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City Forests Limited owns 50% of units in Opio

8 October 2004

City Forests Limited today announced that it now owned 50% of the units in Opio Forestry Fund.

Earlier this week City Forests made its 85c per unit cash takeover offer unconditional.

City Forests’ chief executive Mr Phil Taylor said: “We are pleased to have gone through the 50% mark. Clearly we have encountered issues along the way, namely full and open access to the Opio register which has restricted us from communicating with unitholders in the way we would have liked to. But we always believed our offer to be an attractive one and the level of acceptances reflects this.”

City Forests offer closes at 5pm today. However, the company will honour late acceptances received over the next few days.

City Forests currently has acceptances for 7,482,005 units in Opio representing 50.0% of the total units on issue. It expects this percentage to rise further in the coming days.

ENDS

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