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Newcall Shareholders Approve Debt Capitalisation

Media Release
17 September 2003

Newcall Shareholders Approve Debt Capitalisation

AUCKLAND 17 September 2003: Newcall Group shareholders unanimously approved the conversion of debt and interest held by Newcall’s largest shareholder Charoong Thai Wire and Cable Public Company Limited (CTW), and its wholly owned subsidiary CTW Beta Company Limited (BETA), at a special shareholder meeting held on 17 September.

The conversion is at NZ$0.52 cents per share which is a significant premium over the current trading price of Newcall shares.

Newcall owes CTW $2,215,536.30 and BETA NZ$133,691.17 which will be converted into 42,606,467 ordinary shares for CTW and 2,570,984 ordinary shares for BETA. As a result, CTW’s combined shareholding will increase from 32.58% to 49.55 %.

The total number of ordinary shares issued will increase from 134,323,592 to 179,501,043.

Also, shareholder funds will be positive at $ 945,000.

David Tao Heng Sun, CTW Managing Director says, “We believe the conversion price of 5.2 cents per share more accurately reflects the underlying value of Newcall shares than the current trading price on the New Zealand Stock Exchange.”

Newcall Chairman, Jim Bracknell, says Newcall is aggressively pursuing an acquisition or a merger with a local company to increase the New Zealand shareholding in the company and to provide an exit strategy to CTW.

ends

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