stakeholders associated with Asset Loans Group and the potential to restructure the Asset Loans Group, we will be applying to the Court to have the convening period extended for the second meeting of creditors. We will advise of the period of the extension once the matter is brought before the Court."

administrators advise they are offering the business and assets of the company for sale

company appoints John Greig and Richard Hughes of Deloittes as administrators

securities suspended pending release of its financial statements