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Copy of Enforceable Undertaking

View Enforceable Undertaking in PDF format.

08 April 2004

This undertaking is offered to the Securities Commission for acceptance under section 69J of the Securities Act 1978 by:

Secure Property Investments Limited
C/- Cleaver & Co Limited
Level 1, 26 Crummer Road
Grey Lynn
AUCKLAND

And the director of the company ("the director")

Mr Murray Rex Alcock
5c Maunsell Road
Parnell
AUCKLAND

Background

1.

On 19 March 2004 the Commission received a complaint concerning the offer of interests in a proportionate ownership scheme involving a property at 8 Roberts Street, Whangarei.

2.

Offers of interests in the scheme were being made by Secure Property Investments Limited ("SPI") in reliance on the Securities Act (Real Property Proportionate Ownership Schemes) Exemption Notice 2002 using an Offeror's Statement. The scheme was due to commence on 27 March 2004.

3.

Commission staff reviewed the Offeror's Statement for compliance with the securities laws. Commission staff raised a number of concerns with SPI regarding the compliance of the Offeror's Statement for the scheme.

4.

SPI acknowledged and accepted the validity of the concerns raised by Commission staff.

5.

SPI has withdrawn the Offeror's Statement and any advertising material for the scheme from the market.

6.

SPI has advised the Commission that it would immediately and unconditionally return all application funds received by it.

7.

SPI and the director wish to remedy the situation and to ensure that no similar events occur. SPI and the director have offered the undertakings set out below. The Commission has agreed to accept these undertakings under section 69J of the Act.

Undertakings

8.

SPI and the director will not distribute, and will make no further use of the Offeror's Statement and will prohibit any SPI employee or agent from making any further use of the Offeror's Statement.

9.

SPI and the director will not offer securities to the public for subscription, other than in an investment statement, registered prospectus, or authorised advertisement that complies with the Securities Act 1978 and the Securities Regulations 1983, or in accordance with any applicable exemption contained in the Securities Act 1978 or granted by the Commission.

10.

SPI and the director undertake to forthwith return all subscription monies received in relation to the scheme to subscribers together with interest (if applicable) in terms of section 37 and 37A of the Securities Act 1978.

Acknowledgements

11.

SPI and the director acknowledge that the Commission:

(a)

may issue a media release referring to the undertaking and to the concerns of the Commission which led to the undertaking being executed;

(b)

may from time to time publicly refer to the undertaking; and

(c)

will make this undertaking available for public inspection.

12.

SPI and the director acknowledge that this undertaking does not derogate from the rights and remedies available to the Commission or to any other person or entity arising from the conduct described in the undertaking.

13.

SPI and the director acknowledge that the Commission's acceptance of an enforceable undertaking under section 69J of the Securities Act 1978 does not affect the Commission's power to investigate future conduct of any person, to take any action or exercise any power under the Securities Act 1978 or any other legislation, or to refer any matter for criminal prosecution or seek any civil penalty.

Signed for and on behalf of Secure
Property Investments Limited by its
duly authorised officer:

[Mr Murray Rex Alcock]

Signed by Mr Murray Rex Alcock

[Mr Murray Rex Alcock]

Accepted by the Securities Commission
pursuant to section 69J of the Securities Act 1978
by its authorised delegate:

[Liam Mason]

[Dated this 8th day of April 2004.]

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