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Acceptances To Offer For Oyster Bay Lift Delegat's

NEWS RELEASE
3 AUGUST 2005

Acceptances To Offer For Oyster Bay Shares Lift Delegat’s To 44.21 Percent

Delegat’s partial takeover offer for Oyster Bay Marlborough Vineyards continues to progress well, and now has acceptances which together with shares already held by it total 44.21%.

Delegat’s Group subsidiary Delegat’s Wine Estate Limited is offering $4.00 each for shares in Oyster Bay Marlborough Vineyards, and seeking acceptances to increase its shareholding to 50.1 percent.

The Managing Director of Delegat’s Group, Mr Jim Delegat, said: “We have received very positive and consistent feedback from shareholders in response to our offer – firstly, that they support the current direction of the company and value the relationship between Oyster Bay and Delegat’s; and secondly, they recognise that our offer is important to the market liquidity of their shares and their continuing participation in the affairs of Oyster Bay. There is obviously strong shareholder enthusiasm for investing in the New Zealand wine industry.”

Mr Delegat noted comments by the independent directors of Oyster Bay in their Target Company Statement.

“If the Delegat’s offer was successful, the character of the Company would be unlikely to change. Delegat’s would still be the majority shareholder and Shareholders can expect that they would have the same influence and receive the same consideration in the management of the affairs of Oyster Bay as they do now. If the PYIL Offer was successful, it is likely that the character of Oyster Bay would change. The minority Shareholders would be diluted to a greater extent and would have little influence over PYIL and Delegat’s who between them (or PYIL alone) would run Oyster Bay subject to its contractual obligations.” – Target Company

ENDS

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