PIL provides update on takeover bid for St John

6 March 2007

Media release

PIL provides update on its takeover bid for St John

On 27 February 2007 Pen Investments Limited (“PIL”) applied to the Takeovers Panel for consent that it could release persons who had accepted the PIL offer from that offer in the event that the St Laurence offer passed the 50.1% threshold.

The Takeovers Panel has now responded advising that it will not grant its consent for a conditional withdrawal of PIL’s offer.

PIL director Ross Pendergrast, a founding director of St John along with Dallas Pendergrast, said “as a consequence of the Takeovers Panel advice, PIL cannot give an assurance that it will be able to release you from its offer in those circumstances.”

ENDS

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