ASX Announcement
500 Bourke Street
Melbourne
Victoria 3000
Australia
Melbourne, Tuesday, 7 December 2004
National Australia Bank and Ion Limited
The National Australia Bank has an exposure in relation to Australian auto parts
company, Ion Limited, whose Board has today appointed Mr Colin Nicol of McGrath
Nicol + Partners as voluntary administrator for the company and its Australian
subsidiaries.
The National was part of a syndicate with four other banks to provide funding for Ion.
The total exposure for the National is approximately $135 million, including
approximately $100 million in syndicated unsecured credit.
The National will be liaising with the voluntary administrator, its fellow syndicate
members and other creditors to better understand the administrator's options and
proposals for any potential restructuring of the Ion Group and the potential impacts on the
National's position (including the need to make specific provision for its exposure).
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