Tranz Rail: additional inaccurate comments concern

Tranz Rail concerned over additional inaccurate comments

Auckland -New Zealand Tranz Rail Holdings Limited {NZX:TRH}

Tranz Rail Board Chairman Wayne Walden has today responded to a stock exchange release made by Toll Holdings Managing Director Paul Little which the company believes is misleading

"The Board wants to reassure shareholders that the company's financial situation is stable.

"The recent deposit of $44 million by the government has significantly strengthened Tranz Rail Holdings capital position and, in fact, our available banking facility at the end of June was in excess of $20 million. In addition, the company's forward cash flow estimates, which are regularly updated, will see us through the seasonal lows."

Mr Walden says once again that there is no need for shareholders to make decisions about the Toll offer at this time.

Tranz Rail urges all shareholders to wait until the Board has received the Grant Samuel report and makes its new recommendation which will accompany the Target Company Statement.

"The board of Tranz Rail is disappointed that Mr. Little continues to make misleading statements to the market," said Mr Walden.

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