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A Statement from Phoenix Venture Holdings

Statement on the Longbridge Trust – October 2010

From: Nigel Petrie – Non Executive Director, Phoenix Venture Holdings.

The Trustees of the Longbridge Trust have recently received an update from the PVH Directors and these are the key points.

Since April 2005 a great deal of work has been carried out to liquidate the assets of Phoenix Venture Holdings, including its subsidiary, MG Rover Dealer Properties. This process has involved the sale of assets, the assessment of claims from creditors and the settlement of those claims where they have been shown to be legitimate. Many hundreds of claims were received and the majority of legitimate claims have now been settled. This work has been carried out by professional staff, the cost of whom, approximately £2M, has been met directly by the four Phoenix Directors.

There is one major outstanding creditor dispute, amounting to around £9M, with one of the Banks that provided funding to MG Rover, that has yet to be resolved. A reasonable resolution of this matter is the key issue in terms of future funds for the Trust, and all possible steps are being taken to ensure a proper outcome. Further information will follow as soon as it becomes available.

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