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ANN - 36

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									                                                                                                                                        Page 2037




Market Announcements – 36
                                                              FRIDAY, 05 SEPTEMBER 2003
THE WAREHOUSE GROUP LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 30/06/2003

Audited (NZ$000)
                                                                  Current                Previous
                                                                   Period           Corresponding
                                                                                           Period
OPERATING REVENUE
 Sales revenue                                                  2,034,917               1,862,031
 Other revenue                                                     16,311                  15,763
Total Operating Revenue                                         2,051,228               1,877,794
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                                    123,614                  127,205
Unusual items
 for separate disclosure                                          (6,714)                    (232)
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                                      116,900                  126,973
Less tax on operating surplus                                    (41,310)                 (44,369)
Operating surplus (deficit)
 after tax but before minority
interest                                                           75,590                  82,604
Less minority interests                                             (191)                   (398)
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                                       75,399                  82,206
Extraordinary items after tax                                           -                       -
Less minority interests                                                 -                       -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                                          -                        -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                                         75,590                  82,604
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                           (191)                    (398)
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Members
 of the Listed Issuer                                              75,399                  82,206
EPS                                                                  24.7                    27.0
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                          346,556                  315,069

The Appendix 7 provided by The Warehouse Group announced a fully imputed dividend of 4 cps. Record date: 14/11/2003. Payment date: 24/11/2003.
The Warehouse Group Achieves Sales Milestone of $2 Billion
Group
• Sales increased 9.3 percent to $2.035 billion
• Group net profit after tax down 8.3 percent to $75.4 million (2002: $82.2 million)
• Normalised group profit after tax of $79.7 million down 3.4 percent (2002: $82.5 million)
• Final dividend of 4.0 cents per share (2002: 4.0 cps), total dividends for the year up 7.4 percent to 14.5 cents (2002: 13.5 cents)
• Earnings per share 24.7 cents (2002: 27.0 cents)
The Warehouse New Zealand
• Sales of $1.351 billion up 7.1 percent (2002: $1.262 billion)
• Same store sales growth of 5.6 percent (2002: 4.2 percent)
• Operating margins down 25 basis points to 10.9 percent
• New South Island Distribution Centre opened June 2003
                                                                                                                                                       Page 2038
• Successful launch of jewellery category
Warehouse Stationery
• Sales of $164.5 million up 32.3 percent (2002: $124.4 million)
• Same store sales growth of 18.0 percent (2002: 21.6 percent)
• Operating margins up 231 basis points to 5.7 percent
• Comprehensive multi-channel offering established
The Warehouse Australia
• Sales of A$463.3 million up 17.5 percent (2002: A$394.4 million)
• Same store sales growth of 2.3 percent (2002: 4.9 percent)
• Operating loss incurred of A$11.9 million (2002: A$2.2 million profit)
• State-of-the-art Queensland Distribution Centre opened

The directors of The Warehouse Group Limited (“Group”) reported an audited tax-paid profit for the year ended 31 July 2003 of $75.4 million. This profit result is
$6.8 million or 8.3 percent below the $82.2 million achieved for the previous year ended 31 July 2002. After adjusting for one-off costs, primarily in relation to logistics
restructuring in Australia, the Group normalised tax-paid profit was $79.7 million compared with $82.5 million in 2002. Group operating profit before interest, unusual
items, goodwill amortisation and taxation was $142.7 million. This is $4.3 million or 3.0 percent below that achieved for last year. The main reason for diminished
profit performance is poor trading results in Australia. A dividend of 4.0 cents per share (cps) will be paid in November 2003, bringing total dividends in respect of
the 2003 year to 14.5 cps, an increase of 7.4 percent from a year ago. The Warehouse New Zealand ‘Red Shed’ retail stores recorded a 7.1 percent increase in
sales, while operating earnings before interest, taxation and unusual items rose 4.6 percent to $146.6 million. Operating margins were slightly lower at 10.9 percent
compared to 11.1 percent last year. Stephen Tindall, acting Managing Director, says: “Following a weaker than anticipated Christmas we undertook a major revamp
of the promotional calendar and our marketing format. The expected improvement in sales has been achieved. I am delighted at how the Red Sheds are now
performing and we are confident that the momentum will continue.” Warehouse Stationery sales were 32.3 percent ahead of the same period last year. Warehouse
Stationery recorded an operating margin of 5.7 percent compared with 3.4 percent a year earlier. Stephen Tindall says: “This is a fantastic result for Warehouse
Stationery. We have strengthened relationships with key brands, and through the successful computer launch with Hewlett Packard’s Compaq brand earlier this
year, we have reinforced our position as a major player in the computer market. I am also very pleased with the progress in our business to business channel or
what we call B2B.” Expressed in Australian dollars, The Warehouse Australia achieved a 17.5 percent increase in sales over the 2002 year. An operating loss of
A$11.9 million was incurred compared with a profit of A$2.2 million a year ago. The Warehouse Australia plans to open up to sixteen large format stores before the
end of July 2004 and close a similar number of smaller stores. Stephen Tindall says: “Project Urgency is progressing well with improvements in supply chain
management, product ranging, merchandising capability and marketing. Project Leapfrog has been a success for us, our new distribution facility in Queensland is a
significant milestone in Australia. Our merchandising and warehouse systems proven in New Zealand have also been implemented as part of this project. Together
these two initiatives will be enormously beneficial to the business.” “The Australian business has undergone significant change in the last twelve months. I am
personally thrilled at the commitment shown by our valued team members in Australia during this period.”
BRISCOE GROUP LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 31/07/2003
Audited (NZ$000)
                                                   Current             Previous
                                                    Period        Corresponding
                                                                          Period
OPERATING REVENUE
 Sales revenue                                    140,896               128,090
 Other revenue                                       1,044                 1,089
Total Operating Revenue                           141,940               129,179
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                       14,925               14,189
Unusual items
 for separate disclosure                                 -                     -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                         14,925               14,189
Less tax on operating surplus                      (5,065)               (4,574)
Operating surplus (deficit)
 after tax but before minority
interest                                             9,860                 9,615
Less minority interests                                  -                     -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                         9,860                 9,615
Extraordinary items after tax                            -                     -
Less minority interests                                  -                     -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                           -                     -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                           9,860                 9,615
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                -                     -
                                                                                                                                                     Page 2039
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Members
of the Listed Issuer                                                      9,860                      9,615
EPS                                                                         4.7                        4.5
SHAREHOLDERS' EQUITY
 ATTRIBUTABLE TO MEMBERS
OF THE HOLDING COMPANY                                                   81,814                     72,180

Dividend of 2.75 cps, Fully Imputed, Record Date 19/09/2003, Payment Date: 25/09/2003. The directors of Briscoe Group Limited announce a net profit after tax
(NPAT) of $9.86 million for the six months ending 31 July 2003. This compares to $9.61 million for the corresponding period a year ago. The half year results are
unaudited. The earnings were generated on sales of $140.90 million, up 10.00% on the $128.09 million generated in the same period last year. The directors have
declared a fully imputed interim dividend of 2.75 cents per share. Books will close to determine entitlements on the 19th September 2003 at 5pm and payment will be
made on the 25th September 2003. The directors consider the NPAT for the first six months to be satisfactory, having regard to the increased competitiveness in the
retail sector compared to last year, lower levels of interest income at $0.82 million ($1.03 million same period last year), the provisioning of a $0.18 million tax
expense against the amortisation since April 2003 of the final franchise fee payment to Rebel Sport Australia, and the lower number of trading days in the first half of
this year. The interest income reflects lower levels of cash held through the current period as a result of property purchases made through the second half of last
year and also the final franchise fee payment made to Rebel Sport Australia in April. The payment of A$3 million to Rebel Sport Australia was the final franchise fee
payment covering the two year period ending 31 March 2005 and is being amortised over the same period. At the end of this two year period the Group will own the
rights to the “Rebel Sport” name and trademarks within the New Zealand territory and there will be no further licence fees payable. As a result of the move to
calendar month end reporting, the first half this year comprised four fewer trading days than last year’s first half. The directors note that earnings before interest and
taxation (EBIT) rose 7.38% to $14.30 million for the six months ended 31 July 2003 from $13.31 million in the previous year. The gross margin percentage was
31.34% for the first six months (31.69% for the same period of last year). Despite the increased competitive activity experienced in the first six months of this year,
the directors are confident that the sales growth experienced in the first half will continue in the second six months. In the period under review, sales at Briscoes
Homeware increased by 7.67% from $91.41 million to $98.43 million and sales at Rebel Sport increased 15.80% from $36.68 million to $42.47 million. New Rebel
Sport stores in Nelson and Hastings opened during April and July respectively, increasing the number of Rebel Sport stores to 14 and increasing the total store area
to 29,581 sqm from 25,661 sqm. Briscoes Homeware store numbers and store area remained unchanged at 28 and 56,382 sqm respectively. On a same store,
same days basis, Briscoes Homeware sales increased by 9.67%, while Rebel Sport sales increased by 7.78% over the first half of last year. Adjusting for these four
days and on a same store basis, the Group’s sales for the six months ended 31 July 2003 were 9.13% ahead of the same period last year. Rebel Sport will open a
new store in Lower Hutt later this month and has recently completed an extension to its Botany store. Briscoes Homeware completed the refurbishment of its
Palmerston North, Gisborne and Henderson stores during the first half period and expects to open new stores in Lower Hutt later this month and Cambridge by the
end of the financial year, as well as refurbishing its Napier store. Since July 2002, the group’s financial position has remained strong and as at 31 July 2003, the
group had cash in the bank or on deposit of $26.89 million, and no borrowings. Inventory levels were $48.34 million and accounts payable were $23.99 million
(compared to $43.26 million and $23.54 million respectively a year ago) reflecting increased trading levels and also as a result of the opening of three new Rebel
Sport stores since July last year.
UTILICO INVESTMENT TRUST PLC
Utilico Investment Trust plc has provided Notification of Interests of Directors and Connected Persons Name of director: R J Urwin. Total holding following this
notification. i) 151,566 ordinary shares, ii) 23,124 warrants
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
SKYCITY Entertainment Group Limited has provided notice of the following acquisition: Security acquired: Ordinary Shares ISIN: NZSKCE0001S2, Number of
securities acquired: 237,471, Average consideration per security acquired: $8.7373, Payment type: Cash Payment, Percentage of total securities acquired: 0.113%
Reason for acquisition: Enhance capital efficiency, Specific authority: Director Resolution, Total number of securities after acquisition: 209,577,812, Intentions for
shares acquired: Cancellation, Date of acquisition: 4 September 2003
SANTOS LIMITED
Santo Limited has provided its Weekly Drilling Report for the Week Ending 04th September 2003. Wildcat Exploration Wells: No exploration activity was undertaken
during the reporting period.
BHP BILLITON LIMITED
BHP has provided a Change of Interests of Directors and Connected Persons notice in relation to Mr C W Goodyear. Direct or Indirect: Indirect. Class: Ordinary fully
paid shares of BHP Billton Limited. Date of change: 02/09/2003. Number of securities held after change: 1,000. Nature of change: On-market trade.
BHP BILLITON LIMITED
BHP has provided a Change of Interests of Directors and Connected Persons notice in relation to MR D R Argus AO. Direct or Indirect: Direct. Class: Ordinary fully
paid shares of BHP Billton Limited. Date of change: 01/09/2003. Number of securities held after change: 0. Nature of change: On-market trade.
DOWNER EDI LIMITED
Downer EDI has provided a Notice of Ceasing to be a Substantial Holder in respect of Remarkables Limited, on 02/09/2003.
INFRATIL LIMITED
Infratil advised the following interest payment details, Infratil 31/03/04 6.9% bonds (IFT010). Record date: 12/09/2003. Interest amount: 4.8432 cpb. Payment date:
30/09/2003.
SANTOS LIMITED
Santos advised the allotment of 50,000 fully paid ordinary shares on 04/09/2003. Issue price: A$5.12 per share. Purpose of the Issue: Issue consequent upon
exercise of 50,000 options granted on 15 June 1999 pursuant to the Santos Executive Share Option. Total number of shares in existence after this issue is:
583,966,399 Ordinary Shares
                                                                                                                                                   Page 2040
NZ INVESTMENT TRUST PLC
The diluted net asset value per ordinary 25p share of the Company at 31 August 2003 was 221.54 pence sterling (NZ:607.18c). The diluted net asset value per
ordinary 25p share (including current period revenue) at 31 August 2003 was 224.80pence sterling (NZ: 616.13c). The exchange rate at which this was calculated
was £=NZ$2.7408. The portfolio breakdown was also provided.
TEMPLETON EMERGING MARKETS PLC
The NTA of Templeton Emerging Markets Investment Trust as at close of business 03/09/2003 was: Undiluted (Warrants unexercised) 160.96p (Cum-Income), Fully
diluted (Warrants exercised) 156.23p (Cum-Income), Undiluted (Warrants unexercised) 158.99p (Ex-Income), Fully diluted (Warrants exercised) 154.59p (Ex-
Income). Geographical and Industrial breakdowns were also provided.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 03/09/2003 was 154.19p undiluted and 148.06p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 03/09/2003 was 287.0p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 03/09/2003 was 203.7p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 03/09/2003 was 176.0p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 03/09/2003 was 89.3p.
COMMERCE COMMISSION/ TRUSTPOWER LIMITED
In a settlement with the Commerce Commission, TrustPower Limited has admitted breaching the Fair Trading Act and will refund approximately 200 customers who
may have been misled about electricity price increases. In September last year, TrustPower wrote to approximately 600 customers in the Wairoa region whose
connections had been reclassified by Eastland Network Limited, the local lines company. The letter implied that the reclassification by Eastland was entirely
responsible for price rises passed on to customers in the supply of electricity, when in fact TrustPower had also increased its portion of the fixed charge for nearly a
third of these customers. An additional 85 customers were sent letters that implied that although their connections had been reclassified and that Eastland was
increasing its charges to TrustPower, TrustPower would not pass this increase on to customers. In fact, Eastland’s charges had not increased as a result of the
reclassification. Acting Chair Paula Rebstock said that in its settlement with TrustPower, the company had agreed to write to affected customers to clarify its
charges, and to refund those customers the proportion of the fixed charge increase that was imposed by TrustPower for the period 1 October 2002 to 28 August
2003. In addition, TrustPower has agreed to undertake an independent review and upgrade of its compliance procedures to prevent further breaches of the Fair
Trading Act. “The transparency of electricity pricing has been an issue the Commission has looked closely at recently,” said Ms Rebstock. “It is vital that consumers
be given accurate explanations for increases in electricity charges.”
THE WAREHOUSE GROUP LIMITED
The Warehouse Group have provided presentation slides on its full year announcement. These slides can be accessed on The Warehouse Group's website
www.thewarehouse.co.nz.
NUPLEX INDUSTRIES LIMITED
On 22 August 2003, Nuplex Industries Limited (Nuplex) announced that its directors had approved an increase in the final dividend to 10.5 (from 9.0) cents per
ordinary share. The final dividend is to be paid on 3 October 2003 to shareholders registered at 5p.m. on 19 September 2003 (Record Date). As you will be aware,
Nuplex has a dividend reinvestment plan (Plan). The Plan offers Nuplex shareholders the opportunity to increase their investment in Nuplex by applying dividends
received on all or some of their existing ordinary shares towards the acquisition of additional fully paid ordinary shares. The Plan is to apply to the dividend to be
paid on 3 October 2003. In accordance with the terms and conditions of the Plan, on 4 September 2003, the Nuplex Board resolved to modify the Plan, with effect
from the date of that resolution. Modifications to the Plan: The principal modification to the Plan relates to the formula under which a shareholder's share entitlement
under the Plan is calculated (Formula). Previously, the Formula provided for shares to be issued under the Plan at a 10% discount to the weighted average sale
price for an ordinary share (as determined under the Plan). The Formula in the modified Plan no longer provides specifically for a 10% discount but allows the
Directors to determine the amount of any discount from time to time. Notwithstanding that change, the directors have decided that a 10% discount will continue to be
applied to the weighted average sale price for an ordinary share (as determined under the Plan) for the final dividend to be paid on 3 October 2003. The other
modifications to the Plan have been made to take into account legislative and regulatory changes and to update the Plan generally. Any future participation by
shareholders in the Plan will be on the terms and conditions of the modified Plan. As a Nuplex shareholder, you have the following choices in relation to the modified
Plan:
Continuing participation
- if you are a shareholder who previously elected to participate in the Plan and you wish to continue to participate in the modified Plan, you need do nothing and you
will continue to participate in the Plan in accordance with its modified terms and conditions;
Continuing non-participation
- if you are a shareholder who previously elected not to participate in the Plan and you do not wish to participate in the modified Plan, you need do nothing and you
will continue to receive all future cash dividends by cheque or direct credit;
Amendments to existing participation
- if you are a shareholder who previously elected not to participate in the Plan, and you would now like to participate in the modified Plan, you need to complete the
Election Notice (attached to the Plan document) and return it to the Share Registry in the envelope provided; or
- if you are a shareholder who previously elected to participate in the Plan, but now wish to vary or terminate your participation in the modified Plan, you need to
complete the Notice of Variation (attached to the Plan document) and return it to the Share Registry in the envelope provided.
