H & G Ltd Increases Rural Equities Offer to $1.60

Thursday, 24 June 2004, 11:54 am
Press Release: H and G Ltd

H & G Limited Increases Rural Equities Offer to $1.60

H&G Limited (H&G) has announced today that it has increased its offer for Rural Equities Limited (REL) from $1.50 to $1.60 per share.

H&G Director David Cushing said that there continued to be widespread support for the H&G offer and H&G wished to acknowledge and thank shareholders for the support it had received. The offer is conditional upon approval being obtained by July 8 allowing H&G to make the offer.

"At this stage, despite the attempt by the Wellington company St Laurence to frustrate the H&G offer by voting against the making of the offer, we are confident of obtaining shareholder approval. This negative strategy is doomed to fail," said Mr Cushing.

Mr Cushing said there was strong support for H&G making the offer by both shareholders who had accepted its offer and other shareholders who had chosen to hold on to their shares and participate in the future fortunes of the company with H&G as the cornerstone shareholder.

The vast majority of REL shareholders obtained their shares through holding Williams & Kettle (W&K) shares.

"H&G has been the cornerstone shareholder in W&K for many years and has been influential in the improved performance of the company which in turn has seen W&K shares increase significantly in value.

"H&G has a proven track record of value creation in the rural sector and the vast majority of shareholders welcome our increased presence and commitment to the company" said Mr Cushing.

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