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Court upholds Takeovers Panel’s application

7 October 2005

Court upholds Takeovers Panel’s application for orders restraining Delegat’s and Oyster Bay

The High Court in Wellington today issued interim orders relating to the disputed partial takeover offer for Oyster Bay Marlborough Vineyards Limited by Delegat’s Wine Estate Limited.

In today’s hearing Justice Miller considered the proceedings filed by the Panel yesterday, seeking the orders.

The orders:

- restrain Delegat’s from acquiring any securities in Oyster Bay, or any interest in or rights relating to such securities; and

- direct Oyster Bay not to register the transfer or transmission of any securities arising from Delegat’s takeover offer.

The orders remain in force until any further orders of the Court.

Delegat’s application for a judicial review of the orders made by the Panel on 22nd September 2005 was also heard today. Justice Miller found that that application must fail.

ENDS

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