WC PENFOLD LIMITED (PFP)

name changed to WCP Diversified Investments Limited

company advises of various changes since year end to the board, company secretary, auditors, registered address etc - and that it is changing its name to WCP Diversified Investments Limited

all resolutions at today's annual general meeting were passed and the company takes another step towards reconstruction and relisting of its shares

lodges half yearly report and calls Annual General Meeting of Shareholders for 31 March 2005 to consider resolutions for a recapitalisation of the company

administrators advise that the recent lodgement of the financial reports was one of the major steps toward recapitalisation - they expect that an AGM will be called in the very near future - the notice of this meeting will contain all the relevant details of the recapitalisation

lodges half year report for the six months to 31/12/2003 and annual report for the 12 months to 30 June 2004

administrators confirm they executed a contract on the sale of the shell in early August and are progressing toward a recapitalisation of the company - the sale and recapitalisation is a complex matter, requiring that they deal with a number of regulatory agencies and resolve a number of commercial issues - they expect to be able to make an announcement in the near future

administrators ended up with a short list of five potential buyers - but eventually accepted an offer by management to acquire the business of the company - this has resulted in a very low payout to unsecured creditors of less than 2 cents in the dollar - the listed entity is also to be sold as a shell and expressions of interest are currrently being received by the administrators - if there is an offer they deem to be acceptable, shareholders will be asked to approve - a recapitalisation may eventually give shareholders the opportunity to sell their diluted holding on market and thus crystallise their loss

a large number of potential buyers have expressed an interest in acquiring the company or its assets

reports that the administrators have sought expressions of interest and are hopeful that the company can continue operating - other office products suppliers such as Officeworks, National 1, Corporate Express and Boise Cascade are considered to be potential buyers

appoints administrators JL Greig and DJF Lombe as joint and several administrators

company informs market it is looking at its options in the light of difficult trading conditions and limited working capital

shares suspended following the company's failure to lodge its half year report

name changed from Penfold Printers Limited