Independent Report Fatally Flawed

News Release

Independent Report Fatally Flawed

The report by Grant Samuel on the partial takeover offer for Wrightson shares by Rural Portfolio Investments Limited is fatally flawed and should be withdrawn immediately, the Managing Director of RPI, Craig Norgate, said today.

“The numbers presented in the report simply do not support the conclusion of a value range between $1.61 and $1.86 per share for Wrightson.

“The report contains a number of arithmetical errors that render it grossly misleading and make it an invalid basis for the Wrightson board’s recommendation.

“The errors in the report are summarised in the preliminary view attached to this news release.

“We regard the report and the reliance placed on it in the public statements by the Wrightson board as seriously misleading for Wrightson shareholders. In view of this, we will be lodging a request with the Takeovers Panel that it urgently investigate the matter.”

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