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News release

Inquiry into Apple Fields Limited

The Securities Commission has decided to undertake an enquiry into aspects of the affairs of Apple Fields Limited. The terms of reference include:

• The legal form and the substance of the relationship between Apple Fields Limited ("the company") and Rural Super Bonds Superannuation Scheme ("the scheme").
• The terms of dealing between the company and the scheme.
• The appropriateness of the accounting treatment used to record transactions between the company and the scheme in the company's financial statements for the years ended 30 September 1992 and 1993, and in the interim financial statements to 31 March 1993.
• The effect in relation to the truth and fairness of financial statements of the company of alternative accounting treatments for these transactions.
• Any other related matters.

The Commission will publish a report in the new year at the end of its enquiry.