Buybacks Announced Library

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                                                                                                                                                   25/06/2012




                                                       Weekly Diary 44
    This Weekly Diary is published as a service to subscribers as part of the NZSE's function of maintaining an informed market. The information
    contained herein is reproduced in most cases in edited form, from information supplied by listed issuers pursuant to requirements for disclosure
    imposed on such issuers. While all care is taken in presenting the factual information, the NZSE must to a great extent rely on the integrity of listed
    issuers to disclose accurate information. Accordingly, the NZSE does not take any responsibility for inaccurate information supplied by listed issuers
    and reproduced in this publication. Overseas Subscribers should note that all dates are formatted as follows: DD/MM/YYYY.

    Available on annual subscription. Enquiries to the New Zealand Stock Exchange, PO Box 2959, Wellington. Email: nzse@nzse.co.nz
    * New Announcement                                                                                            + = Additional or Amended Information

                                                     Dividends Announced But Not Paid
                                                                              RECORD                                    IMPUTATION/DWP       NET
    SECURITY                                                                  DATE          EX                          CREDIT               RWT/
    CODE          CLASS               PERIOD           KEY   CPS              5 PM          DATE       PAYABLE          CPS                  NRWT
                                                                                                                                             CPS
* CHP             ORDINARY            INTERIM                1.5865           09/11         12/11      03/12            0.1435               0.4274
* CHP             ORDINARY            SUP DIV          A     0.0514           09/11         12/11      03/12            N/A                  N/A
  CMO             ORDINARY            FINAL                  8.00             26/10         29/10      05/11            3.9402985            NIL
  CMO             ORDINARY            SUP DIV          A     1.4118           26/10         29/10      05/11            N/A                  N/A
  CUB             ORDINARY            INTERIM                2.00             26/10         29/10      02/11            0.9850746            NIL

* DBG             ORDINARY            FINAL                  15.50            16/11         19/11      28/11            7.634328             0.0000002
* DBG             ORDINARY            SUP DIV          A     2.735294         16/11         19/11      28/11            N/A                  N/A
  FBU             ORDINARY            FINAL            KG    6.00             09/11         12/11      27/11            2.9552238            NIL
  FBU             ORDINARY            CTR              JKG   7.6119           09/11         12/11      27/11            N/A                  1.3433
* HED             ORDINARY            INTERIM                55.00            30/11         03/12      06/12            27.0895522           NIL

  HLG             ORDINARY            FINAL                  9.50             07/12         10/12      17/12            4.6791044            NIL
  HLG             ORDINARY            SUP DIV          A     1.6765           07/12         10/12      17/12            N/A                  N/A
  INL             ORDINARY            FINAL                  4.50             26/10         29/10      06/11            2.2164179            NIL
  INL             ORDINARY            SUP DIV          A     0.794118         26/10         29/10      06/11            N/A                  N/A
* KRK             ORDINARY            FINAL                  20.50            30/11         03/12      10/12            10.0970149           NIL

    MDZ           UNITS               INTERIM          TG    0.3334838        09/11         12/11      20/12            0.1642532            NIL
    MDZ           UNITS               SUP DIV          TAG   0.0895904        09/11         12/11      20/12            N/A                  N/A
    MDZ           UNITS               INTERIM          SG    0.0888846        07/12         10/12      20/12            0.0437789            NIL
    MDZ           UNITS               SUP DIV          SAG   0.0156858        07/12         10/12      20/12            N/A                  N/A
    MDZ           UNITS               INTERIM          H     2.117102         30/11         03/12      20/12            1.0427517            NIL

*   NTH           ORDINARY            INTERIM              3.50               16/11         19/11      23/11            1.7238805            NIL
*   NTH           ORDINARY            SUP DIV          A   0.6177             16/11         19/11      23/11            N/A                  N/A
*   NTH           ORDINARY            SPECIAL              5.00               16/11         19/11      23/11            2.4626865            NIL
*   NTH           ORDINARY            SUP DIV          A   0.8824             16/11         19/11      23/11            N/A                  N/A
*   OZY           UNITS               INTERIM          BC  0.24               31/10         01/11      14/06            0.1182089            NIL
*   OZY           UNITS               SUP DIV          ABC 0.0423             31/10         01/11      14/06            N/A                  N/A

