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Merger Fund Offer Extended

Media release

Merger Fund Offer Extended

Bancorp Extends Offer In Its New Merger Arbitrage Fund For 8 Weeks

Auckland, 23 March 2004 - Bancorp New Zealand announced today it was extending the offer to participate in its merger arbitrage fund until Friday 14 May 2004.

Bancorp's merger arbitrage fund is a new, innovative fund for the New Zealand market, and is the only one that offers investors a chance to profit from growing corporate takeover and merger activity in New Zealand and Australia.

Craig Brownie, Managing Director of Bancorp New Zealand Limited, said that the offer was being extended for another eight weeks to allow more investors a chance to take part in the fund and capitalise on takeover activity.

"Extending the offer for a further eight weeks allows for the involvement of a greater spread of investors and also will provide the market more time to digest why Bancorp's merger arbitrage fund is so well placed to profit from takeover activity and deliver significantly higher returns than other managed equity funds," says Brownie.

"The merger arbitrage fund is based on a proven, successful investment strategy which has seen much higher returns relative to lower volatility for investors compared with traditional equity funds. It is ideal for retail investors who are looking for a very actively managed fund that has fees that are comparable with similar hedge funds, and yet also provides absolute returns from the growing mergers and takeovers market."

ENDS

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