                                                                                                                                                        Page 2041
If you elect to join the modified Plan, vary your participation in the modified Plan or terminate your participation in the modified Plan, your Election Notice or Notice of
Variation will be effective as at the record date next following receipt by the Share Registry of such Election Notice or Notice of Variation. If you wish your election to
take effect for the dividend to be paid on 3 October 2003, then you must send a correctly completed Election Notice or Notice of Variation to the Share Registry by
the Record Date (19 September 2003). If your Election Notice or Notice of Variation is received by the Share Registry after the Record Date, it will not be effective
for the dividend to be paid on 3 October 2003 but will be effective for any subsequent dividend (provided it is not withdrawn or varied). If you are in doubt about what
to do, please consult your sharebroker, bank manager, solicitor, accountant, or other financial adviser immediately.
NUPLEX INDUSTRIES LIMITED
Nuplex Industries Limited has provided the following document outlining the DRP, also provided in an Election Notice in respect of the Dividend Reinvestment Plan.
This document is dated 4 September 2003 and is for the Nuplex Industries Limited Dividend Reinvestment Plan under which Shareholders of Nuplex Industries
Limited may elect to invest cash dividends on all or any Ordinary Shares held by them in fully paid Ordinary Shares.
Summary of main features The Plan allows Shareholders to acquire fully paid Ordinary Shares instead of receiving cash dividends .
- The Plan is open to all Shareholders.
- A Participating Shareholder’s entitlement is calculated pursuant to the formula set out in paragraph 14 of this document.
- A Participating Shareholder may vary or terminate his/her/its participation.
- The Ordinary Shares issued under the Plan may be sold in the same manner as other Ordinary Shares and will rank equally in all respects with existing fully paid
Ordinary Shares.
- No brokerage will be incurred by Participating Shareholders.
TRANZ RAIL HOLDINGS LIMITED
Toll Holdings today announced it will increase its bid price for Tranz Rail to $1.10 per share securing support from the company’s Board of Directors and major
shareholders. The decision to raise the offer price comes following Toll’s further due diligence of Tranz Rail, including their audited annual results which were
released last week. Managing Director Paul Little says further analysis has given Toll the confidence to increase its price, while still making it a financially viable
transaction for the company and Tranz Rail shareholders. “We are pleased that both the Tranz Rail board and major shareholders are supporting our new offer and
believe we have overcome the final obstacle to a full takeover of the company.” Major shareholders, who collectively own more than 25% of Tranz Rail, have
indicated their intention to sell their shares to Toll at the new price. They are Infratil Limited, Tower Asset Management, AMP Henderson, Brook Asset Management,
and Alliance Capital Management. Toll have also confirmed that the new offer will be open to shareholders until 10 October 2003 and is conditional on gaining 90%
acceptance. Little said once the takeover bid is successful, Toll would be seeking a dual listing on the New Zealand Exchange. “We are responding to many New
Zealand investors who have indicated they would like to share in the upside of Toll’s ownership and management of Tranz Rail and a dual listing on the NZSE will
make it easier for them to do that”. “We believe that with the support of the Government, Tranz Rail and the company’s major shareholders we can now set about
closing this deal and start to improve the rail services offered in New Zealand,” said Little.
TRANZ RAIL HOLDINGS LIMITED
The board of Tranz Rail have today unanimously recommended that shareholders accept the new Toll Group (NZ) Limited offer of $1.10 per ordinary share for the
following reasons:
a) The Toll offer represents a value for Tranz Rail greater than the underlying valuation of Tranz Rail set out in the Grant Samuel Report of 25 July 2003.
b) At $1.10, the Toll offer is at the upper end of the Grant Samuel Valuation for the Tranz Rail agreement with the Crown. When compared to that agreement, the
Toll offer represents greater certainty of value for shareholders.
c) The directors have diligently sought to encourage competing offers for shareholders to consider and none have emerged.
Those directors who currently hold Tranz Rail shares have also indicated that they will accept the Toll Group (NZ) Limited offer for their entire shareholding.
“Tranz Rail Board Chairman Wayne Walden said that the directors had worked hard to encourage a superior offer than the original $0.95 per ordinary share and they
were pleased with this mornings announcement from Toll that the original offer has increased. “This is a good outcome for all concerned,” Mr Walden said.
TELECOM CORPORATION OF NEW ZEALAND LIMITED (NS)
Telecom Corporation of New Zealand Limited has announced the Partial Buyback By TCNZ Finance Limited Of Its €400,000,000 5.5% Fixed Rate European
Medium Term Notes Due April 2005 ("EMTN NOTES"). In accordance with Listing Rule 10.8.2 and the waiver granted by New Zealand Exchange Limited dated 7
July 2003, the disclosure notice, that will be issued to the Luxembourg Stock Exchange during Luxembourg business hours on 5 September 2003, has been
provided. The disclosure notice is in respect of the partial buyback by TCNZ Finance Limited of its EMTN Notes for value 9 September 2003. Amount purchased
and cancelled: €27,000,000. Number of notes left outstanding: €373,000,000.
NEW ZEALAND OIL AND GAS LIMITED
New Zealand Oil & Gas announces that re-entry and deepening operations of the earlier Tuihu-1 well in PEP38718 are continuing. The well is currently at 4234m
and preparations are being made to sidetrack the well as planned. Operations at the Tuihu-1A well are expected to take around 21 days to sidetrack and drill to a
total depth of 5100m. The primary targets are reservoirs within the Tariki Sandstone and the Kapuni Formation. NZOG’s estimated potential for each of these
reservoirs is 50 BCF of gas. Participants in the Tuihu-1A well are:
Swift Energy New Zealand Limited 50 % (Operator)
New Zealand Oil and Gas Limited 20 %
Origin Energy Resources NZ Limited 20 %
Indo-Pacific Energy Ltd 10 %
NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank advises the on-market buyback of 200,000 ordinary shares on 05/09/2003. Highest price paid: A$30.85. Lowest price paid: A$30.81.
Approximate number of shares remaining to be bought back: 3,642,262.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 3,297,312 shares on the 04/09/2003. Highest price paid: $10.50. Lowest price paid: $10.49. Number
of shares remaining to be bought back: 26,460,470.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
                                                                                                                                                Page 2042
SKYCITY Entertainment Group Limited hereby notifies that as at 5 September 2003, it issued 17,000 new ordinary shares to executives of the company pursuant to
the exercise of options issued under the SKYCITY Executive Share Option Plan, which was approved by shareholders at the company’s annual meeting in October
1999. The exercise price of the relevant options under the Plan was $12.15, calculated in accordance with the terms of the Plan. Following the subdivision of shares
by SKYCITY in November 2001, two shares were issued on the exercise of each option. The issue price of each share was therefore $6.075. The shares were
issued fully paid and payment for the shares was in cash. The number of new ordinary shares issued represents 0.01% of the number of ordinary shares in the
company. The total number of Sky City Entertainment Group Limited ordinary shares now on issue is 209,594,812.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 04/09/2003 was $2.0942 The number of shares on issue is 52,260,659.
ALLIED FARMERS LIMITED
Allied Farmers Executive Chairman, Mr. Brian Train announced today that the company had entered into an unconditional sale and purchase agreement with the
receiver of NDG Pine Ltd to acquire the assets and business of NDG Pine (in receivership). The price paid remains confidential to the parties and will be funded from
existing Allied Farmers Ltd cash reserves. NDG Pine was established as a timber milling operation in Wanganui in 1996, when a large Californian mill was
dismantled and shipped to Wanganui. It was subsequently reassembled and traded as an export miller of lumber product in Wanganui for five years. Allied intend to
continue the business as a processor of green timber and further processing of lumber products. Announcing the acquisition, Mr. Train said ‘the acquisition is
consistent with Allied Farmers strategy of diversification through investment in other land based industries, and within the existing geographic area in which the
company provide services.” “Allied Farmers, through its trading subsidiaries of Taranaki Farmers, Manawatu Farmers Waikato Farmers and King Country Farmers
and Farmers Wools already services the Wanganui, Waverley, Waimarino and Manawatu regions. Many of these farmers have woodlots, which Allied will now be
able to assist with.” “Since listing on the New Zealand Exchange last year, Allied Farmers had looked at a number of opportunities that fit our land based strategy.
We have stuck to a consistent investment hurdle rate. Growth with a good return is the goal for long term investment, not any other factors,” said Mr. Train.
“Consistent with this approach is the right acquisition price. Asset valuations undertaken by our engineering advisors have valued the company at multiples of the
acquisition price, and at a discount to the replacement price”. “The mill has not been operating at capacity recently, but after discussions with key former employees
we believe the mill can be brought up to full production by the end of October this year. Our priority will be to continue the operation in Wanganui and Allied is
committed to a significant investment programme to ensure the mill can be run as a low cost and efficient operation,” said Mr. Train. “Allied expect to employ a
general manager for the new business shortly and we will also begin negotiating a log supply agreement with the Wanganui District Council to ensure local forests
can attain the optimum return from using local processing.” Mr. Train said, “Allied is under no illusions about the short term profitability of the timber milling industry.
We regard the industry as attractive in the medium term for profitable, efficient and well-run operations and are committed to the capital expenditure to ensure that
the new venture is successful in achieving this objective”.
GDC COMMUNICATIONS LIMITED
GDC Communications have provided a printed copy of its Interim Report for the period ending 30/06/2003.
CADMUS TECHNOLOGY LIMITED
Cadmus Technology have provided a copy of their Annual Report for the year ended 30/06/2003.
NZIJ.CO.NZ LIMITED (NM)
NZIJ.co.nz Limited has provided a Notice of Meeting and Explanatory Memorandum relating to the Reorganisation of the capital of NZIJ.co.nz Limited and the
Proposed Acquisition of Widespread Portfolios Limited. The meeting is to be held on 15 September 2003, 57 Willis Street, Wellington at 10 am.
PAN PACIFIC PETROLEUM NL
Pan Pacific Petroleum announces the Mosman-1 well in TL2 in the offshore Carnarvon Basin, Western Australia is currently drilling ahead at 2250m. The Mosman-1
well targets a large stratigraphic trap in the lower Barrow Group revealed by 3D seismic. It is located 3 km west of South Pepper-1 where good oil shows were
observed at this level. The estimated mid-case potential of Mosman, if successful, is 20 million barrels. Mosman-1 is expected to take approximately 5 days to reach
a total depth of 2705 metres and evaluate results. Regardless of outcome, the Mosman-1 well bore will be abandoned, as it is more cost-effective to drill new wells
for production. Participants in the Mosman-1 well are
Apache Oil Australia P/L 64.4082 % (Operator)
Pan Pacific Petroleum NL 23.1660 %
Tap (Shelfal) P/L 12.4258 %
PORTMAN LIMITED
Portman Limited today welcomed the announcement by the Federal Government of environmental approval for the expansion of its Koolyanobbing Iron Ore Project
near Southern Cross in Western Australia. Federal Environment Minister Dr David Kemp today announced approval for the construction, development and operation
of iron ore mines and associated infrastructure and activities at Mt Jackson and Windarling. These areas form the key Northern Tenement resources required to
underpin the Koolyanobbing expansion project. The decision on Portman’s proposal, which was referred under the Environmental Protection Biodiversity and
Conservation Act 1999 includes conditions which are acceptable to the Company. In regard to the staged access to resources at Windarling and full access to Mt
Jackson, the Commonwealth decision mirrors the Western Australian Government’s decision announced on April 1st, 2003. In welcoming the Minister’s decision,
Portman’s Managing Director, Mr Barry Eldridge, said it represented a significant milestone in the Company’s development. “With this approval now in place, our
management team can immediately seek final approval from the Portman Board for all the remaining development activities required to bring the Northern
Tenements into production,” Mr Eldridge said. Portman has already commenced preliminary, low-impact activities including exploration drilling at Windarling to
upgrade the existing resource base, water drilling for construction of the proposed haul road linking the Northern Tenements to the existing Koolyanobbing plant to
the south, and tendering for all major contracts. Mr Eldridge said Portman would focus it’s efforts on expediting the Northern Tenements development to ensure the
availability of ore to be processed at Koolyanobbing and blended with its existing shipping product in the shortest possible timeframe. “Our objective is to gear up as
quickly as possible to take advantage of the current strong market conditions for iron ore, which have seen record demand for premium quality Australian iron ore,”
he said. “Today’s announcement is a particularly important development both for the Company and our customers, who are well aware of the importance of the
additional orebodies for the Koolyanobbing Project’s future and who have been extremely patient and supportive during the delays experienced throughout the
approvals process.”
AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED
                                                                                                                                           Page 2043
Australian Foundation Investment Company has provided NZX with a Notice Of Change of Interests of Substantial Holder in respect of its share holding in AMCIL
Limited.
COMMERCE COMMISSION
The Commerce Commission today released draft decisions relating to the regulation of large electricity lines businesses (distribution businesses and Transpower).
This work is part of the Commission’s continuing development of a regulatory regime for lines businesses, as required by Part 4A of the Commerce Act. The draft
decisions set out the Commission’s proposals for resetting the “CPI-X” price path threshold to apply to lines businesses from 2004. The X represents the expected
annual reduction in lines business average prices, in real terms. “The proposed threshold would continue to place strong incentives on the industry to improve
efficiency and to share the benefits of efficiency gains with consumers over the long term,” said Acting Chair, Paula Rebstock. “In making its proposals, the
Commission has given careful consideration to ensuring that lines businesses would still face incentives to maintain quality of service, including reliability of supply.”
“The Commission proposes allocating distribution businesses to three groups, each of which would be assigned a different X. Distribution businesses with below-
average productivity, or with more scope to reduce prices, would receive a higher X. The better performing businesses, or those which have been consistently
maintaining low prices, would face a lower X. However, all businesses would retain incentives to make efficiency improvements each year to avoid breaching the
threshold.” Distribution businesses would be assessed annually against the price path threshold, over a regulatory period of five years beginning on 1 April 2004.
The X for each distribution business would be the sum of two component factors: 1. the first based on average distribution business productivity growth from 1996 to
2003 and common to all distribution businesses. Analysis undertaken for the Commission indicates that average distribution productivity grew by as much as 2.6%
per annum from 1996 to 2002, relative to the economy as a whole. 2. the second equal to +1%, 0% or -1%, and assigned to the three groups of distribution
businesses. Businesses would be allocated to these groups following an analysis of their relative productivity and profitability performance from 1996 to 2003. The
Commission proposes resetting Transpower’ price path threshold for a period of one year from 1 July 2004, primarily due to uncertainties associated with the role
and functions of the new Electricity Commission. The X for Transpower would be set based only on Transpower’s own productivity growth, over the period 1996 to
2003. Analysis undertaken for the Commission indicates that, relative to the economy as a whole, Transpower’s productivity grew by around 1.7% per annum from
1996 to 2002. The Commission also released today a report prepared for the Commission by Meyrick and Associates, titled Regulation of Electricity Lines
Businesses, Resetting the Price Path Threshold – Comparative Option. The report presents the analysis of transmission and distribution industry performance from
1996 to 2002 described above. The Commission’s draft decisions and Meyrick and Associates’ report can be found on the Commission’s website,
www.comcom.govt.nz. Interested parties are invited to make written submissions on the draft decisions and Meyrick and Associates’ report by 6 October 2003. The
Commission will hold a conference on its draft decisions during the week beginning Monday 20 October 2003.
RIO TINTO LIMITED
Rio Tinto Limited has provided the following notice: Coal & Allied Industries Limited advises the resignation of Mr Gregory Howard Boyce as a director of the
Company.
AUCKLAND INTERNATIONAL AIRPORT LIMITED
Pursuant to Listing Rules 7.12.1 and 7.12.9, Auckland International Airport Limited, gives notice that it has issued the following securities. Class of Security and ISIN:
Ordinary shares upon the conversion of options to acquire ordinary shares issued under the AIAL Executive Option Plan (17 November 1999) as approved at the
Annual Meeting of AIAL on 16 November 1999. Number of Securities issued: 72,000 Ordinary shares. Nominal Value (if any) and issue price: No nominal value. The
options were issued for no consideration. The exercise price (in accordance with the AIAL Executive Option Plan) for the options exercised was as follows:
Number of options Exercise price per option.
(i) 7,200 $3.7336
(ii) 57,600 $3.7838
(iii) 7,200 $3.7767
Reason for the issue: Conversion of options issued under AIAL’s Executive Option Plan implemented on 17 November 1999. Specific authority for the issue (if any):
Resolution of shareholders at the Annual Meeting of AIAL on 16 November 1999. Total number of Securities of the Class in existence after the issue: 304,426,619
Ordinary shares. Date of issue: 01-03/09/2003.
