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Barramundi Offer Closes Oversubscribed

Media Release
Barramundi Limited
25th October 2006

Barramundi Offer Closes Oversubscribed

The initial public offering (IPO) by Barramundi Limited to raise up to $100 million has closed significantly oversubscribed following strong demand from retail investors, including Kingfish share holders and warrant holders.

Barramundi Limited (“Barramundi”) is an investment company managed by Fisher Funds Management Limited that has been established to invest in smaller, growing Australian companies. Barramundi shares (and associated warrants) issued under the offer will be listed on the NZSX.

Barramundi received applications totalling $126 million, for an offer of up to $100 million. As a consequence of heavy demand in the offer, Barramundi has elected to scale applications for shares from oversubscriptions on the following basis:

o applications from Kingfish shareholders and warrant holders will be accepted in full up to 10,000 shares with the amount above 10,000 scaled by 50%;
o applications for additional shares from clients of NZX Firms and members of the public have not been allocated shares and application monies will be returned in full.

The shares and warrants are expected to be listed on the NZSX on Thursday 26th October with trading commencing from 11.00am*.

Fisher Funds Managing Director and Barramundi Director, Carmel Fisher, said “We are extremely pleased with the interest shown in the Barramundi offer. This is a real endorsement of our investment approach, which focuses on picking Australian stocks with growth potential, and our successful track record in New Zealand and Australia”.

Neil Craig, Executive Chairman of ABN AMRO Craigs, Lead Manager to the IPO, said the offer proved extremely successful. “The level of investor demand was very high from all areas of the market - NZX Firms, members of the public and current Kingfish holders. For an IPO of an investment fund to be oversubscribed by 26% shows tremendous support for Fisher Funds and the Barramundi offer”.

The offer involved the issue of 100 million new shares at $1.00 per share and successful applicants receive one warrant for every two shares allotted. ABN AMRO Craigs has been the Lead Manager to the IPO and Organising Participant to the listing.

• Application has been made to New Zealand Exchange Limited (NZX) for permission to list the shares and warrants on NZSX. However, NZX accepts no responsibility for any reference to listing in this statement.


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