I wish to give an update to the notebolders (i.e. the investors of the credit linked notes).
1. About 200 notebolders have appointed a specific lawyer to act in the class action. I am meeting this lawyer to discuss his approach and the possibility of involving an experienced senior lawyer to fight the case in the high court.
2. A separate group of noteholders have approached several lawyers. They advised that a "test case" be used to take a case in high court. This group is likely to recommend a lawyer and to present the proposal to the noteholders in January 2009.
3. I have approached two senior lawyers to study the possible defects in the prospectus and pricing statement and to obtain an opinion from a Queens Counsel from the UK. A recommendation is likely to be made in January.
I hope that the investors will wait until February to decide on the strategy for the class action. It may be possible for two or three class actions to be pursued separately for the differtent types of notes.
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11/30 - 12/07
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