* PFI             ORDINARY            INTERIM                1.30             09/11         12/11      16/11            0.30                 0.228
* PFI             ORDINARY            SUP DIV          A     0.1075           09/11         12/11      16/11            N/A                  N/A
  POT             ORDINARY            FINAL                  15.00            19/10         23/10      02/11            7.3880597            NIL
  POT             ORDINARY            SUP DIV          A     2.646957         19/10         23/10      02/11            N/A                  N/A
  PWC             ORDINARY            INTERIM                5.90             30/11         03/12      14/12            2.9059701            NIL
  SAN             ORDINARY            FINAL                  12.00            16/11         19/11      05/12            5.9104477            NIL
  SAN             ORDINARY            SUP DIV          A     2.1171           16/11         19/11      05/12            N/A                  N/A
                                                                                                                                                                             Page 1736
                                                                                                                                                                             25/06/2012
                                                                                            RECORD                                              IMPUTATION/DWP           NET
 SECURITY                                                                                   DATE            EX                                  CREDIT                   RWT/
 CODE            CLASS                   PERIOD                KEY     CPS                  5 PM            DATE           PAYABLE              CPS                      NRWT
                                                                                                                                                                         CPS
 SCT             ORDINARY                FINAL                         2.00                 30/11           03/12          06/12                0.9850746                NIL
 SCT             ORDINARY                SUP DIV               A       0.352941             30/11           03/12          06/12                N/A                      N/A
 SPN             ORDINARY                FINAL                         3.50                 05/10           08/10          02/11                1.7238805                NIL
 SPN             ORDINARY                SUP DIV               A       0.617                05/10           08/10          02/11                N/A                      N/A
 SPN             ORDINARY                SPECIAL                       11.50                19/10           23/10          02/11                NIL                      0.03795
 SPN             ORDINARY                SUP DIV               A       2.027                19/10           23/10          02/11                N/A                      N/A

* STU            ORDINARY                SPECIAL                       10.00                16/11           19/11          30/11                4.9253731                NIL
* STU            ORDINARY                SUP DIV               A       1.7647               16/11           19/11          30/11                N/A                      N/A
  TNZ            UNITS                   INTERIM               LG      0.072257             26/10           29/10          20/03                0.0355892                NIL
  TNZ            UNITS                   SUP DIV               LAG     0.012751             26/10           29/10          20/03                N/A                      N/A
  TNZ            UNITS                   INTERIM               DG      0.045751             16/11           19/11          20/03                0.022534                 NIL
  TNZ            UNITS                   SUP DIV               DAG     0.008074             16/11           19/11          20/03                N/A                      N/A

 WHHPA           PREFERENCE              INTERIM                       20.00                23/11           26/11          30/11                9.8507462                NIL
 WHHPA           PREFERENCE              SUP DIV               A       3.5294               23/11           26/11          30/11                N/A                      N/A
 WHS             ORDINARY                FINAL                         4.00                 16/11           19/11          26/11                1.970149                 NIL
 WHS             ORDINARY                SUP DIV               A       0.705882             16/11           19/11          26/11                N/A                      N/A
 WKL             ORDINARY                FINAL                         11.00                16/11           19/11          26/11                5.4179104                NIL
 WKL             ORDINARY                SUP DIV               A       1.941176             16/11           19/11          26/11                N/A                      N/A

   A = SUPPLEMENTARY DIVIDEND PAYABLE TO NON-RESIDENT SHAREHOLDERS ONLY
   B = LATE REPORTED
   C = DIVIDEND RELATES TO ANZ BANKING GROUP DIVIDEND
   D = DIVIDEND RELATES TO THE WAREHOUSE GROUP LIMITED FINAL DIVIDEND
   G = DIVIDEND REINVESTMENT PLAN APPLIES
   H = DIVIDEND RELATES TO POWERCO LIMITED INTERIM DIVIDEND
   J = CONDUIT TAX RELIEF CREDITS PAYABLE TO NON-RESIDENT SHAREHOLDERS ONLY
   K = ASX CD UNTIL COB 02/11. DIVIDEND ENTITLEMENT 09/11. NYSE: CD UNTIL COB 07/11. DIVIDEND ENTITLEMENT DATE 09/11
   L = DIVIDEND RELATES TO INDEPENDENT NEWSPAPERS DISTRIBUTION FINAL DIVIDEND
   S = DIVIDEND RELATES TO HALLENSTEIN GLASSON HOLDING LIMITED FINAL DIVIDEND
   T = DIVIDEND RELATES TO FLETCHER BUILDING LIMITED FINAL DIVIDEND

