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Kerifresh Auction

23 January 2008

Kerifresh Auction

Hamish McHardy confirms that his company, Sundry Investments Limited, bid a price of $2 per share for the 1.6m Kerifresh shares auctioned by ABN AMRO Craigs, but was overbid by Turners and Growers Horticulture Limited’s commitment to make a full takeover offer at a price of $2.10 per share.

While Hamish McHardy does not accept the correctness of the Panel's findings against him, he agreed to the solution suggested by the Takeovers Panel as an alternative to the Panel taking the matter to the High Court. The Panel's decision to appoint a broker to auction the shares, which could only be re-acquired if the original holders made a successful takeover, ensured that Kerifresh shareholders received a full takeover offer.

Hamish will consider the Turners and Growers’s offer for the remainder of his shareholding once it is received.


ENDS

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