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Pacific Print Group Limited To Issue Capital Notes

29 October 2004

Pacific Print Group Limited To Issue Capital Notes

Growing commercial print organisation Pacific Print Group Limited (PPG) has announced the launch of a capital notes issue for up to $35 million to retail investors.

The Auckland-based group's initiative comes hard-on-the-heels of an intense, three-year programme of acquisitions involving more than a dozen print businesses around the country. This culminated earlier this month with the purchase of Brebner Print Limited, a long-established New Zealand print company based in Hawke's Bay.

Pacific Print followed this substantial deal with its first foray into the Australian market with the acquisition of Sydney-based Graphic World Group Holdings Pty Limited.

Pacific Print now has a turnover of more than $120 million and has approximately 600 staff.

The Group's Executive Chairman, Geoff Wilding said the capital notes issue will refinance debt incurred in connection with the continuing acquisition programme and provide funding for general corporate purposes.

Mr Wilding says Pacific Print management has successfully implemented a strategic growth strategy to position it as a leader in New Zealand's print industry. The companies acquired by Pacific Print have strong positions in their respective markets.

Pacific Print was established in 2001, and its stable of print companies now extends throughout the North Island with one business in Christchurch as well as the Sydney company.

The issue of capital notes will open on 1 November, and the notes will have an initial election date of 15 October 2009. The notes will pay a fixed rate of interest to the initial election date of 10.25% per annum on a quarterly basis. The minimum application amount is $5000.

The notes will be unsecured obligations of PPG, jointly and severally guaranteed on an unsecured, subordinated basis by Printco Graphics Limited, Elite Colour Print Limited, Business Printing Group Limited, Albion, King & McLay (1983) Limited, Bays Press Limited and Bryce Francis Graphics Limited, who are all subsidiaries of PPG.

If an initial public offer ("IPO") of shares in PPG is undertaken, noteholders will have a preferential right to subscribe for a set amount of shares at a discount to other subscribers to the IPO.

Should an IPO for an minimum of $25 million not be completed by 15 January 2007, the interest rate on the notes will increase by 1.5 percent per annum.

Application has been made to New Zealand Exchange Limited (NZX) for permission to list the capital notes and all the requirements of NZX relating thereto that can be complied with on or before the date of this release have been complied with. However, NZX accepts no responsibility for any statement in this release.

The Arranger and Lead Manager of the issue is ANZ Investment Bank. Forsyth Barr Limited will be the Co-Lead Manager and Organising Participant and First NZ Capital Securities Limited the Co-Manager. A copy of the investment statement and prospectus for this issue of capital notes can be obtained by contacting any of these firms.


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