To: StockDung who wrote (82795 ) 1/6/2003 9:44:28 AM From: SEC-ond-chance Read Replies (6) | Respond to of 122087 "we now include the NWLL ADR's in our prestigious "100-by-100" Club… US$100 within 100 weeks. June 2000 Dirks & Company, Inc ...................................................................................................................Update - PwC Administrators recommend liquidation Document date: Mon 06 Jan 2003 Published: Mon 06 Jan 2003 15:32:58 Document No: 230373 Document part: A Market Flag: N Classification: Progress Report NEW TEL LIMITED 2003-01-06 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ The Administrators of New Tel (ASX:NWL) (NASDAQ: NWLL), Phil Carter and Greg Hall of PricewaterhouseCoopers today announced they would hold the second meeting of Creditors to decide the company's future pursuant to Section 439A of the Corporations Act. Mr Carter said the meeting would be held on Monday 13 January 2003 and that the Administrators' recommendation would be to liquidate the company. He said the main purpose of the meeting was to consider the Administrators' report about the business, property, affairs and financial circumstances of New Tel. This meeting will also require creditors to consider the Administrators' opinion on whether it would be in the creditors' interests for: (a) the company to execute a Deed of Company Arrangement; (b) the administration to end; (c) the company to be wound up. "While it is possible to seek an extension of time for convening this meeting, we have not done so as no viable proposal for a Deed of Company Arrangement has been presented," Mr Carter of PricewaterhouseCoopers said. "In addition, our enquiries to date have indicated a number of matters which we consider deserve more extensive investigation, utilising the powers available to the liquidator. "It is therefore ourview that the creditors' best interests will be served by the company being placed into liquidation without delay," Mr Carter said. In the event of liquidation, creditors will be required to consider whether a Committee of Inspection is required and, if so, elect members of the Committee of Inspection. PricewaterhouseCoopers has set up a 1300 number to provide New Tel Creditors with basic information about the Administration. The number is 1300 554 469. Creditors can also refer to www.pwcrecovery.com. EDITOR'S NOTES The creditors meeting will be for creditors only. Phil Carter will hold a media briefing immediately after the conclusion of the Creditors meeting. Details in relation to the media briefing will be provided by Andrew Head of PwC Communications. For media enquiries, contact: Andrew Head Communications, PricewaterhouseCoopers Tel: (02) 8266 2111 or Mobile: 0411 268 001