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19 June 1996

News release

Industrial Banking Corporation Limited - advertisement prohibited

The Securities Commission, acting under the authority of section 44A of the Securities Act 1978, has made an order prohibiting the distribution of advertisements in relation to redeemable preference shares in Industrial Banking Corporation Limited.

The Commission was of the opinion that the offering of the redeemable preference shares did not comply with section 33 of the Securities Act 1978. This section applies to offers of securities to the public for subscription. It requires such an offer to be made in, or accompanied by, a registered prospectus or in an "authorised advertisement".

Industrial Banking Corporation Limited is an Australian company. Its major shareholder and "Executive Governor" is Eric Isadore Jaffe who is a New Zealander residing in Auckland. On the information available to the Commission, the redeemable preference shares in Industrial Banking Corporation Limited are being offered to the public in New Zealand through an Auckland investment adviser.

In the absence of a registered prospectus, members of the public should exercise great caution.

Norman F. Miller
Senior Executive (Compliance)