TRANZ RAIL HOLDINGS LIMITED
Notice of Variation of Takeover Offer for Tranz Rail Holdings Limited ("Tranz Rail") pursuant to Rules 27 (a) and 27(d) of the Takeovers Code. We refer to our offer
dated 26 July 2003 to acquire up to 100% of the shares and options of Tranz Rail ("the Offer"). Toll Group (NZ) Limited wish to advise that the Offer is being varied
by extending the date by which acceptances of the Offer must be received to 6.00pm on 10 October 2003 and by increasing the price paid per ordinary share to
$1.10. The price paid for the redeemable restricted shares and the share options is also being increased as follows:
(a) for redeemable restricted shares to the price set out below:
Number of Redeemable Restricted Shares/Issue date/Issueprice/Maturity/Amountpaid up/Price
1,016,772 06-Dec-00 $3.40 06-Dec-10 $0.05 $0.13
1,300,000 06-Dec-00 $3.40 06-Dec-10 $0.05 $0.13
1,300,000 06-Dec-00 $5.50 06-Dec-10 $0.05 $0.06
1,300,000 06-Dec-00 $7.50 06-Dec-10 $0.05 $0.04
600,000 06-Dec-00 $5.50 06-Dec-10 $0.05 $0.06
600,000 06-Dec-00 $7.50 06-Dec-10 $0.05 $0.04
50,000 06-Dec-00 $3.72 06-Dec-10 $0.05 $0.12
50,000 06-Dec-00 $6.00 06-Dec-10 $0.05 $0.05
180,000 06-Dec-00 $3.21 06-Dec-10 $0.05 $0.14
373,386 28-Jun-02 $3.13 28-Jun-12 $0.00 $0.19
400,000 28-Jun-02 $3.13 28-Jun-12 $0.00 $0.19
400,000 28-Jun-02 $5.50 28-Jun-12 $0.00 $0.10

(b) for share options to the price set out below:
Number of ShareOptions/Exercise price/ Expiry date/ Price
70,000 $5.97 07-May-06 $0.001
70,000 $6.90 07-May-06 $0.001
70,000 $7.95 07-May-06 $0.001
70,000 $9.19 07-May-06 $0.001
                                                                                                                                                   Page 2044
70,000 $10.61 07-May-06 $0.001
100,000 $7.96 20-Feb-07 $0.001
633,055 $5.78 19-Feb-08 $0.01
620,875 $3.50 23-Dec-09 $0.10
5,000 $3.17 02-Mar-10 $0.12
790,000 $2.45 08-May-10 $0.18
400,000 $7.28 28-Jun-12 $0.07

Other than the extension of the offer period and the increase of the price payable as noted above all other terms of the Offer remain the same. If you have already
accepted the Offer, those acceptances will remain valid and the increased price will be payable in respect of those acceptances. Enclosed with this letter is a copy of
a report prepared by Ernst & Young Corporate. Finance Limited certifying that, in their opinion, the consideration and terms offered for the redeemable restricted
shares and the Options (being non-voting securities) are fair and reasonable in comparison with the consideration and terms offered for the voting securities and as
between classes of non-voting securities.
TRANZ RAIL HOLDINGS LIMITED
Toll Group Holding has also provided an Ernst & Young report titled "Independent Advisor's Report In Relation To the Full Takeover Offer for Securities in Tranz Rail
Holdings Limited By Toll Group (NZ) Limited 5 September 2003".
FONTERRA CO-OPERATIVE GROUP LIMITED
Farmer shareholders of Victorian-based Bonlac Supply Company Limited today voted to restructure Bonlac Foods Limited. Support for the restructuring proposal
was strong with 93 per cent of votes in favour of the proposal. The restructuring will see Fonterra Co-operative Group Limited increase its shareholding in Bonlac
Foods from 25 per cent to 50 per cent with Bonlac Supply Company, a cooperative of Victorian and Tasmanian Dairy Farmers, owning the other 50 per cent.
Following today’s vote, the transaction is expected to be completed on Tuesday, September 9. From that day, Fonterra will manage Bonlac Foods under the terms of
a management agreement. It will also commit to buy all of Bonlac Foods’ production and assume responsibility for sales and marketing. Henry van der Heyden,
Chairman of Fonterra Co-operative Group, said that the restructuring plan seeks to restore the viability of Bonlac Foods and achieve long-term benefits for everyone
involved. “Our immediate priorities will be to reduce costs and to grow milk supply. Bonlac Foods has estimated that the restructuring will generate annual savings of
A$35-38 million (NZ$39-43m),” he said. Mr van der Heyden said that the restructuring plan provided shareholder value to both parties. Bonlac Foods would be able
to significantly rationalise its overheads and improve its financial performance, improving the ability of Bonlac Foods to pay returns to shareholders from operations.
He said Fonterra would benefit by being able to better meet global customer demands. In accordance with the management agreement between Bonlac Foods and
Fonterra, Bruce Donnison was appointed General Manager of Bonlac Foods. Mr Donnison has 17 years experience in the New Zealand dairy industry and in recent
years has been responsible for Fonterra’s operations at Edendale where 10 million litres of milk are processed each day.
WRIGHTSON LIMITED
Wrightson advised the allotment of 879,762 fully paid ordinary shares on 05/09/2003. Issue price: 27 cents. Payment method: cash in full. Percentage of total class:
0.64%. Reason for the issue: exercise of share options. Authority for the issue: shareholder approved option plan. Terms of the issue: rank equally with existing
ordinary shares. Total number of securities after issue: 137,897,202. Date of issue: 5 September 2003.
FONTERRA CO-OPERATIVE GROUP LIMITED
For the purposes of Listing Rule 7.12.1, Fonterra Co-operative Group Limited advises that it has acquired the following securities:
Class of security Capital Notes ISIN NZFCGD0001S9
Number acquired 294,554
Nominal value$1.00 per Capital Note
Acquisition price $1.0465 per Capital Note
Percentage of class of securities 0.08%
Reason for acquisition To enable the Company to reduce its overall cost of funds.
Authority for purchase Trust Deed dated 22 March 2001 (as amended and supplemented)
Terms of issue Payment will be made in accordance with usual FASTER settlement procedures
Number of securities in existence after acquisition: 389,169,005
Treasury stock the capital notes acquired will be held as Treasury Stock
Date of purchase 05 September 2003.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation Limited (“Lend Lease”) today announced that it has completed the sale of its 23% interest in IBM Global Services Australia Limited (“IBM
GSA”) to IBM Australia Limited, as announced on 28 August 2003. Lend Lease has received the first tranche of A$80 million in settlement, as well as the repayment
of the shareholder loan of A$16.1 million. The second and final tranche of A$80 million will be paid in 12 months’ time, as previously advised.
SANTOS LIMITED
In response to media queries today, Santos Ltd advises that it did not pursue a bid for ExxonMobil’s subsidiary, Delhi Petroleum. Santos is currently satisfied with its
position as operator and 60% interestholder in the Cooper Basin assets. “Our corporate focus is on maximising returns from these interests and developing our other
flagship projects in the Timor Sea, Carnarvon Basin and Indonesia”, said Managing Director, Mr John Ellice-Flint.
KIWI INCOME PROPERTY TRUST
Kiwi Income Property Trust will relinquish the listing of its units and converting notes on the Australian Stock Exchange (ASX) from Friday, 12 September 2003. An
application for voluntary delisting has been made to the ASX. In the interim, the trading of its units and converting notes on the ASX will be suspended at the end of
today. Trading in its units and converting notes on the New Zealand Exchange (NZX) remains unaffected. Kiwi Income Property Trust chief executive Angus
McNaughton said that, given the lack of trading on the ASX, there is obviously a preference to trade the Trust’s units on the NZX. “It doesn’t make sense for our unit
holders to incur the dual costs of a listing in both markets when investors are content to simply trade on the NZX,” Mr McNaughton said. Kiwi Income Property Trust
continues to be one of the most actively traded issues on the NZX, and ranks 13th by market capitalisation on the NZSX 50. “There is strong demand for KIPT on the
NZX from investors all around the world,” Mr McNaughton said.
                                                                                                                                                   Page 2045
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
SKYCITY Entertainment Group Limited has provided notice of the following acquisition:
Security acquired: Ordinary Shares ISIN: NZSKCE0001S2
Number of securities acquired: 235,334
Average consideration per security acquired: $8.7595
Payment type: Cash Payment
Percentage of total securities acquired: 0.112%
Reason for acquisition: Enhance capital efficiency
Specific authority: Director Resolution
Total number of securities after acquisition: 209,359,478
Intentions for shares acquired: Cancellation
Date of acquisition: 5 September 2003
SAPPHIRE SECURITIES LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 30/06/2003

Unaudited (NZ$000)
                                                                       Current                  Previous
                                                                        Period             Corresponding
                                                                                                  Period
OPERATING REVENUE
 Sales revenue                                                             612                          0
 Other revenue                                                               -                          -
Total Operating Revenue                                                    612                          0
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                                                 6                         0
Unusual items
 for separate disclosure                                                      -                          -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                                                   6                         0
Less tax on operating surplus                                                 2                         0
Operating surplus (deficit)
 after tax but before minority
interest                                                                      4                         0
Less minority interests                                                       -                         -
Equity earnings                                                               -                         -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                                                  4                         0
Extraordinary items after tax                                                 -                         -
Less minority interests                                                       -                         -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                                                -                          -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                                                    4                         0
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                                     -                          -
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Members
 of the Listed Issuer                                                        4                          0
EPS                                                                        N/A                        N/A
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                                       -                          -
WESTPAC BANKING CORPORATION
Westpac Banking Corporation, as issuer of instalment warrants over shares Toll Holdings Limited, (ASX Codes TOLIWC), advises that the record date for the
entitlement to AUD $0.08, which is franked to 100%, for holders of TOLIWC will be 15 September 2003. This date is the record date for the dividend payable on the
ordinary shares in Toll Holdings Limited. The TOLIWC instalment warrants will commence trading ex-distribution on 9 September 2003, which is the same date that
the ordinary shares in Toll Holdings Limited are exdividend. The dividend will be paid to TOLIWC instalment holders as soon as practicably possible following
payment by the Listed Entity to the Trustee. In any event, it is anticipated that the instalment dividend will be paid to holders no later than 1 business day after the
Listed Entity’s dividend payment date of 1 October 2003.
                                                                  MONDAY, 08 SEPTEMBER 2003
                                                                                                                                                   Page 2046
SECURITIES COMMISSION
The Securities Commission is launching a national consultation process to establish consensus around the principles of corporate governance that should guide
business leaders in New Zealand. “It is timely to review the level of consensus there is around norms of corporate governance in New Zealand,” said Jane Diplock,
Chairman of the Securities Commission. “Since the collapse of Enron and other high profile overseas businesses, governments and regulatory bodies around the
world have been engaging with business to review business practices. “While we haven't seen corporate failures like this in New Zealand, and corporate behaviour is
generally of a high standard, it is clear that good corporate governance principles are important in our marketplace. “We are taking a principles-based approach as
the Australians have done, rather than a rules-based approach as in the USA. “Nine key areas have been identified for consideration. These are closely aligned with
the governance frameworks of our major trading partners. While overseas experience is a useful guide, it is important that any corporate governance principles for
New Zealand reflect the unique factors in our business environment and are appropriate to them. Ms Diplock said that good governance doesn’t just apply to listed
companies. “There are many other organisational forms in New Zealand where good governance is essential for the integrity of our institutions. We are hoping to
engage with organisations such as crown trading entities and health sector bodies, Maori Trust Boards, as well as local government organisations. “In New Zealand,
there has been a lot of work undertaken by professional bodies such as ICANZ and the IOD, by the NZX, and by firms such as Minter Ellison Rudd Watts and
PriceWaterhouseCoopers. However, the Minister of Commerce would like us to tie it all together with a wider consultation process. “We will be distributing a
discussion document and a questionnaire on September 8. These will be available in paper form or from our website. We will be asking for responses by November
7. The Minister will receive our report in December.”
AMP LIMITED
AMP Limited has provided a Final Director’s Interest Notice in respect of Sir Malcolm Bates. Number and class of securities: 7,649 Ordinary Shares. Also Ian Andrew
Renard. Number and class of securities: 8,771 Ordinary Shares; and 50 AMP Income Securities.
WESTPAC BANKING CORPORATION
Westpac Banking Corporation advised that on 09/05/2003, a total of 331,000 new fully paid shares were allotted, following the exercise of options pursuant to
Westpac’s Senior Officers’ Share Purchase Scheme (SOSPS) and/or the General Management Share Option Plan (GMSOP). The exercise price for these options
was in the range $9.53 - $9.57 (25,000 @ $9.53; 50,000 @ $9.56; and 256,000 @ $9.57).
PAID-UP CAPITAL
Previously: 1,769,876,653 ordinary shares each fully paid.
Now: 1,770,207,653 (increase of 331,000) ordinary shares each fully paid.
QUOTED CAPITAL
Quoted capital is 1,769,264,653 fully paid ordinary shares (increase of 281,000).
Since the record date of 27/11/2002, 943,000 fully paid ordinary shares (increase of 50,000) have been allotted upon exercise of options. These shares are ex-
dividend until following next record date in June 2003 and listing will be sought shortly after that date.
BURNS PHILP & COMPANY LIMITED
Burns, Philp & Company has provided a Change of Director’s Interest Notice in respect of the holdings of Alan Gordon McGregor, as of 31/07/2003.
Direct or indirect interest: Indirect interest. Nature of indirect interest: Interest in shares held by Gonville Pty Limited, and Raasay Pty Limited. Mr McGregor has a
deemed relevant interest under S608(3) of the Corporations Act. Date of change: 20 August 2003 26 May 2003 23 May 2003 28 March 2003. No. of securities held
prior to change: 114,608 Ordinary Shares 56,226 Converting Preference Shares. Class: Converting Preference Shares. Number acquired: 188,000 Converting
Preference Shares. Number disposed: Nil. Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
25,000 @ $0.79;
60,000 @ $0.67;
15,000 @ $0.67; and
88,000 @ $0.59 per security respectively
No. of securities held after change: 114,608 Ordinary Shares 244,226 Converting Preference Shares. Nature of change: On market trade.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 04/09/2003 was 285.4p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 04/09/2003 was 202.5p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 04/09/2003 was 174.6p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 04/09/2003 was 88.9p.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 04/09/2003 was 153.25p undiluted and 147.22p diluted.
LEND LEASE CORPORATION LIMITED
On 20 August 2003 Lend Lease Corporation Limited ("Lend Lease") declared a final dividend of 20 cents per share unfranked with a record date of 4 September
2003 and payable on Thursday 18 September 2003. In accordance with the rules of the Dividend Reinvestment Plan ("DRP"), the issue price is calculated based on
the weighted average price of Lend Lease shares traded on the Australian Stock Exchange during the five business days immediately following the date that the
Lend Lease share price is quoted ex-dividend for payment of a dividend. The issue price of shares to be allotted pursuant to participation in the DRP for the 2003
final dividend will be $10.64 per share. As announced in July 2003, the Share Election Plan and Share Purchase Plan were suspended on 1 September 2003. The
DRP will be suspended from 1 October 2003 and the DRP residual cash balances will be paid in March 2004 with the next interim dividend.
MONTANA GROUP (NZ) LIMITED
                                                                                                                                                 Page 2047
Allied Domecq PLC (Allied) notes the announcement to the Australian Stock Exchange on 29 August 2003 by the Hess Group A.G. that it proposes, through an
Australian subsidiary, to make a conditional cash takeover bid for all of the shares in Peter Lehmann Wines Limited (Peter Lehmann Wines) that it does not already
own. Allied is the largest shareholder in Peter Lehmann Wines, with a holding of 14.53% of the issued ordinary shares in the company. Allied confirms that it is
presently seeking the opportunity to discuss with the Board of Peter Lehmann Wines its options regarding its holding in the company. The matters which Allied is
seeking to discuss include, inter alia, the possibility of Allied making a competing offer for Peter Lehmann Wines. However, at this time, Allied has not made any
decision about making such an offer. Allied will make a further announcement in relation to its holding in Peter Lehmann Wines in due course.
