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Satara In Countdown Mode For NZAX Listing

Satara In Countdown Mode For NZAX Listing

Satara Co-operative Group Limited is in countdown mode as it prepares for yet another milestone – a listing on the NZAX.

One of New Zealand's largest kiwifruit and avocado post-harvest businesses, Bay of Plenty-based Satara is set to list its Investor Shares on the new NZAX on Monday. It currently has 16,296,361 Investor Shares on issue.

The listing will represent a milestone for the NZAX also as Satara will be New Zealand's first publicly traded co-operative with its unique hybrid capital structure and freely tradeable Investor Shares.

Satara CEO Brian Bilas says the forthcoming NZAX listing represents a wonderful landmark for Satara.

"Monday will truly be a red letter day for us," he says. "The NZAX listing will offer liquidity and a price signal for our existing shareholders as well as means for new grower suppliers to acquire this class of share."

Bilas says the listing will also give Satara the ability, if required, to raise capital by issuing new Investor Shares.

"We are not looking to raise new capital at present, but we will have the ability to do so. We now have more options to fund major acquisitions."

Bilas says Satara is forecasting a 2004 result that is likely to be in line with last year's. A 6 cent dividend payment is forecast for the year ending December 31, 2004.

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