LWR Advises Its Offer Price Will Not Be Increased

News release, 12 July 2007

LWR Advises Its Offer Price Will Not Be Increased

Textile and apparel company LWR Manufacturing Limited (LWR) has advised Pod shareholders that it will not increase its offer price but is extending its takeover offer for all of the shares in Pod by two weeks to 9 August 2007.

In confirming that the LWR offer price would not be increased, Mr Anderson stated “LWR considers the offer price to be full and fair, and the offer to be the best alternative for Pod shareholders. LWR’s cash offer represents a substantial premium to Pod’s pre-announcement share price of $0.33 per share.”

“This extension provides Pod shareholders with more time to consider the offer presented to them by LWR which has been recommended by the Independent Directors in their Target Company Statement,” LWR chairman Ken Anderson says.

Shareholders that have accepted the LWR offer include Gould Holdings Limited, the Arscott family interests and the interests of prominent South Island businessman, Allan Hubbard. Additionally, Pod Director, Murray Clarke, and Pod Chief Executive, Malcolm Walkinshaw, who both hold interests in Pod shares have advised Pod that they intend to accept the LWR Offer.

Mr Anderson encouraged shareholders to accept the offer before the new closing date of 9 August 2007.

ENDS

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