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Richina Would Consider Colyer Mair Sale

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited
Richina Pacific is prepared to consider the sale of its 100% owned subsidiary, Colyer Mair Limited, to Lowe Corporation Limited.

The ruling today by the Commerce Commission that it has granted unconditional agreement to Lowe Corporation to proceed with the acquisition opens up the possibility of a sale.

However, Richina Pacific wishes to make it clear to shareholders and the market that while Lowe Corporation has indicated it is willing to make an offer there is no agreement in place between it and Lowe Corporation. Until an offer has been made and accepted, there is no sale in the offing.

Following Lowe Corporation’s expression of interest, Richina Pacific entered into a confidentiality agreement with them. Some limited information has been exchanged, but due diligence has not been undertaken.

If this develops into an offer which the directors of Richina Pacific believe is advantageous to all shareholders, shareholders and the market will be informed .Any conditions that may attach to the agreement will also be advised at that time.

Colyer Mair is our New Zealand based semi processor of leather. It is headquartered in Auckland and has processing facilities in Auckland, Napier, Wanganui, New Plymouth, Levin, Christchurch and Dunedin.

It processes some 20% of the skins and hides from the nation’s sheep and cattle kill, and exports semi processed leather throughout the world.

Ends

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