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Nuplex announces Share Purchase Plan

Nuplex announces Share Purchase Plan

Nuplex Industries Limited announced today that its board had approved an offer to all of its New Zealand and Australian resident shareholders to participate in a share purchase plan (SPP).

Each New Zealand and Australian shareholder will be entitled to purchase up to $5,000 worth of ordinary shares in Nuplex in the currency of their jurisdiction. The number of shares each shareholder will be entitled to will be adjusted so that no shareholder will be entitled to more than NZ$5,000 or A$5,000 worth of shares whichever is the lesser.

Under the SPP, Nuplex intends to issue up to NZ$15 million worth of ordinary shares.

The issue price of the ordinary shares under the SPP will be the lesser of: NZ$4.90 (or its equivalent in Australian currency for Australian shareholders); and A discount of 3.5% to the volume weighted average market price (rounded to four decimal places) of Nuplex's ordinary shares sold on the NZX and ASX (whichever is the lesser in the event of any difference), calculated over the 30 days on which sales are recorded before the offer date (19 November 2004). The purpose of the issue is to assist with the finance of the acquisition of the coatings resins group of Akzo Nobel NV.

The Chairman, Fred Holland said that “The share purchase plan provided a unique low cost and efficient way for shareholders to participate in the Company’s capital raising, to fund the coating resins’ acquisition. New Zealand and Australian shareholders have an equal opportunity to invest regardless of how many shares they own”

The offer to participate in the SPP will be made to shareholders on the register at 8:30am (NZ time) on 17 November 2004.

The closing date for the SPP will be 10 December 2004 and the shares will be allotted on 14 December 2004.

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