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Colville Equities to raise up to $75m

Press Release 21 April 2004

Investment company Colville Equities to raise up to $75m.

Colville Equities Limited (“Colville”) announced today that it is proposing to make an offer of shares and options to the public. Colville will operate as an actively managed investment company with a primary focus on NZX-listed securities and a secondary focus on NZ unlisted investments which are expected to list within two years and ASX-listed companies with business interests in New Zealand.

Colville will seek subscriptions of $50 million with the right to accept over- subscriptions of up to $25 million. Shares will be offered at $1 per share and investors will be granted a one-for-two transferable option to acquire additional shares, also at $1 per share, in two years’ time.

Colville will have a management agreement with Milford Asset Management Limited under which Milford will manage Colville and its investment portfolio.

It is expected that the combined prospectus and investment statement will be available mid-May 2004. No money is currently being sought and no applications for shares or options will be accepted or money received unless the applicant has received an investment statement.

ENDS

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