GPG FINANCE PLC
The directors of GPG Finance plc advise that the offer of Capital Notes by GPG Finance under the Offer Document dated 28 July 2003 (the "Capital Notes") closed
on 4 September 2003. As previously announced, the NZ$200 million of Capital Notes offered in the Firm Pool were fully subscribed. The directors have accepted an
additional NZ$15 million of subscriptions for Capital Notes offered under the Public Pool. The directors of GPG Finance and Guinness Peat Group plc ("GPG") are
delighted with the success of the offering. All of the Capital Notes were issued for cash and have issue dates from 30 July 2003 to 5 September 2003. The Capital
Notes have a total principal amount of NZ$215 million and there are in excess of 6,800 initial investors in the Capital Notes. The interest rate payable on the Capital
Notes was fixed on 5 September 2003 at 8.7% per annum. The proceeds of the Capital Note issue will augment existing funds and provide the GPG Group with
added capacity to act quickly and decisively when required, but it is not anticipated that these funds will be fully invested at any one time. The offer of Capital Notes
was authorised by resolutions of the directors of GPG Finance and GPG on 25 July 2003. Trading of the Capital Notes on NZX's debt market is expected to
commence on 10 September 2003. The ISIN for the Capital Notes is NZGFND0002S4 and they will have a trading code of GFN020. JBWere (NZ) Limited was the
Lead Manager and Organising Broker.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
A number of analysts and institutional investors have asked SKYCITY to assist them by providing indicative numbers for non-trading financial information relating to
depreciation, amortisation, and interest for the three year period July 2003-June 2005. The company is willing to provide this indicative information which is set out
below. In providing this information, SKYCITY Entertainment Group advises that the figures are indicative only, are necessarily estimates which may be subject to
change, and are based on the company’s existing assets and borrowing facilities and currently anticipated capital expenditure requirements. Specifically, the
estimates are based on the anticipated maintenance capital requirements of the company’s Auckland and Adelaide operations and the major Auckland projects
(gaming expansion, convention and exhibition centre, and new five star hotel) currently under construction. SKYCITY makes no representations as to trading
performance or investment activity in providing these indicative estimates. Actual results may differ from those indicated. SKYCITY advises that indicative numbers
for annual maintenance capital expenditure are $18-$20 million per annum for SKYCITY Auckland and A$6-$8 million for SKYCITY Adelaide. Major projects being
undertaken in Auckland, being the gaming expansion, the convention centre and the new hotel, are expected to cost a total of $165 million. Of this amount $27
million was spent in the year ended 30 June 2003, $105 million is anticipated to be spent in the year ending 30 June 2004, and the balance of $33 million is
scheduled for the FY05 financial year. Based on existing assets and known and assumed capital expenditures, SKYCITY estimates its annual depreciation and
amortisation charge to be in the order of $50-$55 million for FY04 (year ending 30 June 2004), $58-65 million for FY05 (year ending 30 June 2005) and $60-$65
million for FY06 (year ending 30 June 2006). Of these amounts $5.0-$5.5 million relates to amortisation with the balance being depreciation. Current expectations for
interest payments are in the order of $50-$55 million per annum, with approximately $5 million being capitalised to the cost of major projects in the FY04 year. As
referred earlier, release of these estimates is designed to assist the financial community and is advised to the exchange to ensure that all sectors of the market and
parties interested in the company’s affairs are equally informed. The estimates as included in this notification are current as at the date of this advice.
CAPITAL PROPERTIES NEW ZEALAND LIMITED
Capital Properties New Zealand Ltd advises that the strike price pursuant to its Dividend Reinvestment Plan is 85.57 cents in respect of the quarterly dividend
payable on 17th September 2003. The Strike price is based on the weighted average price in the 5 days preceding the record date of 5 September 2003, adjusted
for the amount of the current dividend.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 340,000 shares on the 08/09/2003. Highest price paid: $10.50. Lowest price paid: $10.40. Number
of shares remaining to be bought back: 26,120,470.
NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank advises the on-market buyback of 65,000 ordinary shares on 08/09/2003. Highest price paid: A$30.50. Lowest price paid: A$30.47.
Approximate number of shares remaining to be bought back: 3,577,262.
AMP LIMITED
AMP advised the allotment of 23,651 ordinary shares at A$6.80 per share.
Purpose of the issue: the shares were issued pursuant to the AMP International Employee Share Ownership Plan.
Date of Issue: 05/09/2003. Number of shares on issue: 1,523,429,905
DOWNER EDI LIMITED
On 26 August 2003 Downer EDI Limited declared a final dividend of 2.4 cents per ordinary share, franked to 50%, with a record date of 5 September 2003 and
payable on 10 October 2003. In accordance with the rules of the DRP, the issue price is calculated at 95% of the weighted average price of Downer EDI shares
traded on the Australian Stock Exchange during the five trading days up to and including the record date. The issue price for the shares to be allotted pursuant to
participation in the DRP for the 2003 final dividend will be $0.74 per share. As announced on 26 August 2003, following payment of the 2003 final dividend, the DRP
will be suspended. It is intended that any residual DRP residual cash balances will be paid out with the next interim dividend, expected to be paid in 2004.
Shareholders are reminded that the closing date for the lodgement of elections to participate in the DRP (or vary such participation) for the 2003 final dividend is 10
September 2003.
CAPITAL PROPERTIES NEW ZEALAND LIMITED
Capital Properties New Zealand Limited (CNZ) is pleased to announce that its recent Capital Notes Conversion programme has been completed and $17,964,863 of
capital notes due for election date of 15 April 2005 have been converted to election date of 15 April 2007 and 15 April 2009. $14,724,226 were transferred to 15 April
2007 and $3,240,637 were transferred to 15 April 2009. Conversions from election date of 15 April 2005 represented a conversion rate of 16.44%. Total Capital
Notes on issue remain at $133,799,860. Classes are as follows:
                                                                                                                                                          Page 2048
2005 Capital Notes (CNZ010) $91,284,351
2007 Capital Notes (CNZ020) 32,889,062
2009 Capital Notes (CNZ030) 9,626,447
Total $133,799,860
CAPITAL PROPERTIES NEW ZEALAND LIMITED
Capital Properties New Zealand Limited gives notice of the allotment, on 8 September 2003, of capital notes pursuant to the offer to extend the election dates of the
existing 2005 capital notes to either 2007 and/or 2009.
Class: $ Transferred
2005 Capital Notes (CNZ010): (17,964,863)
2007 Capital Notes (CNZ020): 14,724,226
2009 Capital Notes (CNZ030): 3,240,637

Following allotment there are the following numbers of capital notes on issue in each class:
Class: $ Issued
2005 Capital Notes (CNZ010): 91,284,351
2007 Capital Notes (CNZ020): 32,889,062
2009 Capital Notes (CNZ030): 9,626,447
Total: 133,799,860
AMP LIMITED
Media reports today of a capital raising by AMP reconfirm statements made by the company at the release of its interim results on 20 August 2003. AMP said at its
interim results that if its proposed demerger proceeds, refinancing the RPS is both necessary and desirable to achieve regulatory, ratings and tax efficiency.
Alternatives being investigated, in conjunction with investment banks, involve refinancing the RPS into equity and/or other Tier 1 instruments in the ‘new’ AMP. AMP
can confirm that one of the alternatives being considered is a rights issue. AMP also said at its interim results that it is likely the refinancing will be for the full amount
of the RPS, although proceeds from asset sales, if realised, will be taken into account in the final capital structure. As noted at the interim results, the final capital
structure of both new entities is subject to ongoing discussions with regulators. These discussions are yet to be concluded. “When AMP has determined the best way
in which to refinance the RPS, full disclosure will be made. However, the refinancing is also dependent on a number of other factors including agreement with
regulators on the capital structures of the demerged entities and Board approvals,” AMP Chief Executive Officer Andrew Mohl said.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The Directors of Tower Managed Funds advise that 450,000 units were redeemed during the week ending 05/09/2003. The total number of units on issue is
52,110,659. The Net Asset Value of the TORTIS-OZZY fund as at the close of business (Sydney) 05/09/2003 was $2.0765. The Basket Composition for the week
8th September to 12th August has also been provided.
WESTPAC BANKING CORPORATION
Westpac leads the global banking community on corporate sustainability, according to the 2003/2004 Dow Jones Sustainability Index which was released this
afternoon. The Dow Jones Sustainability Index influences the decisions of asset managers who use it to as a benchmark for sustainable investment portfolios.
Increasingly, investors are turning to measures of corporate sustainability across the economic, social, and environmental dimensions to identify well managed,
future-oriented and responsible companies. Out of some 2,500 leading global companies, only 320 have made the 2003/2004 DJSI index, including 27 banks.
SPEIRS GROUP LIMITED
Speirs Group has provided the following notice:
A total of NZ$5,113,000.00 Speirs Bonds have been allotted to 363 investors under the offer made in the Investment Statement dated 30 June 2003. A waiver has
been obtained in relation to the minimum spread requirements set out in Listing Rule 5.2.3(a).
Listing Rule 7.12.1
(a) Class of Security and ISIN: Unsecured Subordinated Perpetual Speirs Bonds – The interest rate from 30 June 2003 to 30 September 2003 will be 10.00% per
annum. For each subsequent year the interest rate will be reset annually on 30 September in each year at the greater of 10.00% per annum or a fixed margin of
4.5% per annum above the then one year swap rate. The ISIN is NZFFD0001S7.
(b) Number issued: 237,000 Speirs Bonds.
(c) Nominal value/issue price: NZ$1.00.
(d) Payment: cash in respect of $109,025.32 of issues of Speirs Bonds. There have also been transfers from existing holders of debenture stock and subordinated
notes in the amount of $127,974.68.
(e) Amount paid up: paid in full.
(f) Percentage of total class issued: 25.565%.
(g) Reason for issue: to provide long term debt funding for the company
(h) Specific authority for the issue: prospectus and directors resolutions of Speirs Group Limited.
(i) Terms or details of the issue: as set out in the prospectus and the investment statement both dated 30 June 2003.
(j) Total number of securities of the class in existence after the issue: 5,113,000 Speirs Bonds.
(k) Treasury stock: not applicable.
(l) Dates of issue: the Speirs Bonds have been allotted on a daily basis since the offer opened on 30 June 2003. The offer remains open at the current date as it is
not yet fully subscribed.
THE NZ MID-CAP INDEX FUND (NS)
The Directors of Passive Funds Management Ltd advised that nil units were issued in The NZ Mid Cap Index Fund during the week ended 05/09/2003. Total units on
issue: 15,686,569. The NTA as at 05/09/2003 was $2.07134.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
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Australia & NZ Banking Group advised the allotment of 87,173 fully paid ordinary shares between 05/08/2003 and 26/08/2003. Purpose of the issue: 87,173 shares
issued on exercise of options. Issue price or consideration:
1,241 shares At Nil consideration
15,000 shares at A$10.11 each
2,500 shares at A$11.20 each
7,500 shares at A$11.81 each
16,925 shares at A$13.70 each
8,000 shares at A$14.34 each
5,750 shares at A$14.63 each
18,500 shares at A$14.92 each
2,500 shares at A$15.33 each
750 shares at A$16.81 each
8,450 shares at A$17.05 each
57 shares at A$18.06 each
Total: 87,173.
Number of securities now quoted: 1,521,458,129
NEW ZEALAND EXCHANGE LIMITED
NZX has released its August 2003 Operating Metrics. They can be downloaded from the NZX website at www.nzx.com/aboutus/investor/metrics. The metrics will be
developed over time to include additional information as and when required.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 08/09/2003 was $1.15124. The number of units on issue is: 362,242,991
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The Australian 20 Leaders Index Fund has provided the following fully imputed interim dividend: $0.0002145 in relation to Westfield Holdings Dividend. Record Date:
09/09/2003. Payment Date: 12/12/2003.
CABLETALK GROUP LIMITED
Cabletalk Group advised that 450,000 Options to Subscribe have been issued at a price of 42cps. Reason for issue: In consideration for the entry by the option
holder into a contract for services with CTG. Authority for issue: The options were granted pursuant to and in compliance with caulse 17 of the second schedule of
CTG’s constitution and in terms of appropriate resolutions of the directors. Specific terms or details of the issue: the option may be exercised at any time during the
period commencing on 31/11/2004 and ending on 31/01/2005. Date of issue: 10/07/2003.
SKY NETWORK TELEVISION LIMITED
Sky Network Television advised that the interest on the Capital Notes, payable on 15/10/2003, will be paid to Capital Note holders on the register at 5pm on Friday,
03/10/2003.
NEWS & MEDIA NZ LIMITED
News and Media NZ have provided a notice that was sent to holders of the old cumulative exchangeable preference shares advising them of the options available to
them on maturity date 30 November 2003. An extract is copied below: In May of this year all holders of Old CEPS on 23 May 2003 were offered the opportunity to
exchange to “New CEPS” on the terms set out in NMN’s Investment Statement and Prospectus dated 16 May 2003. As you did not take up the offer to exchange to
New CEPS, or did not take up the offer in full, this letter is to remind you that the exchange date for Old CEPS is 30 November 2003, and to advise you of your
options. In terms of the 1996 issue documents, on 30 November 2003 Old CEPS will be exchanged for shares in the company’s parent Independent News & Media
PLC (INM) of Dublin. The current exchange consideration is 2.2194 shares in Independent News & Media PLC for each Old CEPS. As at 28 August 2003 the most
recently available traded price of INM shares on the Irish Stock Exchange was EURO1.65 (approximately $NZ3.13), which equates to approximately $NZ6.94 at the
current exchange ratio. Of course no assurance can be given as to the INM share price on 30 November 2003, or at any other time. INM’s interim report is
expected to be available and mailed to shareholders in late September. If you do not wish to exchange your Old CEPS into Independent News & Media PLC shares
then, you may give an Election Notice (in the form attached) for your Old CEPS to be exchanged for $NZ8.00 cash for each Old CEPS, subject to the conditions of
issue. You may complete an Election Notice in respect of some or all of your Old CEPS held. If an Election Notice is not received before 5pm on Friday 21
November 2003 then shares in Independent News & Media PLC will automatically be issued in place of all of your Old CEPS. Your Election Notice is revocable by
further written notice to NMN. If you sell any or all of your Old CEPS after having given an Election Notice your Election Notice will be deemed to have been revoked
for those Old CEPS you have sold. A final dividend will be paid to the holders of the Old CEPS for the period to 30 November 2003, regardless of the election.
AMP LIMITED
AMP has provided an Initial Director’s Interest Notice in respect of Nora Lia Scheinkestel. Date of appointment: 01/09/2003. Nature of indirect interest: Scheinkestel
Superannuation Pty Limited ATF, Scheinkestel Superannuation Fund No. 1 Account. Number & class of Securities 3,500 ordinary shares.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
SKYCITY Entertainment Group Limited has provided notice of the following acquisition:
Security acquired: Ordinary Shares ISIN: NZSKCE0001S2
Number of securities acquired: 80,000
Average consideration per security acquired: $8.7500
Payment type: Cash Payment
Percentage of total securities acquired: 0.038%
Reason for acquisition: Enhance capital efficiency
Specific authority: Director Resolution
Total number of securities after acquisition: 209,279,478
Intentions for shares acquired: Cancellation
                                                                                                                                                   Page 2050
Date of acquisition: 8 September 2003
ROCOM WIRELESS LIMITED (NM)
ROCOM Wireless Limited has been granted waivers from NZX Listing Rules 12.2.3, 12.5.1 (b) and 12.5.5 (e) to enable Rocom to borrow from interests associated
with shareholder and Director Richard Guy to provide funding in the form of working capital to ROCOM Wireless to fund its growth in the expanding mobile
computing solutions business. 1.8 million Rocom Wireless (ROC) shares owned by those interests will be sold over two weeks. The net share sales proceeds will be
used to acquire convertible securities to be issued by the Company, converted in 18 months time with an accrued interest rate at the 90 day bank bill rate. The
conversion rate will be calculated at the same price at which the original shares were sold. The transaction which will increase the Company’s working capital by
approximately $330,000, is subject to approval by resolution of minority shareholders. “Ongoing and recent successes in delivering business solutions to New
Zealand businesses gives me great confidence in the ability of the company to return good profits to the shareholders in the forthcoming years.” says Mr Guy.
This announcement is effective immediately.
                                                                 TUESDAY, SEPTEMBER 09, 2003
INDEPENDENT NEWSPAPERS LIMITED
Independent Newspapers Limited (“INL”) today announced it will seek a listing on the Australian stock exchange, the ASX. INL has announced its intention to make
a takeover offer for the 34 percent of Sky Network Television Limited (“Sky”) that it does not already own. INL Executive Chairman Ken Cowley said that INL intends
to obtain a full listing on the ASX and is exploring the best way of achieving this. Sky is already listed on the ASX. Mr Cowley said that an ASX listing would enable
more Australian fund managers to hold shares in INL, particularly those with mandates that restrict them to investing in Australian listed stocks. Sky shareholders
will be offered shares in INL as part of consideration in the takeover offer INL announced last week. In response to recent comment Mr Cowley said INL would not
be offering any more than already announced of $3.35 cash for each Sky share and three INL shares for every 10 Sky shares. “We have absolutely no intention of
increasing the offer. When the offer is released it will be unconditional because we are happy to acquire any Sky shares offered to us,” Mr Cowley said. “The offer is
fair. It includes a healthy premium that the market had already factored into Sky’s share price.” Before the INL takeover announcement the Sky share price was
$4.52 and prior to the speculation that INL would make an offer after it announced the sale of its New Zealand newspaper businesses, Sky’s share price was $3.68.
