CAMBRIDGE CREDIT CORPORATION LIMITED (ASX.CAM)

a final distribution of 5.4 cents was made on 3 May 2010 - any enquiries by debentureholders should be made directly to the company either in writing to Level 1, Suite 2, 72 Pitt Street, Sydney NSW 2000 or by telephone on (02) 9233 1699 or fax (02) 9231 5559 - we understand the company is now to be liquidated

all the property assets are now realised - the corporate entities involved are to be liquidated - some cash is still held and it is likely there will be a final distribution - that could be made as early as December 2009 - estimated at around 4.5 cents

Receivers report that the remaining property assets within the Westmelton (Vic) Pty Limited ("Westmelton") subsidiary continue to be realised - based on current market conditions, the Receiver of Westmelton expects to have completed the sale of all remaining lots by the end of calendar year 2007 - a further, final distribution of approximately five cents in the dollar is expected to be made late in 2008 - this will then conclude the Receivership of CCCL

a distribution to debenture-holders of CCCL of approximately $13.8m (which equates to eleven cents in the dollar) is made today

the annual report to the trustee will be issued this month - receivers expect to make a further distribution during March 2006, the quantum is yet to be finalised and will be advised in their report to the trustee

Receivers report that land held by CCCL's subsidiary, Westmelton (VIC) Pty Limited ("Westmelton"), continues to be sold primarily on a developed basis - forecasts prepared by the Receiver of Westmelton indicate that with some downward adjustment to the selling prices achieved in the first half of calendar year 2005, a further 2 to 2.5 years will be required to realise the remaining assets - a full report from the Westmelton Receiver and financial accounts for the year end 30 June 2005 are expected to be received by December 2005

receiver advises that based upon the most recent valuations of Cambridge Credit Limited's real estate assets, after a further 5.25 cent distribution payment to be undertaken in April 2005, it is anticipated that a final distribution to debenture holders of a further 19 cents in the dollar, calculated on the estimated value outstanding as at 31 December 2006, may ultimately be paid

ASIC advises that it has formed the view that the unsolicited offers made by Ross Investments to purchase securities in this entity, contravened provisions of the Act - ASIC was further concerned that a brochure and documents attached to some of the offers contained misleading statements and did not comply with the law

receiver advises that development has continued on the remaining landholdings at Westmelton, Victoria - the Receiver is pursuing a strategy whereby development and realisation of the remaining landholdings is to be finalised over the next two years

should debentureholders receive an off market offer for debentures stock holdings, we suggest that, to assist in their consideration of the offer, they first check their estimated entitlement with Cambridge Credit - particulars of debentureholders' investments or distributions are maintained at the office of Cambridge Credit Corporation Limited (Receiver Appointed) and any enquiries by debentureholders should be made directly to that office either in writing to Level 1, Suite 2, 72 Pitt Street, Sydney NSW 2000 or by telephone on (02) 9233 1699 or fax (02) 9231 5559

we understand an unsolicited offer has been made by Ross Investments (Aust) Pty Ltd - the offer was for $0.0305 per debenture - apparently the capital on these debentures has been repaid to the holders, but there is however outstanding interest owing - there is an expected distribution of 5 cents in the dollar in November 2003 and in 3 years time a final distribution of 10 - 14 cents in the dollar is expected - this is likely to yield 3 to 4 times as much as that offered by Ross Investments - those investors affected should get professional advice on the matter

during June Permanent Trustee advised debentureholders that the buoyant Victorian property market and the sustained robust sales results achieved in recent times has been positive on realisations from the company's assets - this has resulted in a reassessment of funds likely to be realised for distribution to debentureholders - in view of these circumstances, the timing for payment of the next distribution has been brought forward and it is now scheduled to be paid to debentureholders later this year

claims of secured creditors (the debenture stock holders) are not expected to be paid in full

receiver indicates shareholders should consider their holdings to be valueless - shareholders will be aware that capital losses can generally only be claimed where shares were acquired on or after 20 September 1985

there is little or no prospect of unsecured creditors receiving any return

company is still in receivership - it owns land at West Melton which it is developing and selling - it is anticipated that the final assets will be realised over the next 3 years, resulting in a final distribution after that time period to debenture holders

delisted due to failure to comply with Listing Requirements