latest to opes clients from fh

Just sent to Opes Client by FH

I refer to my circular creditors dated 29 May 2008 and provide the following by way of a
brief update.
On 18 June 2008, the Administrators applied to the Court for an extension of the
Convening Period to 31 July 2008 for the following reasons:

To permit the Administrators time to apply to the court for directions, (and for the
court to consider the application), under section 447D of the Corporations Act 2001
regarding the impact of a liquidation of OPSL and LCPL, or of OPSL and LCPL
entering into a Deed of Company Arrangement, on the quantum of creditors’ claims
under the securities lending arrangements in place between the companies and
their clients.

To provide further time to progress discussions with relevant parties regarding a
mediated settlement of the multitude of claims which have arisen or which might
arise as a result of the OPSL collapse.
It remains our firm belief that a settlement can be achieved via a mediation process and
that it is in the creditors’ interests for this to occur. Our efforts continue to be directed
toward bringing about mediation at the earliest convenience. However, it is necessary to
recognise the complexity of matters involved and the time required implementing this
strategy. Discussions are progressing and we ask for your continued patience.

In relation to the application to the Court, we expect the Court’s directions will provide
certainty concerning:

How the claims of creditors should be estimated for the purposes of voting at the
second meetings of creditors.

What advice we give to creditors concerning the date for valuing shares for the
purposes of a close out under the securities lending arrangements in place between
the companies and their clients and proofs of debt in a liquidation and/or any
proposed Deed of Company Arrangement.
We will continue to advise creditors of developments as they arise.
Should you have any queries, please do not hesitate to contact Christopher Hitch on
(03) 9604 5164.
Yours faithfully
JOHN LINDHOLM
ADMINISTRATOR