“There is no further premium to be had as INL already owns more than 66 percent of Sky and with Telecom’s commitment to sell we will own around 78 percent,” he
said. “We expect Telecom to accept the offer for its 12 percent stake as soon as the offer opens. Part of our agreement with Telecom is that we will not pay more for
Sky shares for 12 months. If INL does not own 90 percent of Sky by the end of the offer period we are happy to hold onto our Sky shareholding, meet our obligation
to Telecom to not pay more for Sky shares and move to 100 percent of Sky at a later date. The costs of waiting to complete the full acquisition are not significant
operationally or financially which underlines why there is no more premium to be paid,” Mr Cowley said. As previously announced, Telecom has already agreed to
accept the offer when it is made. Under the agreement between INL and Telecom, INL has committed to not acquire further shares in Sky at a price higher than that
to be paid under the offer for a period of 12 months from the date of announcement of the offer, 28 August 2003. Mr Cowley said that to assist Australian
shareholders in Sky to accept the offer and receive INL shares, INL will apply for an ASX listing irrespective of whether INL reaches the 90 percent acceptance
threshold necessary for compulsory acquisition of the remaining shares.
NATIONAL AUSTRALIA BANK LIMITED
On August 29, 2003, a civil class action complaint was filed in the United States District Court (Southern District of New York) against the National Australia Bank
Limited and others for alleged violations of federal securities laws relating primarily to disclosure concerning the valuation of the mortgage servicing rights held by
HomeSide Lending, Inc. (which we sold in October 2002). The complaint fails to specify any quantum of damages, but seeks unspecified compensatory damages.
Based on preliminary legal advice we have received in relation to the matter, we believe that the action is without merit, should not succeed and is not likely to have
a material adverse effect on our consolidated financial position. We intend to defend the action vigorously.
BURNS PHILP & COMPANY LIMITED

Burns Philp has been provided with a Notice of change of interests of substantial shareholder, lodged by Rank Group Limited (“Rank”). Rank’s percentage holding of
ordinary shares has decreased from 59.46% to 53.73% following the increase in the Company’s issued capital due to the exercise of 2003 Options by other holders
and the subsequent issue of 124,752,982 ordinary shares on 4 September 2003.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 05/09/2003 was 153.76p undiluted and 147.68p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 05/09/2003 was 285.3p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 05/09/2003 was 202.8p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 05/09/2003 was 174.9p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 05/09/2003 was 89.2p.
SANTOS LIMITED
Santos advised the allotment of 35,400 fully paid ordinary shares on 08/09/2003. Issue price: 15,400 shares at A$5.77 per share, 20,000 shares at A$5.12 per share.
Purpose of the Issue: Issue of 15,400 shares pursuant to the terms of the Santos Employee Share Purchase Plan and issue consequent upon exercise of 20,000
options granted on 15 June 1999 pursuant to the Santos Executive Share Option Plan.
Total number of shares in existence after this issue is: 583,986,399 Ordinary Shares
PORTMAN LIMITED
                                                                                                                                             Page 2051
Portman advised that certain employee options (details of which are set out below) previously issued to eligible employees under the Employee Share Option Plan
“ESOP”, have now expired:
Number of Options - Exercise price - Expiry Date - ASX Code
2,000,000 - $1.99 - 28 April 2003 - PMMAW
200,000 - $1.75 - 25 May 2003 - PMMAS
PORTMAN LIMITED
Due to changes in arrangements with certain consultants to the Company, please be advised that the following options have been cancelled.
Number of Options - Exercise Price - Expiry Date
750,000 - $1.919 - 1 October 2007
Please note that there were two separate tranches of 750,000 options issued on 1 October 2002 with an exercise price of $1.919 each. These options that have
been cancelled are those that were issued in the second tranche only.
PORTMAN LIMITED
Portman Limited advised the allotment of 168,000 Ordinary Shares at A$0.984 per share pursuant to the exercise of 168,000 options on 08/09/2003.
Number of shares now on issue: 173,890,712.
PORTMAN LIMITED
Exercise of Portman Limited Directors Options (Not Part Of The Employee Share Option Plan {“Esop”} But Are Subject To Esop Rules). Portman Limited wishes to
advise that 168,000 ordinary fully paid shares have been issued as a result of the exercise of 168,000 options (ASX code: PMMAY). The total number of fully paid
ordinary shares on issue is now 173,890,712.
PORTMAN LIMITED
Portman has provided a Change of Director's Interest Notice in respect of M C Albecht dated 08/09/2003. Number of securities acquired: 168,000 ordinary shares.
Number of securities held after change: 1,150,000
SUBMARINES AUSTRALASIA LIMITED (NM)/NEW ZEALAND EXCHANGE LIMITED (NZXR)
Further to the announcement on 02/09/2003, Submarines Australasia Limited (NM) has not issued its Full Year Preliminary Result that was due by 29/08/03 and its
securities are suspended until further notice.
PYNE GOULD GUINNESS LIMITED
Pyne Gould Guinness Limited (PGG) has announced the appointment of Hugh Martyn as its new CEO. Mr Martyn will start at PGG on 20 October. Managing
Director George Gould will stand down after the Annual Meeting on 22 October. “The board has been working through a recruitment process over the last few
months and we are delighted to announce at the conclusion of this process we have appointed Hugh Martyn to the position of CEO,” Chairman Bill Baylis said. Mr
Martyn has a background in law and business. He is Christchurch-based but has considerable international experience. Mr Baylis said that under Mr Martyn’s
management leadership he expects PGG to continue to build on the services to the rural sector that have marked the company’s success in the past while pursuing
new initiatives that are relevant to its markets. Mr Baylis said that a number of those new initiatives were developed during Mr Gould’s time as CEO and Managing
Director. In wishing Mr Gould all the very best for the future, Mr Baylis paid tribute to his contribution to PGG. “George Gould came in and did a great job leading
the company through the PGG/Reid Farmers merger. The company is in great shape and he hands it over in good heart to Hugh Martyn as incoming CEO. We are
confident that in Hugh Martyn we have a new CEO who can and will build on and add to that which has been achieved over the last two years,” Mr Baylis said.
NEW ZEALAND EXPERIENCE LIMITED
New Zealand Experience Limited has provided NZX with a copy of its Annual Report for the year ended 30 June 2003.
WRIGHTSON LIMITED
Wrightson has provided a copy of its printed Annual Report for the year ended 30/06/2003.
BAYCORP ADVANTAGE LIMITED
Baycorp Advantage has been provided with a Substantial Security Holder Notice by AMP Henderson Global Investors (NZ) Limited. Percentage previously held:
0.33% Beneficial, 7.85% Non beneficial. Percentage held at date of notice 04/09/03: 0.33% Beneficial, 8.98% Non beneficial
TRANS TASMAN PROPERTIES LIMITED
Trans Tasman Properties Limited (“TTP”) notes that its majority shareholder SEA Holdings Limited has stated in the announcement of its 2003 Interim Results that it
intends to vote in favour of TTP’s recent takeover offer (made through its wholly owned subsidiary, Trans Tasman Properties (AGP) Pty Limited) for the shares in
Australian Growth Properties Limited that it does not own. TTP intends to hold a special meeting of shareholders in mid-October to consider and if thought fit
approve the takeover offer. SEA Holdings Limited currently holds 55.16% of the ordinary shares of TTP.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 143,317 shares on the 09/09/2003. Highest price paid: $10.60. Lowest price paid: $10.40. Number
of shares remaining to be bought back: 25,977,153.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 08/09/2003 was $2.0906 The number of shares on issue is 52,960,659.
SOFTWARE OF EXCELLENCE INTERNATIONAL LIMITED
Software of Excellence International have provided an Appendix 7 in relation to their Fully Paid Convertible Notes (SOEGA: NZSOEE0001S1).
Amount per security: $0.0315. Record Date: 23/09/2003 Payable Date: 25/09/2003.
SOFTWARE OF EXCELLENCE INTERNATIONAL LIMITED
                                                                                                                                           Page 2052
Software of Excellence International has provided an Amended Appendix 7 in relation to their Fully Paid Convertible Notes (SOEGA: NZSOEE0001S1).
Amount per security: $0.0315. Amended Record Date: 19/09/2003 Amended Payable Date: 23/09/2003.
AIR NEW ZEALAND LIMITED (NS)
The Australian Competion and Consumer Commission today issued a final decision denying approval to a proposal alliance between Qantas Airways Limited and Air
New Zealand Limited. ACCC Chairman, Mr Graeme Samuel, said today that the ACCC saw no good reason to depart from the view expressed in the ACCC’s April
Draft Determination.“The proposal alliance would be highly anti-competitive and offer little benefit to the Australian public” he said. The two airlines sought
authorization for an alliance under which both would agree on matters such as flight schedules and fares on routes were both operate, including the trans-Tasman.
Qantas would also take up to 22.5 per cent equity in Air New Zealand.
RIO TINTO LIMITED
Rio Tinto Limited has provided a presentation by Mr Gary Goldberg, Managing Director of Coal and Allied Limited. This was presented as part of Rio Tinto’s 2003
Australian site visit to the Hunter Valley coal assets. Copies can be requested from lcr@nzx.com
AIR NEW ZEALAND LIMITED (NS)/
Air New Zealand and Qantas have today announced that they will apply for review of the Australian Competition and Consumer Commission’s (ACCC) decision to
turn down the airlines’ application for authorisation to form a strategic alliance. Air New Zealand Managing Director and CEO Ralph Norris said that while
disappointed with the ACCC’s decision, the next step would be to apply for review of the decision by the Australian Competition Tribunal. Mr Norris said that at this
stage of the process, this outcome with the Australian regulators was not unexpected. “Notwithstanding this, Air New Zealand and Qantas remain confident that the
Australian Competition Tribunal review process affords us another opportunity to present our full case for the alliance and we remain confident that we can achieve a
positive outcome.” Mr Norris said that he did not expect today’s announcement to impact on the pending New Zealand Commerce Commission (NZCC) decision,
saying the process followed by the two regulators is very different. “The NZCC process provided the opportunity for the airlines and all other interested parties to
state their case and respond to questions in front of the four determining Commissioners during a six day conference which examined in detail all of the evidence
presented by airline executives and expert witnesses. “The next steps in the process for approval of the alliance is to now wait for the NZCC’s final decision and
commence the review process with the Australian Competition Tribunal. “Notwithstanding today’s decision from the ACCC, I remain as convinced as ever of the
need for a strategic alliance between Air New Zealand and Qantas to ensure both New Zealand and Australia retain the critical infrastructure both airlines provide
their respective countries’ economies,” said Mr Norris.
COMMERCE COMMISSION/ AIR NEW ZEALAND LIMITED (NS)
The Commerce Commission today confirmed it was aiming to release its final determinations relating to the proposed strategic alliance between Air New Zealand
and Qantas at the end of the month. The Commission’s Australian counterparts, the ACCC, today released its decision to decline to authorise the proposed
arrangement. Commission Acting Chair Paula Rebstock said the Commission is considering a wealth of information delivered at its recent six day conference, and
aims to deliver its final determinations at the end of the month. Ms Rebstock said both agencies have managed their processes independently from each other and
each agency makes its own decision. “For efficiency, we have shared some relevant information, but only relating to markets where there is common interest. The
processes are independent of each other,” said Ms Rebstock. Ms Rebstock said a significant difference for the Commission and the ACCC is the number of markets
that are considered. She said the alliance has an impact on a greater number of markets in New Zealand. She added that the New Zealand Commerce
Commission is also required, where possible, to quantify the benefits and detriments of the proposed alliance. “The Commission’s role is to determine whether the
proposed alliance would result in a substantial lessening of competition in any of the markets affected and, if so, whether the detriments flowing from this lessening
of competition are outweighed by the public benefits resulting from the alliance.”
MOSAIC OIL NO LIABILITY
Production and recent testing have substantially increased the proven and probable (2P) recoverable gas reserves in the northern part of the Churchie gas field that
was first discovered in 2001. Mosaic, as Operator, on the basis of production and recent test data now reports a 50% increase of proven and probable (2P)
recoverable gas reserves from 23 Petajoules to 34.3 Petajoules (approx 29 billion cubic ft of gas). Possible reserves (3P) remain at 125 Petajoules (approx 107
billion cubic ft of gas). "This upgrade provides critical data to support marketing of the Churchie gas field to major customers," says Mosaic CEO, Dr Howard Brady.
Confirmation of the gas reserves comes at a time when many major gas customers in the south east of Queensland are looking at renegotiating long term purchase
contracts to replace existing contracts well before their expiry date. The interests in the Churchie field are Mosaic Oil NL 49% and Santos Ltd 51%. Churchie is in
Production Licence 192 near the town of Surat in south-east Queensland.
MOSAIC OIL NO LIABILITY
Mosaic Oil (NL) has provided the following preliminary statement by Mosaic Oil CEO Dr Howard Brady to Good Oil Conference in Perth:
New ideas keep revolutionising the industry In the 1980s world class gold finds were made once the formation of epithermal gold deposits was understood. In the oil
industry high gas prices in North America in recent years have encouraged the industry to maximise production and to find new reservoirs. This has led to an
increase in under-balanced drilling where the drilling fluid is at such a lower pressure to the formation that the rocks holding oil or gas are not damaged; especially by
mud invasion. It has been discovered that some particular reservoirs had previously been overlooked because swollen clays within the reservoir had blocked oil and
gas production. The clays had swollen on contact with water from drilling mud. At one particular Canadian field a well flowed 50,000 cubic ft/day. It was re-entered
with a deviation using a salt-based mud (KCl mud) and the new flow was 1.5 million cubic ft/day. A second deviation was done using nitrogen and the flow was 15
million cubic ft/day. While in many cases normal mud drilling produces excellent results in the above case the reservoir rocks contained clays that expanded in
contact with water. In Queensland Mosaic is using nitrogen or nitrified fluids to drill Permian target zones which may not flow if drilled with conventional mud drilling
technology. (Halliburton has been the service company for the vertical drilling and BJ Services for four horizontal coiled tubing wells planned for October/November
this year). Santos has been looking for Deep Basin gas in the Nappamerri trough for some years and some companies are looking for deep basin gas in other
countries. In this context the Surat/Bowen Basin has been overlooked as it has a deep trough -the Taroom trough- feeding directly into Permian sediments that
eventually wedge out; thus creating the possibility of large gas fields and large areas totally saturated with gas. A gas charged Queensland Permian Tinowon fairway
exists. At reasonable drilling depths this fairway is about 80 kms long by 20 kms wide. Every well drilled in that fairway has had gas shows. The large Permian gas
fields are Churchie (Mosaic 49% and Santos 51%), Myall Creek (OCA-100%) and Waggamba (Mosaic 100%). The Churchie complex covers about 60 sq kms and
is still open to the south east. A pipeline and central gathering station have been built and production commenced March 2003. Present 3P reserves total 125 PJ.
The Waggamba complex covers 90 sq kms. A Production Licence has been lodged on the basis of 70 PJ of 3P reserves. Already material balance pressure data
indicates 1P OGIP near the Waggamba 1 well of 25 BCF. A pipeline route is being surveyed with the intention of lodging a pipeline construction application this year
                                                                                                                                                    Page 2053
with first production scheduled for late 2004. Mosaic sells 3-5 TJ per day, 200 barrels of oil per day and 7-10 tonnes of LPG per day. Mosaic owns significant
infrastructure assets that can treat in excess of 35 TJ per day.
Mosaic 100%-Silver Springs treatment plant capacity of 35 million cubic ft/day
Mosaic 100%-Silver Springs Oil storage capacity of 20,000 bbls
Mosaic 50% -LPG Plant with Santos with capacity of 35 million cubic ft/day
Mosaic 50% -120 km 8 inch gas pipeline and 100% - 300km spurlines.
Mosaic’s present base turnover is in the order of $9-10 million a year. The aim is to more than double that revenue within two years. Coming drilling program is:
- 4 Underbalanced Horizontal coiled tubing wells- October 2003 (Mosaic 100%).
- 1 Planned well with Santos at Churchie Gas field (Mosaic 49% and Operator).
- I planned well at Waggamba Gas field (nitrogen) (Mosaic 100%).
