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Bendon Bid Backed By AMP Henderson

Media Release

21 December 2001

Bendon Bid Backed By AMP Henderson

New Zealand’s largest funds manager, AMP Henderson Global Investors, today confirmed its support for Bendon Group managing director Hugo Venter in making a private capital offer of $38.5 million for the operating subsidiary called Bendon Limited.

The offer is only for the operating subsidiary and is not for the cash assets of the parent company that is listed on the NZSE. AMP Henderson is the largest shareholder of the Bendon Group, owning 26 %.

“We’re absolutely committed to supporting Mr Venter’s bid for $38.5 million,” said AMP Henderson managing director Catherine Savage.

“Following a thorough review of the options for Bendon, we concur with Mr Venter’s assessment that the operating company’s business is best suited to the private capital markets. We are now actively supporting Mr Venter’s bid and, upon completion of a successful due diligence, look forward to partnering with him and working with Bendon as a private company.”

Bendon’s Board have commissioned an independent report on the company to determine the acceptability of the offer. The report will be circulated to all shareholders who will be required to vote on the offer. Any offer such as this must be approved by 75% of shareholders. As an interested party AMP Henderson will be excluded from voting on Mr Venter’s bid.

“I am delighted to have AMP Henderson as a bid partner,” said Bendon Group managing director, Hugo Venter.

“I believe AMP Henderson’s highly credible and established presence in New Zealand, together with their proven ability to deal responsibly in private capital is a real asset to our bid,” he said.

AMP Henderson is New Zealand’s largest private capital investment manager, having committed over $250 million to this asset class in recent years. Pencarrow Private Equity specialises in buyout transactions and entered into a joint venture agreement with AMP Henderson Private Capital in 1998. This will be the third listed New Zealand buyout AMP Henderson and Pencarrow Private Equity have worked on.

Ends

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