Stmt re King Bros Bus Group
April 23 2003 - 5:03AM
UK Regulatory
RNS Number:2603K
National Australia Bank Ld
23 April 2003
Group Corporate Affairs
National Australia Bank Limited
ABN 12004044937
500 Bourke Street
Melbourne Victoria 3000
Australia
Telephone: (03) 8641 3580
Facsimile: (03) 8641 4925
ASX Release
National takes prompt action on King Bros Bus Group
The National Australia Bank confirms that on the 8th and 9th of April, under
securities held in respect of property, bus routes and buses, it appointed
receiver/managers to companies associated with the King Bros Bus Group.
The National has $132 million of leasing and other lending to companies
associated with the King Bros bus business.
Although the receiver/managers are in the early stages of their investigation of
the company's affairs the National has taken an interim provision at the half
year of $46 million, pending further clarification of the company's financial
position.
Executive General Manager, Financial Services Australia, Mr Ian MacDonald said:
"We believe it was appropriate, based on information provided by the receiver/
managers, to take an early provision of $46 million which will be reflected in
the accounts as at March 31."
The provision does not alter expectations for the Group's half year profit.
The National is working with the receiver/managers and other creditors to
clarify and resolve outstanding issues.
Melbourne, 23 April, 2003
For further information contact: Brandon Phillips
Manager Group Corporate Relations
03 8641 3857 or 0419 369 058
This information is provided by RNS
The company news service from the London Stock Exchange
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