LWR Makes Full Cash Takeover Offer

26 June 2007

LWR Makes Full Cash Takeover Offer For Pod Limited At $0.50 Per Share

LWR Manufacturing Limited (“LWR Limited”) is pleased to announce that it has today made a full cash takeover offer under the Takeovers Code to acquire all of the shares in Pod Limited (“Pod”), at $0.50 per share (“the LWR Offer”).

The LWR Offer is conditional on acceptances being received from shareholders holding 90% of the Pod shares. This condition cannot be waived.

LWR Limited is a wholly owned subsidiary of Lane Walker Rudkin Industries Limited, a privately-owned textile and apparel company based in Christchurch, New Zealand, which was established in 1904.

LWR Limited believes that the offer is attractive to Pod shareholders because:

- it is a cash offer;

- the offer price of $0.50 represents a substantial 52% premium to Pod’s closing share price of $0.33 on the day immediately prior to Pod’s announcement regarding both LWR’s intention to make an offer and the proposal for the sale to a third party of part of Pod’s assets; and

- shareholders have the opportunity to accept the offer for all their shares.

The LWR Offer opens on 25 June 2007 and closes at 5.00pm on 26 July 2007.

Westpac Corporate Finance is acting as financial advisor to LWR Limited.

ENDS

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