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Seeka lists on the NZSX following share issue

Seeka lists on the NZSX following highly-successful share issue

Seeka Kiwifruit Industries Limited directors are pleased to announce that following a 96.5% uptake of their share issue to growers, shareholders and investors, it will list on the NZSX market, with its ordinary shares quoted on that market, from 10.00am, Tuesday 26 July 2005.

Seeka’s recent share offer included a renounceable rights issue to existing shareholders, a non-renounceable offer to supplying growers, and a placement to selected investors.

A total of $13.66 million was raised by the offers, with a 91.4% uptake by growers raising $1.81 million, a 96.3% uptake by existing shareholders and investors of the rights issue raising $8.35m, and a 100% uptake of the placement raising $3.5m.

“The exceptionally high uptake of the offer by both growers and shareholders is a pleasing endorsement of our programme to rationalise the kiwifruit post harvest sector", says Seeka managing director Tony de Farias.

“It demonstrates how producers and investors can work together to generate exceptional value from a local product. Seeka’s listing on the NZSX market is a momentous step for the Bay of Plenty business community.”

Seeka is just the third company from the Bay of Plenty to list on the NZSX market. Significantly, unlike Port of Tauranga and Trustpower which evolved from state-controlled bodies, Seeka’s growth to full market listing highlights the successful growth of a heartland industry.

“Seeka’s listing on the NZSX market provides the public with a rare opportunity to invest in a heartland industry,” says de Farias.

“The share issue means we have effectively recapitalised the company following our successful 2005 acquisition programme.

“Seeka recognises that investors and primary producers share a common interest in supplying the best possible service while managing costs. The financial disciplines and transparency demanded by the market ably service growers by fully-controlling their costs while ensuring they are fairly rewarded for their crop.”

“During the 2005 financial year, Seeka, with its affiliate OPAC, grew its market share to cover a projected 27% of the national kiwifruit harvest. Our acquisition of complementary post harvest companies placed Seeka in a excellent position to deliver a better service to Zespri on behalf of our supplying growers” says de Farias.

“Seeka’s growth in operations, along with our position as leader in the kiwifruit industry, meant it was now appropriate to upgrade our listing from the NZAX to the NZSX market. NZSX listing will provide shareholders with further liquidity, enhance analytical coverage by the investment community, improve access to capital markets, as well as attract further interest from institutional investors.”

“Harvest of the 2005 kiwifruit crop has now been completed with Seeka’s total harvest volumes largely inline with projections”, says de Farias.

“While harvest of the new Gold variety was slightly below projections due to strict grading criteria, our main Green crop finished ahead of projections. Pleasingly, the performance of Seeka’s leased orchard portfolio was also better than projected,” says de Farias.


END


Background information

As New Zealand’s largest integrated kiwifruit post harvest and orcharding company , Seeka and it affiliate OPAC are projected to process 27 per cent of the 2005 kiwifruit harvest.

Seeka leads consolidation of New Zealand’s kiwifruit post harvest industry, having acquired operators Eleos and Bridge Cool plus a 20 percent stake in OPAC during the 2005 financial year, and has set a target to achieve 35% market share.

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