CLIVE PEETERS LIMITED(CPR)

name changed to Clivpee Limited

receivers have sold 32 stores and the Commercial Divsion to Harvey Norman - the remaining stores are to be closed about end July 2010

Harvey Norman Holdings Limited ("HNHL") discloses that: (i) CP and certain associated companies ("Vendors") respectively operate various electrical and whitegood stores and warehouses located in Queensland, Western Australia, Tasmania, New South Wales and Victoria ("Locations"); (ii) the Vendors have agreed to sell, and a subsidiary of HNHL ("Purchaser") has agreed to purchase certain stock and plant and equipment located at certain of the Locations, know-how, intellectual property rights and systems of the Vendors, for an aggregate purchase consideration of approximately $55million, subject to terms and conditions.

a number of steps are being taken to prepare the business for sale - 6 stores are to be closed

creditors resolve to replace Ferrier Hodgson as administrators instead of McGrathNicol

Phil Carter and Daniel Bryant from PPB as receivers and managers are continuing to trade the business "while assessing its viabilit"

National Australia Bank has appointed Phil Carter and Daniel Bryant from PPB as receivers and managers

the securities of Clive Peeters Limited (the "Company") will be suspended from official quotation immediately following the Company's advice that it has been placed in voluntary administration

Colin McIntosh Nicol, Keith Alexander Crawford and Matthew Wayne Caddy of McGrathNicol are appointed administrators - this never augurs well for shareholders - it will take a month or so before the picture is clear but almost invariably shareholders suffer a total loss of value

the suspension of trading in the securities of Clive Peeters Limited (the "Company") will be lifted prior to the commencement of trading Tuesday, 25 August 2009, following the release of an announcement by the Company titled "Update on Accounting Discrepancies and Legal Actions against Staff Member"

on Thursday 30 July 2009 Clive Peeters identified discrepancies in its payroll accounts. As a consequence, Clive Peeters commenced legal proceedings against a staff member and related parties claiming the staff member falsified entries in Clive Peeters' payroll accounts;transferred cash out of the business of Clive Peeters into external bank accounts, including a personal bank account and bank accounts held with related parties; and used monies taken from Clive Peeters to buy and sell real estate - properties with a purchase price of approximately $19.9m had been purchased by the staff member or related parties substantially using monies taken from Clive Peeters. Clive Peeters is now effecting the transfer of those properties into Clive Peeters' name. The cash reserves of Clive Peeters will ultimately be strengthened as a result of these transfers

the securities of Clive Peeters Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company