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Initial public offering and listing NZSX

MEDIA INFORMATION: Rakon Limited: 24th March 2006

Rakon Limited has confirmed that it intends to make an initial public offering of shares and listing on the NZSX.

Rakon Limited has confirmed that it intends to make an initial public offering of shares and listing on the NZSX. The share offer will comprise a sell down by Ahuareka Trustee Limited (as trustee of the Ahuareka Trust representing Warren Robinson and Robinson Family interests) of 35% of the company and the issue of new shares to raise $10 million.

The proceeds from the issue of new shares will be used to expand production capacity and for the development of new products.

The offer will be targeted to institutional investors in New Zealand, Australia and elsewhere, and retail investors who will principally be clients of leading brokers in New Zealand..

ENDS

Background information:

- Rakon produces high performance crystals and oscillators and currently over half of all GPS products manufactured today are driven by a Rakon crystal or oscillator.

- The privately-owned company is regarded as a world leader in manufacturing quartz crystals and oscillators used in telecommunications and more recently the company has specialised in frequency references for GPS receivers.

- All GPS receivers use quartz crystals in the decoding of satellite positioning data by oscillating at very specific frequencies; Rakon was the first to develop temperature controlled crystal oscillators that were small, inexpensive and precise enough under the dynamic temperature changes that GPS systems experience

- Rakon was founded by Warren Robinson in 1967 in his basement where he began to manufacture, by hand, quartz crystals for the New Zealand VHF and marine industry.

- Today the company employs around 500 people in its Auckland headquarters at Mt Wellington and is recognised as one of the highest quality producers of high performance crystals and oscillators in the world.

- Rakon was named the 2005 NZTE Supreme Exporter of the Year and Information and Communications Technology Exporter.

- The company exports around 95% of its production.

- Earlier this year Rakon launched the world’s smallest GPS radio signal receiver, for use in GPS-enabled equipment, such as mobile phones, PDAs and watches

- The tiny receiver is a complete ‘plug and play’ unit, which makes it easy for GPS manufacturers to embed into their devices at the design stage and helps manufacturers meet market demands for miniaturisation.

- Miniaturisation of the GPS RF module is strategically very important for Rakon as it provides more value-add on its core technology.

- Late last year the company hit record production numbers of three million units a month from its Auckland factory.

- In October 2005, Rakon founder and majority shareholder Warren Robinson sold 20% of his holding to Tahia Investments; the investment company associated with Navman founder Peter Maire, and associated interests. Peter Maire’s investment partners include long-time colleague and former Navman board member Andrew Clements, who has co invested alongside Peter Maire ‘s investment company, Tahia Investments, in listed eft-pos terminal company Cadmus, as well as in Orion software and Fusion audio.

- At the time, Rakon’s Brent Robinson said the company had a long association with Peter Maire personally as well as through collaboration with Navman in product development and felt there would be a natural fit with Rakon’s GPS technology and Peter Maire’s international expertise in this sector.
Maire is on Rakon’s board along with independent director and recently-appointment chairman Bryan Mogridge and new independent director Bruce Irvine.

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