  *********************************************************************************************************************************************************************************
   Net Resident Withholding Tax has been calculated using the following formula:
   RWT = (dividend + imputation credit) x 33% less imputation credit. No adjustment has been made for non-residents or persons holding exemption certificates.
   OZY dividends credited with foreign dividend withholding payments
  *********************************************************************************************************************************************************************************
                                                                        Overseas Companies
                                                                                                                      RECORD           EX                  FRANKING
    ISSUER                                                             CLASS PERIOD             KEY CPS               DATE COB         DATE        PAYABLE RATE
    AMP LIMITED                                                        ORD       INTERIM        AC     25.00#         09/10            10/10       30/10          15%
    AUSTRALIA & NEW ZEALAND BANKING GROUP                              ORD       FINAL          A      40.00#         08/11            09/11       14/12          NIL
    LIMITED
    COLES MYER LIMITED                                                 ORD       FINAL                 12.00#         17/10            11/10       12/11          30%
    GENERAL PROPERTY TRUST                                             ORD       INTERIM               4.90#          01/11            26/10       20/11          NIL
    GRD NL                                                             ORD       INTERIM        A      2.00#          19/10            23/10       29/10          NIL
    HARVEY NORMAN HOLDINGS LIMITED                                     ORD       FINAL          A      2.00#          16/11            19/11       03/12          30%
    THE CITY OF LONDON INVESTMENT TRUST PLC                            ORD       INTERIM        A      1.98P#         26/10            29/10       30/11          N/A

    A = FASTER LISTED SECURITY
    C = AUSTRALIAN EX DATE 03/10/2001

  *********************************************************************************************************************************************************************************
  All overseas dividends are quoted in Australian currency unless otherwise stated.
  # = Diary adjustment will appear on BBA schedule but will not affect BBA financials.
  ********************************************************************************************************************************************************************************
                                                              Interest Announced But Not Paid
                                                                                             ANNUAL              RECORD
    SECURITY                                                                                 COUPON              DATE                    TRADING
    CODE                CLASS                         PERIOD                     KEY         %                   5 PM                    EX DATE               PAYABLE
    FBU070              CAPITALNOTES                  HALF YEARLY                A           10.80               16/11                   12/11                 30/11
                                                                                                                      Page 1737
                                                                                                                      25/06/2012
                                                                 ANNUAL     RECORD
   SECURITY                                                      COUPON     DATE             TRADING
   CODE         CLASS                PERIOD             KEY      %          5 PM             EX DATE        PAYABLE
   GFN010       CAPITALNOTES         QUARTERLY          A        9.00       01/01                           15/11
   GOV260       NZGOVSTOCK           HALF YEARLY                 8.00       05/11            30/10          15/11
   GOV290       GOV LINK             QUARTERLY                   4.50       05/11            30/10          15/11
   GOV320       NZGOVSTOCK           HALF YEARLY                 6.00       05/11            30/10          15/11
   IFT020       BONDS                QUARTERLY                   8.50       26/10            19/10          15/11
   IFT030       BONDS                QUARTERLY                   9.00       26/10            19/10          15/11
   SKC010       CAPITALNOTES         QUARTERLY          A        9.25       02/11            29/10          15/11
   TCN230       BONDS                HALF YEARLY                 7.00       01/11            26/10          15/11
   TCN260       BONDS                YEARLY                      7.00       01/11            26/10          15/11

  A = FASTER LISTED SECURITY


                         Diary Dates: Monday, 5 November to Monday 12 November 2001

Monday 5 November                                                  Tuesday, 6 November
Australasian Property Holdings Ex 1:10 Renounceable Rights Issue
Sky Network Television quotation of Capital Notes (Code: SKY010)

Wednesday, 7 November                                              Thursday, 8 November
                                                                   Australia & New Zealand Banking Group Record Date Final
                                                                   Dividend


Friday, 9 November                                                 Monday, 12 November
Fletcher Building Record Date Final Dividend                       Fletcher Building Ex Div 6.00cps
The NZ Mid Cap Index Fund (NS) Record Date Interim Dividend        The NZ Mid Cap Index Fund (NS) Ex Div 0.3334838 cpu (FBU)
(FBU)                                                              Property For Industry Ex Div 1.30cps
Property For Industry Record Date Interim Dividend                 Utilico International 1:3 Capital Repayment
Utilico International Record Date 1:3 Capital Repayment            Calan Healthcare Properties Trust Ex Div 1.5865cps
Calan Healthcare Properties Trust Record Date Interim Dividend     Fisher & Paykel Appliances Holdings Limited List Today (no
Australia & New Zealand Banking Group Ex Div A40.00cps             trading until 14/11)
Fisher & Paykel Industries Record Date for separation              Fisher and Paykel Healthcare Corporation Limited List Today
                                                                   (no trading until 14/11)


                                                    Notices of Meeting
                                   Monday, 5 November to Friday, 8 February 2002

