St Laurence Property & Finance Bonds Subscribed

3 April 2006

St Laurence Property & Finance Bonds Fully Subscribed

St Laurence Property & Finance Limited (SLP&F) today announced that its current offer of listed Bonds had closed fully subscribed on Friday, 31 March 2006. The offer raised $50 million in total comprising the initial amount of $25 million plus over-subscriptions of a further $25 million.

The Bonds offer a fixed rate of 9.25% per annum with a term of just over five years, maturing on 15 May 2011. The Bonds have been quoted on the NZDX since 16 February 2006, providing investors with an avenue to trade their Bonds.

John Mallon, Chief Executive of SLP&F, said, “We’re delighted with the outcome of the Bond offer. It demonstrates the increasing level of market interest in, and acknowledgement of, SLP&F as a specialised property investment company and highlights our recent track record.

"This Bond offer is part of our ongoing funding programme and, being fully subscribed, adds strength to our balance sheet. We will be using the proceeds to repay some existing debentures due to mature over the next few months as well as funding further investment opportunities.”

This is the second offer of NZDX listed bonds that SLP&F has made to the market, with a $30 million Bond issue undertaken in early 2005 with the assistance of First NZ Capital as Lead Manager.

David Smith, Director of Investment Banking at First NZ Capital, the Lead Manager and Organising Participant for the Bond offer said, “St Laurence Property & Finance's investment activities and recent track record presented a strong story to investors and brokers, and the market was comfortable with the company and its offer. St Laurence Property & Finance is increasingly being recognised as a quality player in the New Zealand property market.”

SLP&F is a substantial property investment company holding a portfolio of property-based assets. The Company has recently purchased HP House, Quay Street Auckland for $24.75 million. Last year, SLP&F sold its shareholding in Elrond Group Holdings Limited, its aged care investment, for $16.5 million. This produced an overall profit on the sale of its shareholding in excess of $15 million, with $11.7 million of this to be recognised in the current financial year.

SLP&F is due to announce its results for the year ended 31 March in May 2006.

ENDS

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