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ASB Bank to Sell its Interest in BBQ Factory

6 August 2004

ASB Bank to Sell its Interest in BBQ Factory

Statement from Peter Hall, Head of Institutional Banking, Treasury and ASB Securities, ASB Bank

ASB Bank has sold its majority interest in the BBQ Factory to Hellaby Holdings Limited.

The Bank acquired its majority shareholding in the BBQ Factory last month when the StoreFund share float was withdrawn due to significant undersubscription.

ASB Bank believes the sale of its holding in the BBQ Factory provides an attractive resolution for all parties involved. As stated when it made its acquisition, the Bank believes the BBQ Factory is an excellent business.

Hellaby approached ASB Bank with an attractive offer and the ability to settle within a short timeframe. The financial outcome from ASB Bank’s perspective is a positive one.

The Bank believes that under Hellaby’s ownership the BBQ Factory will be given the opportunity to continue to grow as a business.

In line with the agreement ASB Bank has with Hellaby all details of the transaction will be kept confidential.

ENDS

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