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MUL:Updated Information in relation to transactions with ANZ

Document date:  Tue 01 Oct 2002
Published:  Tue 01 Oct 2002 10:32:31
Document No:  195626
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

MULTIEMEDIA LIMITED                           2002-10-01  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Further to the Company's announcement on 26 September, 2002, the
Company now provides an update on the position with respect to the
settlement of the transactions with Australia and New Zealand Banking
Group Limited (ANZ).

Settlement of those transactions was not able to be effected prior to
1 October, 2002. In order to satisfy a condition precedent to
settlement, the Company remains in the final stages of negotiations
with a third party to secure purchase of 35,486,827 shares at a price
of 1 cent each, which would be held by ANZ upon exercise of an option
agreement disclosed to the market on 3 October, 2001.

From 1 October, 2002, the Company is not in compliance with a
covenant in its loan facility with ANZ. The Company entered into
further discussions with ANZ to obtain a temporary waiver of the
non-compliance with this covenant in order to allow the Company to
complete those settlement transactions with ANZ in the near future,
and ANZ has granted a temporary waiver of the non-compliance until 31
October, 2002. ANZ has reserved its rights under the loan facility to
take action after that date in respect of non-compliance with the
covenant or at any time in respect of any other default

The directors will continue to keep the market fully informed of
developments in this matter.

For additional information please contact:

Adrian Ballintine 
CHIEF EXECUTIVE OFFICER 
& GROUP MANAGING DIRECTOR
(03) 9603 3200
email  shareholder@multimedia.com.