- Mosaic’s present capitalisation is around $50 million
EBET LIMITED
Leading gaming technology company eBet Limited (ASX/NZSE: EBT) (“eBet”) today announced that it had received NSW-regulatory approval for its latest gaming
systems offering, the Microsoft SQL-based version of its integrated card-based “cashless” gaming system known as EPS. It added that more leading NSW gaming
venues had recently purchased EPS, including one of the state’s largest and most successful venues, Mount Pritchard & District Community Club, known as
Mounties (600 machines). Mounties CEO, Mr. Greg Pickering said, "Our decision to install EPS goes well beyond its card-based cashless functionality". "EPS is
clearly the most sophisticated integrated analysis, membership management, promotions and loyalty system available". He added, "eBet's commitment to product
support and evolution gives us the confidence that this is an investment that we'll be seeing a return on for many many years". Mounties joins Central Coast
Leagues Club (450 machines), Reveseby Workers Club (490 machines), Guildford Leagues Club (280 machines), Umina Beach Bowls (105 machines) and Illawarra
Leagues (115 machines) who have also recently purchased EPS. eBet Managing director, Mr. Keith Cullen, said that, whilst recently announced tax hikes for NSW
clubs were a negative for the industry because of the impact they will have on the social and community benefits that clubs currently provide, they had not slowed
sales of EPS. He said the installation of EPS presented venues of all sizes an opportunity to significantly reduce overheads whilst improving customer service, a key
factor driving sales. The above list of venues adds to success earlier this year with new sites joining the growing list of eBet customers including Easts Leagues (550
machines), Kingswood Sports (100 machines), Queanbeyan Leagues (80 machines), Lismore Workers (180 machines) and others. eBet is also achieving success
with major system upgrades for Turbo customers, with these venues including Wests Illawarra (280 machines), Wests Campbelltown (320 machines), Berkeley
Sports (120 machines), St Johns Park Bowling Club (320 machines), Parramatta Leagues Club (470 machines), Tattersalls Club (375 machines), Club Merrylands
(180 machines) and others. Many of these venues will now upgrade further to the newly approved SQL version of EPS. The company said that the new release of
EPS was the culmination of several years of research, development and market testing and that it believed that EPS was now the most sophisticated integrated
gaming solution available anywhere in the world. Managing director, Keith Cullen, said that the move to SQL provided significantly improved stability and scalability
for gaming venues of all sizes and established the platform for the rollout of EPS to the largest of gaming venues in international markets like the US. Mr. Cullen
said that, in addition to overseas expansion opportunities, significant further growth remained in Australia, in particular in NSW. “Whilst we have enjoyed excellent
sales growth over the past 6-9 months, with new sales of EPS and major upgrades to more than 6,200 machines, there is a long way to go”. “In our existing NSW
customer base alone there are opportnuites for major upgrades to a further 28,000 or more, with another 65,000 or so machines currently using dated systems from
other vedors or without systems altogether”. Mr. Cullen added, “As the rollout of EPS continues, our recurring revenue is building, ensuring we are able to sustain
and improve our support and development structure to provide our customers with world-class service and products. “We see this in turn translating to long term,
sustainable profitability for our shareholders”. “It has been a long road, with significant hurdles and delays along the way. FY2003 in particular was a difficult year as
we devoted considerable resource and finances to acquiring Turbo and merging the businesses and technologies”, said Mr. Cullen. “In taking substantial write
downs at 30 June 2003, restructuring the company, and disposing of our sports and race betting business we believe that bottom line losses are now behind us
however”. eBet announced previously that it was EBITDA positive by around $1.3 million for the Half Year to 30 June 2003, its first full reporting period since
acquiring Turbo Bonus. This was a significant turnaround from an EBITDA of negative $1.7 million for the 31 December 2002 Half Year. It said that much of its
growth had come in the last Quarter of the financial year as it started to realize the benefits of the Turbo acquisition. The company subsequently announced that it
would implement an operational and balance sheet restructure at 30 June 2003, which included the disposal of its sports and race betting operation, Sports Acumen,
and write downs of intangibles of around $7.5 million. It said these changes would reduce the burden of depreciation and amortisation for FY2004 by around $2.5
million, positioning the company for the adoption of international accounting standards and for bottom line profitability in FY2004. Final FY2003 audited results are
due for release early next week with a loss of around $12 million anticipated, inclusive of one off write-downs and restructuring charges. Mr. Cullen concluded,
“Through meeting past challenges we have now built a system and a company structure that the gaming industry is recognizing as second-to-none and they are
rewarding us with their custom and support. “We believe our growth trend will continue and improve. “We have now positioned the company for bottom line
profitability in FY2004 and for serious growth into key international markets at the appropriate time.”
INFRATIL LIMITED
Infratil has provided a document on why Infratil is opposed to Qantas taking a 22.5% stake in AirNZ and joining with AIrNZ to control air transport within, into and
from NZ. This will be posted on Infratil's website.
MOSAIC OIL NO LIABILITY
Mosiac Oil (NL) has provided a Presentation by Dr Howard Brady – CEO of Mosaic Oil given during the The Good Oil Conference Perth WA 2003.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ANZ today announced a new credit card with a low on-going interest rate of 10.99% and up to 55 interest free days on credit purchases. The new ANZ Low Rate
MasterCard, the first low rate credit card from one of Australia’s major banks, is designed to meet the needs of a growing segment of customers who simply want to
reduce interest repayments with a low rate credit card with interest free days. ANZ Managing Director Credit Cards Australia Ms Jenny Fagg said the ANZ Low Rate
MasterCard combined low rates with interest free days and big bank security. “This new card is part of our strategy to offer credit card customers more choices so
they can decide which credit card suits them best,“ Ms Fagg said. “We believe this card has one of the best combination of rates, interest free days and service in
the Australian market. We can approve applications in less than a minute over the internet or telephone, and deliver the new card to customers in less than five days.
“With a balance transfer rate of 7.99%, the ANZ Low Rate MasterCard is also a smart choice for customers at other banks who have an outstanding balance on their
credit card or who want to pay off large purchases over time but also want the option of an interest free period. “To enable us to provide the low interest rate, the
ANZ Low Rate MasterCard excludes the extras such as reward programs, extended warranty on purchases or 90-day purchase security insurance that come with
our ANZ First and ANZ Gold cards,” she said. The ANZ Low Rate MasterCard will be available from 1 October 2003 and features:
• A low ongoing interest rate of 10.99% per annum.
• Up to 55 days interest free on purchases
                                                                                                                                                    Page 2054
• Annual fee of $58 for primary cardholders and no charge for up to three additional cardholders
• A balance transfer offer of 7.99% for six months to credit card customers from other institutions who transfer their credit card balance to ANZ Low Rate MasterCard.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia and New Zealand Banking Group Limited (ANZ) is required to disclose the percentage of its shares in which it has an interest as a result of put options
granted to clients under the ANZ Protected Equity Portfolio and ANZ Protected Equity Portfolio Plus products. As at 08 September 2003, ANZ held a relevant interest
in 81,231 fully paid ordinary shares in ANZ, comprising of 0.005% of the issued share capital of ANZ.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia and New Zealand Banking Group Limited has provided notice of initial substantial holding in respect of its holdings in Integrated Group Limited. Voting
power as at 03/09/2003 5.78%.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia and New Zealand Banking Group Limited has provided notice of initial substantial holding in respect of its holdings in Mincor Resources NL. Voting power
as at 26/08/2003 5.11%.
WELLINGTON DRIVE TECHNOLOGIES LIMITED
Wellington Drive Technologies Limited (NZWDTE0002S1) advises that the board has approved a grant of share options (the “grant”). The grant is made pursuant to
the Company’s Employee Share Option Plan (the “ESOP”) approved by shareholders on 28 November 2000. The grant is for 800,000 share options to six senior
staff and is exercisable, in accordance with the ESOP, at the average market price over the ten days prior to Monday 8 September 2003, plus a 30% premium per
option. These options are exercisable in September/October 2006. Directors of the Company are not included in the six staff to whom the grant is being made. The
options are not quoted on the New Zealand Exchange.
LAKES OIL NO LIABILITY
Lakes Oil N.L. (“LKO”) wishes to advise that it has today placed a total of 57 million ordinary fully paid shares at 1.8 cents each to raise a total of $1,026,000.00.
It is expected that shares will be issued on approximately 16 September 2003 following receipt of subscription monies and a further announcement will be made at
that time.
There is no requirement for shareholder approval to the issue.
The issue is at the same price as the recent Shareholder Share Purchase Plan which has now closed and shares are also expected to be issued at approximately
the same time.
The purpose of the placement is to raise funds for the commencement of phase one of the Trifon Tight Gas Project as well as for working capital purposes.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 09/09/2003 was $1.16330. The number of units on issue is: 362,242,991
                                                               WEDNESDAY, 10 SEPTEMBER 2003
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
SKYCITY Entertainment Group Limited has provided notice of the following acquisition:
Security acquired: Ordinary Shares ISIN: NZSKCE0001S2
Number of securities acquired: 88,153
Average consideration per security acquired: $8.8180
Payment type: Cash Payment
Percentage of total securities acquired: 0.042%
Reason for acquisition: Enhance capital efficiency
Specific authority: Director Resolution
Total number of securities after acquisition: 209,191,325
Intentions for shares acquired: Cancellation
Date of acquisition: 9 September 2003
RIO TINTO LIMITED
Coal & Allied Industries Limited advises the resignation of Mr Andrew Michael Kite as an alternate director of the Company.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
Merrill Lynch European Investment Trust has provided a summary of their performance as at 29/08/2003 (unaudited). Information provided includes sector analysis,
country analysis and the Trust's 10 largest equity investments. Copies can be requested from: lcr@nzx.com (copies available by fax only).
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC

The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 08/09/2003 was 155.38p undiluted and 149.11p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 08/09/2003 was 287.3p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 08/09/2003 was 204.4p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 08/09/2003 was 174.5p.
                                                                                                                                                     Page 2055
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 08/09/2003 was 89.4p.
NZ INVESTMENT TRUST PLC
The diluted net asset value per ordinary 25p share of the Company at 5 September 2003 was 219.35pence sterling (NZ:605.88c). The diluted net asset value per
ordinary 25p share as at 5 September 2003 (including current period revenue at 31 August 2003 of 3.26p and NZc8.95) was therefore 222.61pence sterling
(NZ:614.83c). The exchange rate at which this was calculated was £=NZ$2.7622.
TEMPLETON EMERGING MARKETS PLC
The NTA of Templeton Emerging Markets Investment Trust as at close of business 05/09/2003 was:
Undiluted (Warrants unexercised) 163.48p (Cum-Income)
Fully diluted (Warrants exercised) 158.33p (Cum-Income)
Undiluted (Warrants unexercised) 161.40p (Ex-Income)
Fully diluted (Warrants exercised) 156.60p (Ex-Income)
GENESIS RESEARCH AND DEVELOPMENT CORPORATION LIMITED
Genesis Research and Development Corporation (NZX/ASX: GEN) and its partner, London-based biopharmaceutical company SR Pharma (LSE: SPA) today
announced the commencement of a randomised, placebo-controlled Phase II trial of AVAC™ in paediatric atopic dermatitis (childhood eczema). This trial, which will
involve 120 children aged from 5 to 16 years, will be conducted in Auckland. Each participating child will be randomly allocated to one of two treatment groups, and
will receive three injections of either AVAC or placebo, at intervals of two weeks. The trial will assess both the efficacy and safety of AVAC treatment. Quality of life
data will also be collected. The New Zealand AVAC trial complements the Phase II trial of SRP299™ (a heat-killed Mycobacterium vaccae suspension) in childhood
eczema, which is currently underway in the United Kingdom. SR Pharma and Genesis Research are jointly developing SRP299 and AVAC for the treatment of atopic
dermatitis. The results of both the New Zealand and the UK Phase II trials are expected to be available at the end of 2004. “This new AVAC Phase II trial follows on
from our recent successful Phase I safety trial in children,” says Genesis CEO, Dr Jim Watson. In that trial, clinical improvement in atopic dermatitis was noted in the
majority of the children as measured by a standard scoring system for eczema. “The Phase II trial will allow us to accurately assess the benefits resulting from AVAC
treatment of children with eczema.”
BHP BILLITON LIMITED
BHP Billiton has provided its Preliminary Final Results for Year Ended 30/06/03. On 29 June 2001, BHP Billiton Limited (previously known as BHP Limited), an
Australian listed company, and BHP Billiton Plc (previously known as Billiton Plc), a UK listed company, entered into a Dual Listed Companies (DLC) merger. This
was effected by contractual arrangements between the companies and amendments to their constitutional documents. The effect of the DLC merger is that BHP
Billiton Limited and its subsidiaries (the BHP Billiton Limited Group) and BHP Billiton Plc and its subsidiaries (the BHP Billiton Plc Group) operate together as a single
economic entity (the BHP Billiton Group), with neither assuming a dominant role. In accordance with the Australian Securities and Investments Commission (ASIC)
Practice Note 71 ‘Financial Reporting by Australian Entities in Dual-Listed Company Arrangements’, and an order issued by ASIC under section 340 of the
Corporations Act 2001 on 2 September 2002, this information presents the financial results of the BHP Billiton Group as follows: Results for the years ended 30
June 2003 and 30 June 2002 are of the combined entity including both BHP Billiton Limited and its subsidiary companies and BHP Billiton Plc and its subsidiary
companies; and Results are presented in US dollars unless otherwise stated. Global economic conditions remained weak during the year ended 30 June 2003. In
what has been a challenging climate, BHP Billiton’s operating and financial results clearly demonstrate our ability to consistently generate stable cash flows, improve
underlying profitability and increase returns to shareholders whilst still continuing our investment in growth projects. Net profit attributable to members of the BHP
Billiton Group for 2003 of US$1 860 million was 12.9 per cent higher than the previous year (2002: US$1 648 million). Basic earnings per share were 30.0 US cents
(2002: 27.3 US cents). Profit before borrowing costs and tax was US$3 294 million compared with a profit of US$2 957 million for 2002. During the financial year the
Group’s Steel business was demerged. In order to provide meaningful comparison, the discussion in the remainder of this section is based on the Group’s continuing
operations. Excluding significant items (refer below), profit from continuing operations before borrowing costs and tax was US$3 313 million compared with a profit of
US$3 079 million for 2002. The following represent the approximate impact of the major factors affecting profit before borrowing costs and tax (from continuing
operations, excluding significant items and outside equity interests) for the year ended 30 June 2003, compared with last year:
- Higher realised prices for petroleum products, nickel, ferrochrome, copper, hot briquetted iron and manganese alloy increased revenue. This increase was partly
offset by lower prices for export energy coal and iron ore that decreased revenue.
- Favourable unit operating cost performance, due to increased production and the Group’s cost reduction initiatives, increased profits compared with the
corresponding period. These factors were partially offset by higher costs at Escondida (Chile) from processing lower-grade ore due to the voluntary production cut-
backs and higher depreciation from the start-up of the Phase IV expansion project.
- Increases in price-linked costs depressed profits, mainly due to higher royalties and taxes for petroleum products and higher nickel ore supply costs to the Yabulu
refinery (Australia).
- Inflationary pressures, principally in South Africa, and to a lesser extent in Australia, increased costs.
- Higher sales volumes of iron ore, energy coal, copper, aluminium, diamonds and manganese were partly offset by lower sales volumes of petroleum products,
resulting in a positive net volume impact on profits.
- Exploration expense was down by approximately US$45 million compared with the corresponding period, which included the write-off of exploration expenditure at
La Granja (Peru).
- New and acquired operations increased profits due to the commencement of commercial production at Antamina (Peru) in October 2001 and the increased
ownership interest in Cerrejon Coal Company (Colombia) from February 2002.
- The impact of stronger A$/US$, South African rand/US$ and Canadian$/US$ exchange rates on operating costs had an unfavourable impact on profits. The
conversion of South African rand and Australian dollar denominated net monetary liabilities at balance sheet date also had an unfavourable impact on profits. This
was partly offset by reduced losses on legacy A$/US$ currency hedging compared with the corresponding period of approximately US$220 million. In addition, the
lower average Colombian peso/US$ and Brazilian real/US$ exchange rates had a favourable impact on operating costs.
- Profit was impacted unfavourably from ceased/sold operations mainly due to the disposal of PT Arutmin (Indonesia), divested in November 2001 and the Rietspruit
energy coal mine (South Africa), which was closed in May 2002, together with higher pension and medical plan costs at Southwest Copper (US).
- The impact of asset sales is a reduction in profits of approximately US$30 million mainly from the profit on divestment of PT Arutmin in the corresponding period,
partly offset by profits on sale of BHP Billiton’s interests in Alumbrera (Argentina) and Agua Rica (Argentina), during the current year.
The demerger of the Group’s Steel business became unconditional on 1 July 2002. The profit before net borrowing costs and income tax of US$77 million relating to
the Group’s Steel business in the corresponding period has been disclosed as Discontinued Operations. The 6 per cent interest in BHP Steel retained by BHP
                                                                                                                                                       Page 2056
Billiton was sold in July 2002 for US$75 million and the loss of US$19 million associated with this sale has been recognised in the current year and is disclosed as a
significant item in relation to Discontinued Operations. The demerger was effected through a Court-approved capital reduction of A$0.69 per BHP Billiton Limited
share totalling approximately US$1.5 billion (A$2.6 billion) via the transfer of BHP Steel Limited shares to BHP Billiton Limited shareholders. Consequently, BHP
Billiton Plc shareholders received approximately 149 million BHP Billiton Plc equalisation shares. The major significant items before taxation for the year ended 30
June 2002 included charges to profit of:
- US$101 million relating to Southwest Copper, of which US$171 million related to the write-down in carrying values of assets offset by a US$70 million reduction in
closure provisions;
- US$31 million relating to charges associated with suspension of Tintaya sulphide operations; and
- US$80 million relating to the merger and restructuring of the Group.
