VILLAGE LIFE LTD (ASX.VLL)

name changed to Fig Tree Developments Ltd

following the AGM on 23 October 2007 it was resolved that the Company convert every ten (10) of its ordinary shares into one (1) ordinary share, and that any fractional entitlements to ordinary shares resulting from this conversion be rounded up to one whole ordinary share

we understand that on or about this date the company consolidated its shares 1 for 10

Class Action: the company says "the Slater & Gordon shareholder action against the Company and three individuals, being current Director David Jeffries and two former Directors John Krimmer and Tony Roberts - as the Company has indemnified its current and former Directors in regard to the defence of actions of this nature, you will appreciate that the Company's future is significantly impacted if this action is not defended vigorously and successfully - it will also defend this action to the extent of its limited resources as it has no other option"

the company's shares appear to have been suspended from quotation today, but there was no advice to the market

the $30m class action is launched today by Slater & Gordon on behalf of investors claiming they were misled when the company floated in 2003 - the company along with directors David Jeffries, John Krimmer and Anthony Roberts are being sued (Mr Jeffries is the only remaining director)

the lawyers are almost ready to file the action and expect that proceedings will hopefully be commenced in the next few weeks

lawyers are in the process of arranging suitable representative plaintiff's to lead the representative action - they hope this will be finalised shortly

proceedings are still pending - a recent High Court decision has implications for how the proceedings are initiated and the lawyers are currently working through the issues

proceedings in the representative action have not yet been filed - the claim has almost been finalised, and it is expected proceedings will be launched shortly

we understand that the Village Life proceedings in the representative action will be filed in the next few weeks

shares reinstated to quotation following quantification of the financial results for the half year ending 31 December 2005

company expects the suspension of its securities from quotation to last until 1 March 2006 - this is so as to complete "negotiations with the responsible entities that manage the two Trusts from which Village Life Ltd leases 36 of its villages"

shares suspended from quotation pending "the quantification of the financial results for the half year ending 31 December 2005, as a result of the introduction of the Australian version of the International Financial Reporting Standards" - it also appears that, based on the information prepared to date the Company may report a significant loss for the half year due to two other matters, the continued poor trading of the Company's leased villages and the limited amount of property development profit contribution earned in the first six months

IMF (Australia) Limited has agreed to fund shareholders, who purchased Village Life shares between 8 December 2003 to 23 May 2005, in an action seeking to recover losses incurred as a result of Village Life and/or its officers alleged misleading and deceptive conduct and/or breaches of the continuous disclosure regime - shares in Village this calendar year have fallen from $2.80 per share to under $0.50 per share, principally due to the market becoming aware of the material disclosed in 3 successive downgrade disclosures on 1 February, 9 May and 23 May 2005

shares reinstated to quotation

all resolutions passed at today's EGM - for the prior issue by the Responsible Entity of 8,325,500 Units to ING Real Estate Investment Management Australia Pty Limited - to issue up to 9,783,000 New Units within 3 months - for future transactions between Village Life Trust and the Village Life Group entered into in accordance with the New Relatonship Deed and that Village Life Ltd retire as Responsible Entity of Village Life Trust and ING Management Limited be appointed as the new Responsible Entity

board of VLL now anticipates that it will be in a position to issue a comprehensive announcement by Tuesday 21 June 2005

VLL has advised ASX that it will request the suspension of its shares be lifted as soon as VLL can provide appropriate disclosure to the market about its likely earnings for the financial year ended 30 June 2005 - it anticipates making this request to ASX during the week ending 17 June 2005

company releases a summary of the key terms of the Subscription Agreement entered into between Village Life Ltd, Village Life Ltd as Responsible Entity for the Village Life Trust, and ING Real Estate Investment Management Australia Pty Limited

shares suspended from quotation - the board has become aware of information that leads it to believe that the financial forecasts announced to the market on 9 May 2005 for the year ending 30 June 2005 will not be achieved - the directors believe that voluntary suspension is necessary until they can provide clarity to the market about the financial performance of the company for this period