Successful Completion of Ecoya $4.75M Purchase

Successful Completion of Ecoya Limited NZ $4.75 Million Placement and Share Purchase Plan Details

Ecoya Limited (NZX: ECO) has successfully completed a NZ$4.75 million placement of 6,333,333 ordinary shares at a price of $0.75 a share.

The placement comprises a base NZ$4.5 million plus oversubscriptions of a further NZ$0.25 million. The price reflects a 6.25 per cent discount to the closing price of shares on 10 September, the day prior to the placement.

The placement has been made to major shareholder the Business Bakery LP, interests associated with directors Rob Fyfe and Rich Frank and to a number of institutions and high net worth investors.

The proceeds of the placement will partially finance the 100 per cent acquisition of Trilogy Natural Products Limited, New Zealand's leader in natural skincare products.

Ecoya executive chairman Geoff Ross says the company is pleased with the initial response to the acquisition of Trilogy. “We believe Trilogy provides a compelling strategic fit with Ecoya’s existing business and will deliver even greater upside for investors."

Settlement of the new shares issued under the placement is on Friday of this week (17 September 2010).

Craigs Investment Partners was the lead manager and underwriter for the placement.

Ecoya today also announced a Share Purchase Plan (SPP) for shareholders at the final placement price of $0.75 per share up to a total of NZ$1 million.

Shareholders in New Zealand at 5 pm on 23 September 2010 will be able to invest up to $15,000, with a minimum application amount of $500.

In the event of oversubscriptions all applications will be scaled back on a proportional basis. The SPP is scheduled to close on 12 October 2010.

Further details relating to the SPP will be sent to shareholders around 24 September 2010.

ENDS

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