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Wednesday 14 April 2010

10-79AD ASIC launches Storm investor website

ASIC today launched a new website for Storm investors ASIC believes have suffered loss as a result of their Storm investments.

The website will help keep investors informed of the progress of ASIC’s investigations and the outcome of commercial resolution discussions.

In March, ASIC announced that a major phase of the investigations into Storm had been completed (refer 10-56AD). ASIC has entered into confidential discussions with some parties to see if a commercial resolution can be reached which will be acceptable to ASIC and which ASIC would be prepared to recommend to investors.

The website has a public area containing general information about the investigations and also features a password protected secure, personal web page for investors who have suffered financial loss as a result of a Storm investment.

The personal web page provides these investors with a personal extract of their Storm investments based on information from Storm’s computer system.

In the future, ASIC expects to include information on the personal web pages that identifies legal proceedings (if any) that ASIC proposes to commence to recover monies for Storm investors who suffered loss as a result of their investment. If legal action is commenced by ASIC, the personal web page will also include a hypothetical snapshot of funds that potentially may be returned to Storm investors, if ASIC’s action is successful.

Should investors choose not to use the website, the information will be available via a hard copy sent by mail.

ASIC will write to eligible Storm investors this month with details of the website, the terms and conditions of its use and an application form with proof of identity requirements.

The website will be available for viewing seven days a week between 6am and midnight and can be found at https://storm.asic.gov.au.

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Last updated: 14/04/2010 12:00