AUSTRALIAN GROWTH LIMITED (ASX.AGW)

name changed to Ruralaus Investments Limited

completes the consolidation of one share for every five previously held and issues a further 26.75m shares - existing shareholders end up with about 24% of the company's issued capital - the company will be applying for reinstatement to the ASX once it has met all of the conditions of reinstatement

restructuring process is complete - Deed of Company Arrangement is also complete - administrators advise that incoming directors will shortly advise the market of their plans

advises that subject to shareholder approval the reorganisation of capital (consolidation of one for five) will take effect tomorrow

shareholders meeting called for 12 April 2005 to consider proposals for the restructure of the company - meeting is to be held in the Perth Zoo Function Room

creditors accept a further varied Deed of Company Arrangement

administrators hope to execute a Heads of Agreement today that will see the continuation of the Group including the Schemes - there will be a consolidation of shareholder interest and a shareholders meeting will be held in February

administrators advise that negotiations for the recapitalisation of the AGW shell continue

negotiations for the recapitalisation of the AGW shell continue

the administrators have indicated it is unlikely there will be a sufficient return to meet the claims of creditors - that means shareholders will not receive a return and therefore their shares are of no value

deed administrators advise they continue to liaise with parties interested in acquiring AGL's assets - no acceptable offer has been received to date

advice that sale of AGW's subsidiaries to Ausforest Limited will not proceed - restructuring to be considered

deed administrator advises Ausforest is proceeding with an IPO that will hopefully provide the funds to acquire the AGW assets it has agreed to acquire

deeds of company arrangement were executed - it is anticipated that a proposed sale of assets will not realise sufficient funds to pay creditors in full - this does not augur well for existing shareholders who may not receive any return and are unlikely to benefit from any recapitalisation if that takes place

creditors of the company and three related entities resolve that the companies execute deeds of company arrangement, and that Simon Read and Jeffrey Herbert be appointed deed administrators

S Read and J Herbert of PPB Ashton Read appointed voluntary administrators to the company and three related entities - administrators will continue negotiations with the NSW based forestry group and seek expressions of interest from various parties for the corporate restructuring of the group and/or the sale of assets

shares suspended from quotation - board says it is in negotiations with a substantial NSW based forestry group that have the objective of a mutually beneficial merger for shareholders and growers of each group

board writes to shareholders asking them "to consider strengthening their relationship with the company by buying woodlots from one or more of AGW's three forestry products this financial year"