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PRG Comments on Target Company Statement

FOR IMMEDIATE RELEASE
PRG Comments on Target Company Statement

Auckland, 26 February 2002 – Pacific Retail Group (NZSE: PRG) today said that it was satisfied with the advice given to shareholders of Bendon Group Limited (NZSE: BEN) by the independent directors, but urged shareholders to not wait too long before making their acceptances.

“Yesterday we extended the offer period to give shareholders time to receive the directors’ recommendation and make an informed decision between competing proposals,” said PRG CEO, Peter Halkett. “Both the Independent Advisors’ Report and the Target Company Statement, released subsequently, make it clear that shareholders realistically have only one viable offer to consider.”

Mr Halkett noted PRG’s bid remained open until 26 March, and the company had no plans to increase the price or further extend the offer period.

“In light of the requirements of the Takeovers Code, notice of any competing offer would have to be in the market imminently to be realistically considered by shareholders,” he said.

“For our part, we believe we will achieve a shareholding of 50 percent or more in Bendon Group under this bid and we have no plans to make another offer at a later date. On that basis there is little point to delaying acceptance.”

Commenting on PRG’s future intentions Mr Halkett said, “We have determined that a significant element of PRG’s growth strategy will be acquisition-based, and plan to pursue other opportunities of this scale. To support this and other potential acquisitions PRG will consider raising additional equity in the near term.”

ENDS

About Pacific Retail Group
Pacific Retail Group is an NZSE-listed retail company. The appliance, electronics, computer and homeware retailer has 99 stores and annual sales of over $400 million, trading through its Noel Leeming, Bond & Bond, Computer City, Living & Giving, Big Byte and finance activities through Pacific Retail Finance brands.

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