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Further progress in offer for Wrightson shares

Further progress in offer for Wrightson shares

Rural Portfolio Investments advises that acceptances of its offer for shares in Wrightson processed today would increase its total holding in the company to 43.4 percent.

“Even on the toughest assumptions, we are well ahead of our expectations at this point," the managing director of Rural Portfolio Investments, Craig Norgate, said. "We know of other acceptances that are in the mail or received but have yet to be processed, we understand the Tenon/Rubicon experience, and we are confident that we will exceed the 50.01% target by the time all acceptances are counted.”

Mr Norgate said the offer had been accepted by all the investment institutions that had significant shareholdings. “The institutions have made their professional assessment, recognising the value of the offer. The remaining shareholders are New Zealanders with small holdings, who have perhaps been influenced to date by the advice of the Wrightson board. We believe this has not served them well. It would be a pity if they were to follow this advice to the end and miss out on the excellent value we have put on the table.”

RPI’s offer is for sufficient shares to increase its holding in Wrightson to 50.01 percent. The offer is at $1.65 per share – 41 cents, or 33 percent, higher than the market price of Wrightson immediately before the announcement of the offer on 6 April.

The offer will close at 5 pm this Wednesday, 23 June.

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