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H & G Set To Take Control Of Rural Equities

July 9, 2004

H & G Set To Take Control Of Rural Equities

H & G Ltd, together with certain associates, looks set to take control of Hawkes Bay based Rural Equities Ltd.

H & G Director David Cushing said today that the partial offer for 2,303,551 shares had been successful, with acceptances being received for 2,882,275 shares. Some scaling back of acceptances will be required, as a result of which H & G and certain associates will own 50.1% of Rural Equities. All shares purchased will be at the price of $1.60 per share.

In addition, shareholders approved the H & G offer being made, a requirement of the Takeovers Code.

Mr Cushing says a greater involvement by H & G has been overwhelmingly endorsed by the vast majority of Rural Equities shareholders, which H & G appreciated.

"H & G has a proven track record of value creation in the rural sector," said Mr Cushing.

"Rural Equities has significant long term capital growth potential, which we will focus on. It is unlikely that any dividends will be paid for quite some time" said Mr Cushing.

Rural Equities was spun off from listed Williams and Kettle during a reconstruction earlier this year. As well as holding the management contract for the New Zealand Rural Property Trust, Rural Equities also owns 31.9% of the Trust.

ENDS

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