St Laurence 15% stake in Rural Equities

Friday, 9 July 2004, 10:39 am
Press Release: St Laurence Equities

St Laurence Equities

Media Advisory

St Laurence Equities has successfully acquired a 15% stake in Rural Equities Limited following its recent stand in the market.

Irrespective of the outcome of the shareholders vote on the H&G takeover offer, which sought a 50.1% stake in the REL, St Laurence is comfortable with its shareholding in REL.

Because H&G are reliant upon associated parties to secure a 50.1%stake in Rural Equities, the Takeovers Code requires a majority of shareholders (excluding H&G and their associates) to vote in favour of the partial takeover offer.

St Laurence Equities has voted its shares against the H&G takeover offer because it believes that it will remove the prospect of shareholders being able to secure a higher price for their shares in future.

For this reason, REL shareholders were encouraged by St Laurence Equities to protect the value of their investment and vote against H&G being able to secure control of the company.

We understand that the independent directors expect to announce the result of the postal vote at 12.00 noon tomorrow at which time it will be posted on the Unlisted website: www.unlisted.co.nz

ENDS

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