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HTL: Banking Facilities

Document date:  Tue 01 Oct 2002
Published:  Tue 01 Oct 2002 11:27:11
Document No:  276345
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

HUDSON TIMBER & HARDWARE LIMITED.             2002-10-01  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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As stated in the Company's Half Year Result dated 13 September 2002,
under the ANZ loan facility the Company was required to repay
outstanding loans of $6.25 million by 31 October 2002.

The proceeds for the repayment of these loans are to be realized from
the repayment of an intercompany loan between the Company and its
Parent Entity, Hudson Investment Group Limited ("HIGL"). The Company
has been notified that HIGL has entered into several contracts for
the sale of certain assets, the proceeds of which will satisfy the
ANZ requirements with the funds to be realised prior to 31 October
2002.

The Directors are also pleased to announce that the recent
appointments to the Senior Management team have made significant
progress in restructuring the Timber & Hardware operations and
improved operating results across all States are being generated.

With the recapitalisation of the Company underway and the initial
milestone expected to be met by the end of October 2002, the
Directors are confident that any ANZ requirements will continue to be
met as scheduled.

If you require any further information please contact Mr Bruce McLeod
on (02) 9251 7177.

B McLeod
Chairman/CEO