AUSTRALIAN RURAL GROUP LIMITED (ASX.ASR)

a loss declaration has been issued - if you are still a shareholder, the capital loss can be claimed in the financial year the declaration is issued

delisted at ASX's discretion

we understand ASR appealed ASX's original decision to remove it from the official list on 12 July 2011 and it was immediately reinstated then - ASX has now exercised its discretion probably on the basis there is no longer any expectation that the company will be resuscitated and regain quotation

update from liquidators - the remaining asset has been realised and liquidators are in the process of making a final distribution to shareholders - liquidators still hold out some hope of being able to sell the shell and achieve a reinstatement of the company to quotation

update from liquidators - the remaining asset has been realised and liquidators are in the process of making a final distribution to shareholders - liquidators still hold out some hope of being able to sell the shell and achieve a reinstatement of the company to quotation

liquidators report that the HPL liquidators "have partially realised the remaining asset" - following the complete realisation of the asset ASR should receive a distribution from HPL - the ASR liquidators still hold out some hope of being able to sell the shell and achieve a reinstatement of the company to quotation

liquidators of HPL believe that they should be able to realise the asset by 30 September 2009 and hold out the prospect of selling the corporate shell

liquidators hold out some hope of the reinstatement of the company to quotation

there have been no significant developments since our note immediately below

recovery action is being taken by Horticultural Properties (HPL) in relation to a debt owed to them - if that is ultimately successful Australian Rural Group will benefit as the majority shareholder in HPL - reinstatement of the company to trading is very dependent on terminating its involvement in various schemes

an AGM is to be held on 17 April to review the conduct of the winding up - there is a possibility that the shell may eventually be sold and a relisting occur but there are significant issues to be resolved with the company's involvement in various schemes before that could proceed

the liquidators provide a quarterly update - the company's involvement in various schemes is being examined

the liquidators are in the process of organising an Annual General Meeting for April 2008 and will shortly circulate a brief update to creditors and members as part of the process

the company has received a portion of funds from the dividend distribution from its 80% shareholding in HPL and is now in a position to pay priority creditors eg employee entitlements - the liquidators have yet to make a determination in relation to the Company shell - they are also in the process of drafting an annual report to creditors

liquidators say ATO has asked for some supporting documentation for the last BAS received - they have now provided the ATO with this information and hopefully the clearance won't be too far away

iquidators are still waiting for a tax clearance from the ATO and are really not sure of when they will receive it - possible reinstatement of the shares to quotation is dependant on this

liquidators are still waiting for a tax clearance from the ATO and are really not sure of when they will receive it

liquidators have finalised the sale of the major asset within Horticultural Properties Limited (HPL) - Australian Rural Group Limited (ASR) is an 80% shareholder in HPL and therefore ASR will receive a distribution in specie on its shareholding - the liquidators are currently awaiting a tax clearance from the ATO before a distribution to shareholders within HPL takes place - once the distribution has been received by ASR, they will be in a position to pay priority creditors within the ASR liquidation and finalise the matter - the Liquidator is not yet in a position to make a declaration of loss for shareholders

liquidators report they are still "negotiating the sale of the land and water licences owned by Horticultural Properties Limited (In Liquidation), a majority owned subsidiary of Australian Rural Group Limited (In Liquidation), with four potential purchasers, including the party to which the exclusive dealing period was granted, in an attempt to deliver an outcome which suitably balances the interests of all stakeholders - secured creditors, unsecured creditors, shareholders and investors in the horticultural projects established on the land"

the liquidators have entered into an exclusive negotiation period of 60 days with a potential purchaser of all of the orchard land owned by Horticultural Properties Limited, a majority owned subsidiary - this period will expire at the end of October - the land is the last remaining major asset of ARG to be realized - given the current drought conditions and the consequent depressed fruit production levels, the land is proving difficult to sell

the liquidators of ARG will not be in a position to make a declaration under Sec 104-145 until after the sale of the orchard land owned by Horticultural Properties Limited (HPL) has been completed - an interim return of capital to shareholders in HPL was made in January - further returns of capital will not be made until the sale of the orchard land is completed

we have made several requests since 11 March to Doug Robinson of Prentice Parbery Barilla seeking an update of developments - he is unresponsive - if any one else can assist we would appreciate it

class action - Dennis & Co have identified a couple of projects they will use as a test cases and are currently working on the preparation of a statement of claim

in connection with HPL - all residential land at Tumut has now been sold with the sale of nine blocks to be settled - a distribution to creditors from HPL is expected to be made by the end of January 2004 - the sale of the orchard land has proved to be more difficult than anticipated given the persistent drought conditions - however, negotiations are well developed with a number of potential purchasers

class action update - solictors have been consulted by growers in numerous projects who have suffered as a result of the company's actions and have decided to consolidate all their complaints into one unified action which hopefully will bring into play the professional liability insurer and involve its directors and officers - this is a complicated process - it is currently underway - the action relates of course to participants in the project, some of whom were also shareholders in various companies

seeking update on the class action from Dennis & Co

class action update - Dennis & Co hope to have a statement of claim finalised and registered with the court by Christmas - maybe as many as 100,000 growers (in many different schemes) will be invited to participate in the action in due course

liquidator advises that procedures for the voluntary winding up of the major subsidiary Horticultural Properties Limited ("HPL") will commence with a General Meeting of HPL members on 23 July 2003 - this is the major asset - the property sale process is expected to be completed by October 2003 - a liquidators declaration is not anticipated before March 2004

seeking update from liquidator

Dennis & Co are working on an overall or omnibus class action for all the ARG Investment Schemes which should be ready for filing next week or the week after

liquidators report they are busy tidying up the affairs of the company - the main asset is a shareholding in HPL which will be advertised for sale in due course - the liquidators are unable to say whether there will be a return to shareholders or not and are unlikely to be in a position to do so before 30 June 2003

ASIC discontinues proceedings against the ARG group but will continue its enquiries into the affairs of the group

administrator estimates the group had net equity of about $2m when it went into administration on 27 Sep 02 - however contingent liabilities arising from unresolved litigation could end up costing $15m.

company goes into liquidation (M Prentice and M Robinson of Prentice Parbery Barilla appointed liquidators) with high litigation expenses cited as one of the major factors - company was associated with troubled rural ventures including Budplan, Tumut River Orchards, Treetops and Lake Aquaculture - possible insolvent trading is also an issue

shareholders should pay particular attention to a release to the market dated 25 November 2002 - a creditors meeting is planned for 12 December 2002 which will probably determine the eventual fate of the company

ASIC revokes ARG Finance Groups restricted dealers' licence to provide investment advice

administrator enters into an agreement to sell ARG's fee-producing assets (ARG Custodians Ltd and ARG Management Ltd) to Huntley Consultancy Pty Ltd

administrators advertise the various businesses of ARG calling for urgent expressions of interest in purchasing them

administrator informs creditors that the financial position of the company "is not rosy . . . it has no liquidity in relation to debtors" and numerous litigation actions by disgruntled investors had drained the company's resources

voluntary administrators agree to report to Court and ASIC by 16 October and to have a more detailed report prepared by 30 October - the matter returns to Court on 31 October 2002

ASIC places interim stop orders on four ARG scheme prospectuses

company appoints voluntary administrators M Prentice and M Robinson of Prentice Parbery Barilla

following concerns that ARG has been trading while insolvent, ASIC seeks appointment of receiver and manager to the company which manages about $1.65 billion under trusteeship, custodianship, or management for about 50,000 investors

founding managing director Peter Flude and director Barry Coates resign as directors

company's securities suspended from trading pending clarification of its financial position

name changed from ATA Services Limited