Orion incr. shareholding in Energy Developments

Media release

14 February 2003

Orion New Zealand Limited increases shareholding in Energy Developments Limited

Orion New Zealand Limited announced today that it had acquired a further 4.9% shareholding in Energy Developments Limited (“EDL”), a listed Australian renewable energy company.

The acquisition cost approximately NZ$11.7 million and the shares were purchased on-market at A$1.90 per share.

In July 2002 Orion purchased 10% at A$3.60 per share (NZ$48 million) and the latest purchase takes its shareholding in EDL to 14.9% - the maximum allowed under its revised shareholder agreement with EDL. Orion’s average entry price is now approximately A$2.75 per share.

Orion’s Chairman, Linda Constable said; “We are pleased to obtain this additional stake at what we believe is good value for our shareholders.”

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