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Tranz Rail puts asset sales on hold

Tranz Rail puts asset sales on hold

Auckland, New Zealand-Tranz Rail Holdings limited [NZX: TRH]

Tranz Rail announced today that it has placed its asset sales programme on hold until after resolution has been achieved regarding the Heads of Agreement with the Crown and the anticipated offer from Toll Holdings.

Chairman Wayne Walden says it was important to have the final bids on the table regarding the Distribution Services Group, Tranz Link so they could make an evaluation and ensure maximum flexibility for shareholders.

"Tranz Rail will have the independent evaluation from merchant bankers and corporate advisors, Grant Samuel & Associates regarding the Crown agreement and the anticipated Toll offer to shareholders by mid- July. Meetings with key institutional shareholders are also planned for next week.

"I can also confirm that this week we received the $44 million from the Crown, which is the deposit on the rail network, and assets it would acquire from Tranz Rail. If the proposed transaction is not approved by TRH shareholders, this deposit will be repayable with interest on 30 June 2004.

"I can further confirm that the payment of $20 million due to our rolling stock leaseholders was made last night," says Mr Walden.

ENDS

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