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$18.19 Million Rights Issue Opens

31 March 2008

St Laurence Property & Finance

$18.19 Million Rights Issue Opens

Active property investor St Laurence Property & Finance Limited (SLPF) announced today that its pro-rata renounceable rights issue of approximately 25.99 million new mandatory convertible property notes (New Notes) to raise up to $18.19 million (the Offer) has now opened. Trading of the rights to the New Notes commences on the Unlisted platform ( today and will cease at 5pm on 11 April 2008.

The closing date for receipt of acceptances and renunciations under the Offer is 3pm on 15 April 2008. Allotment of the New Notes is expected to occur on 24 April 2008.

Under the Offer, holders of SLPF’s existing mandatory convertible property notes (Existing Notes) will be entitled to take up one New Note for every five Existing Notes held. St Laurence Limited, as SLPF’s sole shareholder, will be entitled to take up one New Note for every five ordinary shares it holds. SLPF has put in place an over-subscriptions facility where Existing Note holders who subscribe in full for their pro-rata entitlement under the Offer are able to apply for New Notes up to a maximum of 50% of their pro-rata entitlement.

In addition, SLPF is able to place issue any New Notes that are not taken up under this Offer with selected investors. Full details of the Offer are provided in a combined investment statement and short-form prospectus registered on 14 March 2008. First NZ Capital is acting as Lead Manager for the Offer.


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