In June 2002 a change in legislation increased the corporation tax rate for petroleum operations in the United Kingdom from 30 per cent to 40 per cent, resulting in
deferred taxation balances being restated, with an adverse impact of US$56 million on the results for the year ended 30 June 2002. The tax effects of other
significant items were a benefit of US$24 million for the year ended 30 June 2002. After including significant items and Discontinued Operations, the attributable
profit for the current period was US$1 860 million, US$212 million higher than the US$1 648 million for the corresponding period, which included profits from
Discontinued Operations of US$68 million after tax, together with significant items after tax of US$244 million. Basic earnings per share, including significant items
and Discontinued Operations, was 30.0 US cents per share, 9.9 per cent higher than the 27.3 US cents per share of the corresponding period. Total borrowing costs,
including capitalised interest and excluding discounting on provisions and exchange differences on Group borrowings were US$400 million, compared with US$507
million in the corresponding period. The lower borrowing costs were principally driven by lower market interest rates, lower average debt levels and management of
the Group’s debt portfolio. Exchange losses on debt were US$117 million compared with gains of US$141 million in the corresponding period, mainly in relation to
the translation of rand denominated debt of companies which account in US dollars as their functional currency. The rand appreciated by 27 per cent during the
current period compared with depreciation of 27 per cent in the corresponding period. The tax charge for the year was US$883 million, representing an effective rate
of 31.7 per cent. Excluding the impacts on tax of non tax-effected foreign currency adjustments, translation of tax balances and other functional currency translation
adjustments, the effective rate was 24.8 per cent. The Group recognises tax losses to the extent that it expects to earn virtually certain future profits which can
absorb those losses. Following promising progress in the Group's Gulf of Mexico (US) projects during the year ended 30 June 2003, previously unrecognised tax
losses in the US have been recouped and have been recognised this year resulting in a reduction in the effective tax rate of approximately 3 per cent. If and when
the projects reach appropriate milestones that provide virtual certainty over projected future profits, further benefits in respect of past losses may be recognised. As a
consequence of the DLC merger, the BHP Billiton Limited Group and the BHP Billiton Plc Group have aligned accounting policies, as far as is possible, to minimise
differences and simplify determination and reporting of the combined results. The item where alignment is not possible in terms of UK and Australian GAAP and
which impacts the year ended 30 June 2003 is described below. Under UK GAAP, until 30 June 1998 goodwill arising upon acquistion was written off directly against
equity. Subsequently and currently under UK GAAP, goodwill is to be retained as an asset and amortised. This current treatment is consistent with that required
under Australian GAAP. As of 30 June 1998, the BHP Billiton Plc Group had written off a net amount of goodwill of US$513 million directly against equity. For
Australian GAAP reporting on a combined basis, this goodwill is reinstated on the Statement of Financial Position as an intangible asset, with a corresponding credit
to equity. The net balance at 30 June 2003 (after amortisation) is US$430 million (30 June 2002: US$471 million) and the impact on the Australian GAAP Statement
of Financial Performance is a charge to profit of US$41 million (no tax effect) for the year ended 30 June 2003 (2002: US$42 million). Thus, the attributable profit of
the BHP Billiton Group of US$1 901 million under UK GAAP compares to that recorded by the BHP Billiton Group of US$1 860 million for the same period under
Australian GAAP. Operating cash inflows for the year were US$3 627 million with a total cash inflow of US$539 million. Expenditure on growth projects and
investments amounted to US$1 995 million, including US$814 million on petroleum projects and US$1 181 million on minerals and other corporate projects.
Maintenance capital expenditure was US$671 million and exploration expenditure was US$348 million, whilst proceeds from the sale of property, plant and
equipment, proceeds from sale of investments and proceeds from sale of controlled entities, joint ventures and associates generated US$1 064 million, contributing
to an investing cash outflow of US$1 950 million. After dividend payments of US$868 million, financing cash outflows were US$1 138 million. During the year, a
number of portfolio management activities were finalised. Proceeds of US$345 million were received from the sale of our indirect 2.1 per cent interest in Companhia
Vale do Rio Doce (CVRD), during March 2003. Our interests in the Agua Rica prospect and Alumbrera mine in Argentina were also sold during the year. These sales
generated US$136 million in cash proceeds, with an additional US$63 million deferred for receipt until June 2005. Net assets and equity shareholders’ funds for the
BHP Billiton Group were US$12 761 million at 30 June 2003, a decrease of US$392 million from the 30 June 2002 position. After allowing for the return of capital to
shareholders associated with the BHP Steel demerger of US$1 489 million, equity shareholders’ funds increased by US$1 097 million. Net borrowings for the BHP
Billiton Group decreased by 13.6 per cent to US$5 772 million. As a consequence of the above, the net gearing ratio decreased to 31.1 per cent compared with 33.7
per cent for the previous year. Net tangible assets per ordinary fully paid share were US$1.92 as at 30 June 2003 compared with US$2.04 as at 30 June 2002. The
Group has adopted the US dollar as its reporting currency and, subject to some specific exceptions, its functional currency. Currency fluctuations affect the
Statement of Financial Performance in two principal ways. Sales are predominantly based on US dollar pricing (the principal exceptions being Petroleum’s gas sales
to Australian and UK domestic customers and Energy Coal’s sales to South African domestic customers). However, a proportion of operating costs (particularly
labour) arises in local currency of the operations, most significantly the Australian dollar and South African rand, but also the Brazilian real, the Chilean peso and
Colombian peso. Accordingly, changes in the exchange rates between these currencies and the US dollar can have a significant impact on the Group’s reported
results. Several subsidiaries hold certain monetary assets and liabilities denominated in currencies other than their functional currency (US dollars), in particular non-
US dollar denominated debt, tax liabilities and provisions. Monetary assets and liabilities are converted into US dollars at the closing rate. The resultant differences
are accounted for in the Statement of Capital Management Moody’s Investor Services upgraded our long-term credit rating to A2 from A3 and our short-term rating to
P-1 from P-2 during the year ended 30 June 2003. The Group’s stronger credit profile enabled further diversification of funding sources, resulting in the issuance of
our inaugural €750 million Eurobond under the US$1.5 billion Euro Medium Term Note program and issuance of our inaugural US$850 million Global Bond with a
ten-year maturity. In February 2003, a US$2 billion commercial paper program was established and issuance from this program commenced during June 2003. This
provides additional diversification of our short term funding programs and enhances flexibility. An interim dividend of 7.0 US cents per fully paid ordinary share was
paid in December 2002 and a final dividend of 7.5 US cents per fully paid ordinary share was paid in July 2003, bringing the declared total for the year to 14.5 US
cents. This compares to total dividends declared in the corresponding period of 13.0 US cents per share. The BHP Billiton Limited dividends were fully franked for
Australian taxation purposes. Dividends for the BHP Billiton Group are determined and declared in US dollars. However, BHP Billiton Limited dividends are mainly
paid in Australian dollars and BHP Billiton Plc dividends are mainly paid in pounds sterling to shareholders on the UK section of the register and South African rand
to shareholders on the South African section of the register. This Preliminary Final Results report is based upon accounts, which have been audited.
DORCHESTER PACIFIC LIMITED
Dorchester Pacific Limited, New Zealand’s listed financial services group, announced that the prospectus for the next tranch of staff shares has been lodged for
registration. At the recent Annual Meeting, the shareholders approved the issue of up to 550,000 shares under Dorchester Pacific’s existing Director and Employee
Share Purchase Scheme. To ensure the issue of the shares complies with the takeover code, Mr Brent King has resigned as trustee of the Director and Employee
Share Purchase Scheme. Mr Mark Simpson, Dorchester Pacific’s Company Secretary, has been appointed to join Mr Murray Radford as a trustee of the Director
and Employee Share Purchase Scheme. We have also lodged for registration, the prospectus for the two classes of warrants announced at the August Annual
                                                                                                                                             Page 2057
Meeting. The record date for these warrants is the 19 September 2003, as announced on Thursday 4 September, and will be listed for trading on the NZX on the 22
September 2003. The investment statement has been completed and will be sent to shareholders at record date.
RYMAN HEALTHCARE LIMITED
Ryman Healthcare today became the first and only healthcare provider and retirement villager operator to be included on the New Zealand Stock Exchange 50
(NZSX50) index. The stock exchange confirmed its review of the NZSX50 today, listing Ryman at 35. They are the only Christchurch-based company in the top 50.
Ryman chairman David Kerr said the top 50 listing is a big boost to their profile and gives investors the opportunity to take an interest in the health sector. The
company's inclusion in the NZSX50 index follows the successful placement of $48 million of shares in June, which made more shares available to the public. Since
the placement the volume of trading has increased more than ten-fold with average trading exceeding $100,000 a day. To date the increased level of activity
appears to be supporting a stronger share price. ``In the meantime it is business as usual at Ryman, as the company continues to roll out its retirement village
concept throughout New Zealand,’’ Dr Kerr said. ``We are continuing to focus on our objective of doubling in size every five years,’’ he said. Ryman posted a record
$15.3 million annual net profit (up 38 percent) in the financial year to June 30. Total revenue was $94.3 million (up 53 percent), with a 52 per cent increase in sales.
The company operates 12 retirement villages nationwide and has won approval to construct their largest village next to the Remuera golf course in Auckland. A new
site has also been acquired in Napier. Construction work will be seen on these sites next year. Focus for further development continues to be on North Island
centres. Ryman provide homes and care services to 2100 New Zealanders, employing 1050 staff. The company is the leading retirement village operator in New
Zealand on profitability.
RENAISSANCE CORPORATION LIMITED
Renaissance Corporation Limited advise the allotment and issue of 24,500 ordinary shares at $0.42 per share on 3 September 2003. The shares were allotted
following the exercise of 24,500 unlisted employee options. The number of shares on issue now becomes 37,172,084 ordinary shares.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 188,134 shares on the 10/09/2003. Highest price paid: $10.73. Lowest price paid: $10.58. Number
of shares remaining to be bought back: 25,789,019.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 09/09/2003 was $2.0988 The number of shares on issue is 52,960,659.
FONTERRA CO-OPERATIVE GROUP LIMITED
Fonterra Co-operative Group today announced a 15 cent increase to $3.95 for its forecast payout for the current season. Advising shareholders at the co-operative
annual meeting, Chairman Henry van der Heyden said the Fonterra Board had met this morning and based the forecast decision on revised forecasts produced by
the management team “and their very real determination to achieve this higher payout. I am sure the increase will be welcomed by farmers, as will the real
commitment of the management team.” The meeting, broadcast from Hawera to six venues, was Fonterra’s shareholders first opportunity to meet the new CEO,
Andrew Ferrier, who took up his position on September 1. Expressing his support for the co-operative model, Mr Ferrier said he felt there were four basic rules that
had to be followed to generate shareholder wealth. “First recognise our people are our greatest asset. Second practise operational excellence in everything you do.
Third move up the value chain wherever possible. Fourth, be totally customer focused. I see nothing in those rules that does not apply to Fonterra.” Mr Ferrier
commented that while he was new to dairy, he was not new to understanding what shareholders deemed as success. “It comes down to two words, higher payout.
My job is to set the performance goals I want to see achieved in this business and to support the management team as they get on with the job of delivering on these
goals. “The team is focused on maximising efficiencies, maximising revenues and value added earnings and minimising our costs.”
CDL HOTELS NEW ZEALAND LIMITED
CDL Hotels NZ Limited has provided a copy of its printed Interim Report for the 6 months ended 30/06/2003.
DOWNER EDI LIMITED
Downer EDI Limited (Downer EDI) announced today that it has been awarded contracts and is in contract-preferred positions for a number of new projects in road,
rail, power, local government and industrial site maintenance, adding over $550 million to the company’s forward order book. The new work, which covers the
company’s Engineering (Power), Infrastructure and Rail divisions in Australia, New Zealand and the Pacific, takes Downer EDI’s total forward order book to over $6.3
billion. The contracts and preferred-status projects, which extend over several years, include road construct and maintenance services and services to local
government ($200 million), power generation and transmission design, build and maintain services ($176 million), industrial site maintenance ($37 million),
locomotive/rail wagon supply and maintenance ($83 million) and rail track maintenance ($55 million). Included in the projects awarded or at preferred-status are
those where clients have required non-disclosure of the details at this time and are not referred to below. Indicative of the range of projects included:
- An initial three-year mechanical maintenance and repairs contract with Worsley Alumina in Western Australia, which commenced 1 July 2003;
- Preferred tenderer for a major road upgrade project in Auckland, New Zealand;
- Condenser retrofit projects at the Loy Yang A (Victoria) and Tarong (Queensland) power stations;
- Preferred tenderer, in partnership with Mitsubishi, to design and build a proposed new 400 megawatt combined cycle power station to be located adjacent to the
existing Huntly power station in New Zealand. A limited notice to proceed with the design work has been issued by Genesis Power.
- The extension of an existing contract with Asia Pacific Transport to supply and maintain a further 125 rail wagons for the Alice Springs to Darwin rail link;
- Renewal of four year contracts for road maintenance services in Northern Tasmania;
- Over three-year urban road network maintenance contract, together with contracts covering footpath resurfacing, south urban reseals and water treatment site
works, with Dunedin City Council in New Zealand;
- Two-year services contract with the Rodney District Council in New Zealand;
- Multiple services contracts covering road construction, sealing and maintenance with Transit New Zealand;
- Hydro maintenance and restoration projects in Fiji; and
- Operator of a land-fill, refuse disposal site in Tasmania over a 20 year period.
Commenting on new business wins, Downer EDI Managing Director, Mr Stephen Gillies, said the trend for new project wins for Downer EDI moving forward will be a
greater proportion of regular, long term repeat business based on services provided to established clients. “This is in line with the company’s strategy and will
provide a greater certainty for reliable long-term income streams across our core businesses of road, rail, power, telecommunications and mining,” Mr Gillies said.
“Downer EDI’s forward order book is in a particularly strong position, as outlined in the 30 June 2003 results and outlook announcement. We expect to be able to
                                                                                                                                                     Page 2058
build on this through steady growth in the company’s ability to provide clients in the government and private sectors with an increasing level of turnkey services in our
target markets,” he said.
KINGSGATE INTERNATIONAL CORPORATION LIMITED
Kingsgate International Corporation Limited has provided a copy of its printed Interim Report for the 6 months ended 30/06/2003.
CDL INVESTMENTS NEW ZEALAND LIMITED
CDL Investments New Zealand Limited has provided a copy of its printed Interim Report for the 6 months ended 30/06/2003.
AUCKLAND INTERNATIONAL AIRPORT LIMITED
Auckland Airport to Improve Traffic Access: Work will commence next week on improvements to be made to George Bolt Memorial Drive, the main access road to
Auckland International Airport. It is the beginning of three months of work to widen and reseal George Bolt Memorial Drive. Steve Reindler, Auckland International
Airport Limited’s General Manager – Engineering, says, “We are advising travellers to allow a few extra minutes to get to the terminals. There may be the odd
occasion during the road works when partial lane closures are needed between the hours of 8.30 am and 2.00 pm. “Of course, we endeavour to keep any disruption
to traffic at an absolute minimum.” There will also be the need during this time to close sections of the road, however, these closures will be during the night, and
short detours will be in place. “These road works, when finished, will allow an easier flow of traffic into the airport. All work is due to be completed by the time our
busy summer season kicks in,” Steve Reindler commented. Work on George Bolt Memorial Drive starts on Monday, 15 September, however, much of the
preliminary site preparation will not impact on traffic.
PAN PACIFIC PETROLEUM NL
Pan Pacific Petroleum announces the Mosman-1 well in TL2 in the offshore Carnarvon Basin, Western Australia has reached a total depth of 2705m. Mosman-1
encountered a series of hydrocarbon-bearing sands within the lower Barrow sequence, which are currently being evaluated to determine hydrocarbon type and to
assess commercial viability. Participants in the Mosman-1 well are
Apache Oil Australia P/L 64.4082 % (Operator)
Pan Pacific Petroleum NL 23.1660 %
Tap (Shelfal) P/L 12.4258 %
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 10/09/2003 was $1.14458. The number of units on issue is: 362,242,991
CEDENCO FOODS LIMITED
SK Foods International (the offeror), by an offer document dated 7 August 2003, has made a takeover offer in relation to Cedenco Foods Limited (the Company).
The Offeror now holds or controls greater than 90% of the voting rights in the Company. The Offeror hereby gives notice pursuant to Rule 51 of the Takeovers Code
that it has become a “dominant owner”, as defined in the Code, in the Company.
