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St Laurence Takeover Offer Now Unconditional

News Release, 20 March 2007


St Laurence Takeover Offer Now Unconditional

Active property investor St Laurence Property & Finance Limited announced today that its takeover offer for all of the parcels of shares and mortgage bonds owned by property syndicate St John Balanced Property Fund Limited (St John) dated 21 December 2006 (the Offer) is now unconditional.

St Laurence Property & Finance has confirmed that it has received acceptances under the Offer that will result in the company holding or controlling over 50.1% of the voting rights in St John, and that all of the other conditions of the Offer have been satisfied.

St Laurence Property & Finance executive chairman Kevin Podmore says that, following confirmation from major platform provider AEGIS of acceptances received, the company now holds or control parcels in excess of the 50.1% minimum threshold. “The acceptances St Laurence has received to date, together with the parcels purchased by us prior to the date of our Offer, result in us now holding over 56% of the parcels issued by St John.

“We are very pleased with the outcome, the level of take-up and the confidence that investors have shown in the St Laurence offer.”

St Laurence Property & Finance’s Offer is due to close for acceptances at 5pm today 20 March 2007. Investors who have accepted the offer will be paid within 7 days.

ENDS

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