ALLCO EQUITY PARTNERS LIMITED(AEP)

name changed to Oceania Capital Partners Limited

we understand that on or about this date the company made a capital return of 65 cents per share

the Supreme Court concluded on 9 December 2008 that there had been a breach of a material obligation under the Management Agreement (see note immediately below), but that the breach did not trigger a termination right and, therefore, was not prepared to make a declaration that the Management Agreement had been validly terminated - as a result, the Management Agreement remains on foot - AEP is reviewing its position and also the Court's judgment carefully as to potential grounds of appeal - in the meantime, it remains business as usual for both AEP and its investee entities

Allco Equity Partners Limited (ASX:AEP) has terminated the Management Agreement between itself and Allco Equity Partners Management Pty Limited (the "Manager"), a wholly owned subsidiary of Allco Finance Group Limited ("AFG"). Both AFG and the Manager are now in Receivership and Voluntary Administration. The Receivers have disputed the termination of the Management Agreement and, as a consequence, AEP has applied to Court for a declaration that the termination notice is effective

name changed from Allco Equity Partners Limited (in fact this is a code only change from AEQ to AEP)