THE NZ MID-CAP INDEX FUND (NS)
The New Zealand Mid Cap Index Fund has provided the following fully imputed interim dividend: $0.00305555 in relation to Ports of Auckland. Record Date:
12/09/2003. Payment Date: 19/12/2003.
THE NZ MID-CAP INDEX FUND (NS)
The New Zealand Mid Cap Index Fund has provided the following fully imputed interim dividend: $0.00165279 in relation to Wrightson Ltd. Record Date: 12/09/2003.
Payment Date: 19/12/2003.
FONTERRA CO-OPERATIVE GROUP LIMITED
Fonterra Co-operative Group today announced a 15 cent increase to $3.95 for its forecast payout for the current season. Advising shareholders at the co-operative
annual meeting, Chairman Henry van der Heyden said the Fonterra Board had met this morning and based the forecast decision on revised forecasts produced by
the management team “and their very real determination to achieve this higher payout. I am sure the increase will be welcomed by farmers, as will the real
commitment of the management team.” The meeting, broadcast from Hawera to six venues, was Fonterra’s shareholders first opportunity to meet the new CEO,
Andrew Ferrier, who took up his position on September 1. Expressing his support for the co-operative model, Mr Ferrier said he felt there were four basic rules that
had to be followed to generate shareholder wealth. “First recognise our people are our greatest asset. Second practise operational excellence in everything you do.
Third move up the value chain wherever possible. Fourth, be totally customer focused. I see nothing in those rules that does not apply to Fonterra.” Mr Ferrier
commented that while he was new to dairy, he was not new to understanding what shareholders deemed as success. “It comes down to two words, higher payout.
My job is to set the performance goals I want to see achieved in this business and to support the management team as they get on with the job of delivering on these
goals. “The team is focused on maximising efficiencies, maximising revenues and value added earnings and minimising our costs.” Fonterra’s Peak Notes system
will remain in place following shareholders’ rejection of an alternative Capacity Adjustment proposal put to today’s Annual Meeting of the Cooperative in Hawera. The
vote was 68 per cent in favour but failed to reach the required 75 per cent. The Capacity Adjustment proposal, that would have simplified the Co-operative’s capital
structure into one instrument, and applied an adjustment to the milk price to reflect use of peak processing capacity, was not accepted by shareholders and Peak
Notes will remain in place. Fonterra Chairman Henry van der Heyden said the Capacity Adjustment proposal had been developed following feedback from
shareholders and a request from the Shareholders’ Council.
                                                                 THURSDAY, 11 SEPTEMBER 2003
PORT OF TAURANGA LIMITED (NS)
The Port of Tauranga has ordered two new straddle carriers for its Sulphur Point terminal. The purchase will increase the Port’s freight handling capacity in advance
of the fourth container crane that will come into operation at the terminal by December next year. Chief Executive Jon Mayson said an order had been placed for two
diesel/electric Kalmar straddle carriers, which were scheduled to arrive in April. He said the decision had been made to select diesel/electric carriers made by the
Finland-based Kalmar, because of the productivity and environmental advantages that they offered. These included lower noise levels, which were important
because of the 24-hour nature of the Port’s operations. “We are delighted to have been able to secure these additions to our existing straddle carrier fleet after a
process that involved a thorough evaluation of our present and future requirements.” The new arrivals would lift the Port’s stock of straddle carriers to 15 machines.
                                                                                                                                                Page 2059
As well as improving operating efficiency they would also allow for maintenance programmes to be carried out without disruptions to Port services. The Port
announced in July that it was buying a fourth container crane for Sulphur Point and having the operating capacity of its three existing cranes upgraded. The new
crane will be a Liebherr post-panamax configuration and it will join the two Liebherr post-panamax cranes and the one Liebherr multi-purpose crane now operating at
the terminal.
SANTOS LIMITED
Santos Ltd announces that the Apache operated East Spar Joint Venture has signed a new sales gas contract with Alinta Ltd to supply up to 90 petajoules of gas
from the East Spar Gas Field in the Carnarvon Basin, offshore Western Australia. The gas will be supplied to fuel Alinta's new gas-fired co-generation unit, in
Pinjarra, south-west Western Australia which is expected to be commissioned in 2005. The co-generation unit will supply steam to Alcoa Australia’s Pinjarra Alumina
Refinery as well as electricity to other customers. Alcoa has announced that it will invest $A440 million on an efficiency upgrade of the Pinjarra refinery. The full
contract daily volume when the plant is commissioned will be 23 terajoules per day. The East Spar field, which commenced production in 1996, delivers
approximately 125 terajoules per day for sale to various customers in and around Perth and in the Western Australian Goldfields. In addition Alinta has already
commenced taking small additional volumes of gas under the contract. This increased gas production will result in increased condensate production from East Spar.
East Spar gas is processed on the nearby Varanus Island in the Carnarvon Basin and then transported to Compressor Station 1 at the junction of Dampier-Bunbury
and Goldfields transmission pipelines. “It is particularly pleasing to sign a new contract in the highly competitive Western Australian gas market and to be building our
gas franchise”, said Santos' Managing Director, John Ellice-Flint. “The co-generation unit is an exciting and important project for Western Australia and Santos is
delighted to be a part of the development”, said Mr Ellice-Flint. Interests in the East Spar Joint Venture are:
Apache Oil Australia Pty Ltd (operator) 55%
Santos (BOL) Pty Ltd 45%
RIO TINTO LIMITED
Rio Tinto has provided a presentation given by Rio Tinto Iron Ore to the financial community on 10/09/2003. Copies are available on request from lcr@nzx.com.
ENERGY WORLD CORPORATION LIMITED
Energy World Corporation Ltd wishes to advise that Ms Kwan Ming Ling has been appointed as an Executive Director of the Company and Mr Richard F Eller has
been appointed a Non-Executive Director of the Company. Both appointments are effective from 10 September 2003. Mr Ronald S. Punch has resigned as a Non-
Executive Director and Chairman of the Company with effect from 10 September 2003. Mr Punch has resigned to pursue other business interests and the Board
wishes to express its gratitude to Mr Punch for his contributions to the Company over many years. The Board wishes Mr Punch every success in his future
endeavours. Mr Stewart W. G. Elliott has been elected Chairman of the Company with effect from 10 September 2003.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at close of business 09/09/2003 was 154.10p undiluted and 147.98p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at close of business 09/09/2003 was 286.3p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at close of business 09/09/2003 was 203.1p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at close of business 09/09/2003 was 174.0p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at close of business 09/09/2003 was 88.5p.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
SKYCITY Entertainment Group Limited has provided notice of the following acquisition:
Security acquired: Ordinary Shares ISIN: NZSKCE0001S2
Number of securities acquired: 220,000
Average consideration per security acquired: $8.7832
Payment type: Cash Payment
Percentage of total securities acquired: 0.105%
Reason for acquisition: Enhance capital efficiency
Specific authority: Director Resolution
Total number of securities after acquisition: 208,971,325
Intentions for shares acquired: Cancellation
Date of acquisition: 10 September 2003
ABERDEEN NEW DAWN INVESTMENT TRUST PLC
Aberdeen New Dawn Investment Trust PLC has provided notification of Directors interests in respect of Director Richard Hills. Date of transaction: 10/09/2003. Total
number of stocks disposed: 5,000. Price per share: 251.0p. Total holding following this notification: 5,000 ordinary shares.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
SKYCITY Entertainment Group Limited hereby notifies that as at 11 September 2003, it issued 32,000 new ordinary shares to executives of the company pursuant to
the exercise of options issued under the SKYCITY Executive Share Option Plan, which was approved by shareholders at the company’s annual meeting in October
1999. The exercise price of the relevant options under the Plan was $12.16, calculated in accordance with the terms of the Plan. Following the subdivision of shares
by SKYCITY in November 2001, two shares were issued on the exercise of each option. The issue price of each share was therefore $6.08. The shares were issued
fully paid and payment for the shares was in cash. The number of new ordinary shares issued represents 0.02% of the number of ordinary shares in the company.
The total number of SKYCITY Entertainment Group Limited ordinary shares now on issue is 209,003,325.
                                                                                                                                                       Page 2060
NEW ZEALAND EXCHANGE LIMITED (NZXR)
NZXR confirms that it has approved the delisting of Edinburgh Dragon Trust effective close of business 12 September 2003.
EDINBURGH DRAGON TRUST PLC
Edinburgh Dragon Trust is to cease listing on the NZX close of business 12 September 2003. The Trust only has 11 shareholders on its NZ register and the board
has decided to transfer these security holders’ interest to the company’s main UK register as it believed that will improve the liquidity of their holdings in the trust and
reduce compliance costs.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at close of business (Sydney) 10/09/2003 was $2.0815 The number of shares on issue is 51,960,659.
CEDENCO FOODS LIMITED
SK Foods International has provided the following Notice of Despatch of Acquisition Notice pursuant to Rule 54 of the Takeovers Code:
On 7 August 2003, SK Foods International (SK Foods) made Offer to acquire all of the ordinary shares (Shares) of Cedenco Foods Limited (Cedenco), at a price
increased to NZ$2.30 cash per Share (the Offer). As at the date of this acquisition notice, SK Foods holds or controls 90.51% of the voting rights in Cedenco. Under
the Takeovers Code, SK Foods is now obliged to comply with the compulsory acquisition provisions set out in Part 7 of the Takeovers Code. The purpose of this
notice is to advise you that SK Foods intends to acquire your Shares. SK Foods is entitled to purchase all outstanding Shares under the compulsory acquisition
provisions of the Takeovers Code. The price which SK Foods must pay is NZ$2.30 cash per Share, which is the same as the price paid for the Shares under the
Offer. If you have already sent an acceptance form for your Shares to SK Foods under the Offer, the reason you have been sent this acquisition notice is that your
acceptance form was not received by SK Foods prior to this notice being sent. To ensure prompt payment for your Shares you should complete the enclosed
instrument of transfer and return it to SK Foods using the self addressed envelope provided (at the address specified below). If you complete the enclosed
instrument of transfer and return it to SK Foods not later than 2 October 2003, you will be paid within 7 days after SK Foods’ receipt of the completed instrument of
transfer. If you do nothing, your Shares will be acquired by SK Foods anyway after 2 October 2003, and the purchase price will be paid to Cedenco, to be held in
trust, and can be claimed by you thereafter. Accordingly, there is no benefit to you in not completing the enclosed instrument of transfer immediately. Return of
Instrument of Transfer. You may, not later than 2 October 2003, return to SK Foods (at the address specified below) the duly executed instrument of transfer which
will enable SK Foods to be registered as the holder of the Shares held by you. A self addressed envelope has been enclosed for this purpose. If you return to SK
Foods the instrument of transfer referred to above, SK Foods will send the consideration for your Shares specified in this acquisition notice to you within 5 business
days of SK Foods receiving that instrument of transfer. If you do not return to SK Foods the instrument of transfer referred to above, then SK Foods will, between 3
October 2003 and 9 October 2003:
(a) deliver to Cedenco the consideration of NZ$2.30 per Share in payment for your Shares;
(b) send to Cedenco an instrument of transfer for your Shares, executed on your behalf by SK Foods or its agent.
Any consideration received by Cedenco under paragraph (a) above will be held in trust for you until it is claimed, in an interest bearing trust account with a registered
bank. The details of the acquisition, as required to be stated by Rule 55 of the Takeovers Code, are:
(a) SK Foods holds or controls 90% or more of the voting rights in Cedenco;
(b) you must sell to SK Foods any Shares held by you;
(c) the consideration to be provided for your Shares is $2.30 in cash per Share, the same as the consideration paid for the Shares under the Offer;
(d) your rights under the compulsory acquisition provisions set out in Part 7 of the Takeovers Code are set out in this acquisition notice. Under Rule 55 of the
Takeovers Code, you are not able to object to the consideration to be paid by SK Foods for your Shares;
(e) the date on which this acquisition notice is being sent to you is 11 September 2003;
(f) this acquisition notice is accompanied by an instrument of transfer for the Shares held by you; and
(g) the instrument of transfer should be returned to SK Foods, c/- Computershare Investor Services Limited, Level 2, 159 Hurstmere Road, Takapuna, Private Bag
92110, Auckland – a self addressed envelope has been included for this purpose.
TRANZ RAIL HOLDINGS LIMITED
Trans Rail Holdings limited has provided an Investors Presentation for September 2003 and a Rail Services Group presentation.
Both Presentations are available from the company’s website: www.tranzrail.co.nz/ShareholdersAndInvestors/PresentationsAndWebcasts
THE NATIONAL PROPERTY TRUST
The National Property Trust has provided a copy of its printed Annual Report for the period ending 31/05/2003. Also included is the Notice of Meeting of Unit Holders
of The National Property Trust, to be held at The Ellerslie Convention Centre, Auckland 25/09/2003 and at The George Hotel, Christchurch 26/09/2003.
NPT CAPITAL LIMITED
NPT Capital Limited has provided a copy of its printed Annual Report for the period ending 31/05/2003.
THE NEWS CORPORATION LIMITED
News Corporation Limited has provided the following notice of share allotments between the period: 4 September 2003 to 10 September 2003
ORDINARY SHARES: ISIN AU000000NCP0
1. Reason for Issue: Executive Share Option Plan Exercise
Number of Shares Issued: 46,000
Nominal and Paid Up Value: N/A
Issue Price: $7.13
Authority for Issue: In accordance with plan rules approved by Special Resolution of Shareholders
Number of Shares on Issue: 2,097,473,050
PREFERRED LIMITED VOTING SHARES: ISIN AU0000NCPDP0
1. Reason for Issue: Exchange of Chris-Craft Options
Number of Shares Issued: 80,000
Issued Price: $11.11 – 40,000 shares, $11.50 – 40,000 shares
Authority for Issue: Company Constitution
Number of Shares on Issue: 3,231,673,816
                                                                                                                                                      Page 2061
2. Reason for Issue: Executive Share Option Plan Exercise
Number of Shares Issued: 782,400
Issue Price:
$4.79 – 62,000 shares
$5.17 – 91,000 shares
$6.20 – 46,500 shares
$6.31 – 23,000 shares
$8.02 – 192,300 shares
$8.08 – 265,500 shares
$10.46 – 102,100 shares
Authority for Issue: In accordance with plan rules approved by Special Resolution of Shareholders
Number of Shares on Issue: 3,232,456,216
TENZ - NZSE 10 INDEX FUND (NS)
TeNZ Fund manager of the NZSE 10 Index Fund advises that as at close of business on Wednesday 10 September 2003 a total of 500,000 units were redeemed
since Wednesday 03 August 2003. The total number of units on issue on that day was 83,898,464 held by 4,343 unit holders.
The asset backing for each TeNZ ® unit at close of business Wednesday 10 September 2003 was $0.98070. The value of the NZSX10 Capital Index at the close
was 980.70.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporation has advised the on market buy-back of 420,000 shares on the 29/05/03. Highest price paid: $10.62. Lowest price paid: $10.50. Number of
shares remaining to be bought back: 25,369,019.
TRAINING SOLUTIONS PLUS LIMITED
Notice is given that the Annual Meeting of Shareholders of Training Solutions Plus Limited (formerly E-cademy Holdings Limited) (“the Company”) will be held at the
offices of Chapman Tripp Sheffield Young, Level 35, ANZ Centre, 23-29 Albert Street, Auckland on Thursday, 25 September 2003 commencing at 10:00 am (NZ
time).
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at close of business 11/09/2003 was $1.13101. The number of units on issue is: 362,242,991
RIO TINTO LIMITED
Rio Tinto Limited has provided a presentation given to the financial community on 11 September 2003 as part of Rio Tinto’s 2003 Australian site visit to the Pilbara
iron ore assets.
NUPLEX INDUSTRIES LIMITED
In the Preliminary Announcement released to the market of 22 August, 2003 the Chairman, Fred Holland advised that a dividend of 10.5 cents per share would be
paid on 3 October, 2003 to shareholders registered at 5pm on 19 September, 2003. He also stated: “Recent changes to Australian tax law will enable Australian
franking credits to be attached to the final dividend for the benefit of Australian based shareholders at a level yet to be determined.” In order to achieve this objective
Nuplex is obliged to delay payment of the dividend until Monday 13 October, 2003. It is to be noted that last year’s final dividend was paid on 11 October, 2002.
Allotment of shares to be issued under the company’s Dividend Reinvestment Plan will also be delayed until Monday 13 October, 2003. This has been caused by a
delay in establishing the administrative procedures to enable New Zealand companies to apply Australian franking credits to all shareholders under the new Trans
Tasman imputation rules. Under the new rules shareholders with an Australian tax liability will receive a credit for tax paid in Australia by Nuplex subsidiary
companies. The date for establishing the entitlement for the dividend will remain unchanged at 5pm on 19 September, 2003.

								
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