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Bacardi “sweet as” offer to 42 BELOW shareholders

News release sweet – 1
November 3, 2006

Bacardi serves “sweet as” offer to 42 BELOW shareholders

42 BELOW Ltd shareholders receive their offer documents from Bacardi in the mail this week together with the 42 BELOW target company statement.

The full cash offer from the world’s biggest private spirits company for the New Zealand premium vodka maker is for 77 cents per share valuing the company at $137m. Independent appraiser Grant Samuel has valued the company at between 59 and 74 cents a share.

42 BELOW Chief Vodka Bloke Geoff Ross says Bacardi’s offer represents good value for shareholders.

“It’s a sweet deal. Not only is the offer 35 per cent higher than the share price prior to the announcement, it also represents a 68 per cent return for those that bought shares at listing and exercised warrants.”

Mr Ross confirms 42 BELOW founding and substantial shareholders representing 52 per cent of shares and warrants issued have committed to the offer.

“Our position is it’s all tracking well. All the boxes so far have been ticked and now it’s up to the remaining shareholders to put their mark in the final one.”

Mr Ross says the Bacardi offer represents a very rare opportunity for a New Zealand brand to become a global brand icon.

“Bacardi plans to invest heavily in the 42 BELOW brand portfolio and supporting infrastructure to really get us on top of the world spirits stage.”

Based on the Grant Samuel report, the independent directors of 42 BELOW have recommended the offer to shareholders.

About 42 BELOW
42 BELOW makes some of the planet’s finest super-premium spirits. 42 BELOW Vodka, SOUTH Gin and Seven Tiki White Rum are made 42 degrees below the equator near a location that holds the benchmark for both air and water purity. The super-premium spirits company was listed in first place in the Deloitte Unlimited Fast 50 2005, and named the fastest-growing company in New Zealand. 42 BELOW is the world’s most awarded vodka, scoring a ‘Grand Slam’ clean sweep in 2006 with gold at all four of the world’s leading spirit competitions. It is served in more than 4,500 of the world’s best bars, including the Ritz in London and the best restaurant on earth, El Bulli in Spain.

About Bacardi Limited
Bacardi Limited is the largest privately held spirits company in the world and produces and markets a variety of internationally recognized spirits. Bacardi Limited’s brand portfolio consists of more than 250 brands and labels, including BACARDI rum, the world’s favourite rum; MARTINI & ROSSI vermouth, the world leader in vermouth, GREY GOOSE vodka, the world leader in ultra-premium vodka; DEWAR’S Scotch whisky, the number one selling blended Scotch whisky in the United States; BOMBAY SAPPHIRE gin, one of the most popular premium gins in the world; CAZADORES blue agave tequila, the top selling 100 percent blue agave tequila worldwide and other leading brands.

ENDS

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