more focus on benefits of clem7, page-3

Some home truths came out in today's AGM releases. These are quotes from Rivercity's own presentation.

?RiverCity traffic performance has been dismal
?Reserves being used at $8 -$10m per month
?The capital position is unsustainable
?Bank Group agreement to Standstill Arrangement must be finalised by mid January 2011
?Status of equity is precarious ?Board is working with banks to maximise value for all stakeholders
?Regulatory requirements -Directors cannot allow trading while insolvent
?Group has requested Bank Syndicate to implement Standstill Arrangement
?Standstill requires unanimous approval of 24-member Bank Syndicate
?Standstill necessary to avoid appointment of an Administrator in 2011
?Without Standstill Arrangement:
?Directors may be unable to sign-off 31 December 2010 accounts
?Administrator and Receiver appointed
?Unlikely to be any equity value