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Demand For Pacific Print's Capital Notes Offer

Strong demand for Pacific Print Group's capital notes offer

Demand for Pacific Print Group's NZ$30 million offer of unsecured capital notes, which was launched just last week, has been overwhelming.

"As a result of this strong interest, the company is taking up the full NZ $5 million of oversubscriptions allowed for in its prospectus," said Pacific Print Group executive chairman, Geoff Wilding.

"The proceeds of the capital note issue will go toward repaying an NZ$30 million bridge loan used to partly fund Pacific Print's recent purchase of two printing companies," said Mr Wilding. All stock has been placed by way of firm allocation to the Lead Manager and NZX Firms, and as a result there will be no public pool.

The Auckland-based commercial print group's capital notes initiative comes after a three-year programme of acquisitions involving more than a dozen print businesses around the country. This culminated early last 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 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 is lead-managed by ANZ Investment Bank, a part of ANZ National Bank Limited, with Forsyth Barr acting as Co-lead manager and First NZ Capital Securities as 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.

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.

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