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Fletcher Energy Pays ElderCare $1.3 million

Fletcher Energy Pays ElderCare $1.3 million To Settle Claim

Auckland, 9 April 2001 – ElderCare New Zealand Limited (NZSE:ELD) today announced it has reached a $1.3 million settlement with Fletcher Challenge Energy over the value of preference shares held in Southern Petroleum (Services) Limited through its subsidiary Southland Energy Resources Limited.

Each party to the settlement will pay its own costs.

The settlement was the result of a direct negotiation under an agreed legally binding negotiation and arbitration process to determine the value of the shares.

In December of last year Fletcher Energy paid Eldercare NZ$ 275,000 in settlement of two other claims. All matters are now at an end.

“We are very happy with the outcome of the negotiations, and we believe that the settlement reflects a fair value for the preference shares,” says Maurice Kidd, Chairman of ElderCare. “Resolving this outstanding matter with Fletcher Energy is in line with our strategy as announced at the November 2000 ElderCare AGM where we told the meeting that we would realise a number of non-core assets as we concentrate on our future as a listed healthcare operating company. Since November 2000 this rationalisation programme has released NZ$6.6 million in cash to the company. We will be making additional announcements in coming months as we conclude more asset sales and release more cash for our planned expansion into the wider healthcare sector.”

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a healthcare provider. The company owns a substantial portfolio of nursing homes and assisted living facilities throughout New Zealand at which they offer broad and varied services for the healthcare needs of elderly people. It also owns Ranworth HealthCare, which operates a national network of brain injury rehabilitation clinics and residential facilities and recently announced that it is expanding its operations into fee income businesses in the wider healthcare sector.

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