United Milk Ltd receives over 90% acceptances

Press Release

21st September 2003

United Milk Ltd receives over 90% acceptances in Kapiti Cheeses Ltd

The board of United Milk Ltd announced today that, in response to its offer to the shareholders of Kapiti Cheeses Ltd of the 1st September, it had received acceptances accounting for 94% of the shares on issue, enabling compulsory acquisition of the balance of shares.

United Milk is delighted with this outcome, which will enable the Kapiti brand and company staff to move forward with confidence. By bringing these two significant New Zealand companies together we are creating a stronger platform for continued innovation, future growth, and commitment to our customers.

Speaking today, John Butterfield, outgoing chairman of Kapiti Cheeses, said: “This outcome is a good one for shareholders and for the business and employees as a whole. We are confident that it is also a positive development for the business’s many loyal customers and business partners.

“The board is happy that the company is being acquired by a New Zealand owned organisation with exciting plans for its future.”

ENDS

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