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Takeovers Panel Rejects Latimer Holdings complaint

News Release

20 May 2004

Takeovers Panel Rejects Latimer Holdings Limited’s complaint concerning Trans Tasman Properties Limited

The Takeovers Panel met on Thursday 20 May 2004 to consider a complaint from Latimer Holdings Limited that the target company statement issued by Trans Tasman Properties Limited on 30 April 2004 in response to a takeover offer from SEA Holdings New Zealand Limited does not comply with the Takeovers Code in respect to the disclosure requirements under clause 20 of Schedule 2 of the Code. That clause is concerned with disclosure of asset valuations in certain circumstances.

Representatives of Trans Tasman Properties Limited, Latimer Holdings Limited, and SEA Holdings Limited, a majority shareholder of Trans Tasman Properties Limited attended the meeting.

The Panel determined that it was satisfied that Trans Tasman Properties Limited’s target company statement complied with the requirement of clause 20 of Schedule 2 of the Code.

The Panel noted that the takeover offer from SEA Holdings New Zealand Limited closes on 20 May 2004. As a result it decided to announce its decision on the matter immediately. The Panel’s full determination, conveying its reasons for the decision, will be released as soon as possible.

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