      Issuer Name                                                   AGM/EGM               Date
      Apple Fields Limited                                          EGM                   TBA
      Broadway Industries Limited                                   AGM                   TBA
      Cue Energy Resources Limited                                  AGM                   TBA
      Force Corporation Limited                                     AGM                   TBA
      Newmarket Property Trust                                      AGM                   TBA
      Pure New Zealand Limited                                      AGM                   TBA
      National Mail New Zealand Limited                             SGM                   05/11
      Utilico International Limited                                 AGM                   05/11
      Dairy Brands New Zealand Limited                              AGM                   06/11
      Independent Newspapers Limited                                AGM                   06/11
      Kiwi Income Property Trust                                    AGM                   08/11
      Cadmus Technology Limited                                     AGM                   09/11
      Evergreen Forests Limited                                     AGM                   09/11
      Fletcher Building Limited                                     AGM                   13/11
      Tourism Holdings Limited                                      AGM                   13/11
      Cavalier Corporation Limited                                  AGM                   14/11
      Fletcher Challenge Forests Limited                            AGM                   14/11
      Sky Network Television Limited                                AGM                   15/11
      Hellaby Holdings Limited                                      AGM                   16/11
                                                                                                                        Page 1738
                                                                                                                        25/06/2012
      Issuer Name                                                      AGM/EGM             Date
      Michael Hill International Limited                               AGM                 16/11
      Summit Resources Limited                                         AGM                 16/11
      Taylors Group Limited                                            AGM                 19/11
      Auckland International Airport Limited                           AGM                 21/11
      Baycorp Holdings Limited                                         AGM                 21/11
      Calan Healthcare Properties Trust                                AGM                 22/11
      The Colonial Motor Company Limited                               AGM                 22/11
      Wellington Drive Technologies                                    AGM                 22/11
      Advantage Group Limited                                          AGM                 23/11
      Williams and Kettle Limited                                      AGM                 26/11
      Designer Textiles (New Zealand) Limited                          AGM                 29/11
      Otter Gold Mines Limited                                         AGM                 29/11
      Australasian Property Holdings Limited                           AGM                 30/11
      Energy Equity Corporation                                        AGM                 30/11
      New Zealand Oil & Gas Limited                                    AGM                 30/11
      The Warehouse Group Limited                                      AGM                 30/11
      Strathmore Group Limited                                         AGM                 12/2001
      Scott Technology Limited                                         AGM                 06/12
      Arthur Barnett Limited                                           AGM                 10/12
      Tranz Rail Holdings Limited                                      AGM                 13/12
      DB Group Limited                                                 AGM                 05/02
      Krikcaldie & Stains Limited                                      AGM                 07/02

                                                     Rights Issues Pending
     ISSUER                               RATIO      EX    RECORD     TRADING    TRADING      APPLN   APPLN RENUN FINAL
                                                     DATE  DATE       COMM       STOP 5PM     MONEY DATE        DATE    DELIVERY
                                                           5PM                                $                         DATE
1.   VENDING TECHNOLOGIES LIMITED         1:10    TBA      TBA        TBA        TBA          2.50    TBA       TBA     TBA
     RENOUNCEABLE RIGHTS ISSUE OF ONE NEW ORDINARY SHARE FOR EVERY 10 EXISTING ORDINARY SHARES. THE NEW SHARES WILL RANK
     PARI PASSU WITH EXISTING ORDINARY SHARES. FRACTIONS: ROUNDED DOWN. TRADEABLE RIGHTS CODE: VTLRA. VENDING TECHNOLOGIES
     HAS POSTONED ITS RIGHTS ISSUE UNTIL IMPACT OF USA TERRORIST ATTACK CAN BE QUANTIFIED (12/09)
2.   ELDERCARE NEW ZEALAND LIMITED        1:7.5   15/10    12/10      15/10      07/11        0.165    09/11     09/11   08/11
     RENOUNCEABLE RIGHTS ISSUE OF ONE ORDINARY SHARE FOR EVERY EXISTING 7.5 HELD. FRACTIONS: ROUNDED UP. TRADEABLE RIGHTS
     CODE: ELDRA. NEW SHARES WILL RANK PARI PASSU WITH EXISTING SHARES. ALLOTMENT DATE IS 12/11/2001 THE ISIN FOR ELDRA IS
     NZELDE0001S8
3.   CARNARVON       PETROLEUM     NO     1:3     24/10    23/10      24/10      19/11        A5.00    26/11     26/11   17/12
     LIABILITY
     RENOUNCEABLE RIGHTS ISSUE OF ONE ORDINARY SHARE FOR EVERY 3 HELD. FRACTIONS ROUNDED UP. TRADEABLE RIGHTS CODE CVNVA.
     THE NEW SHARES WILL RANK PARI PASSU IN ALL RESPECTS WITH EXISTING ORDINARY SHARES. ISIN FOR RIGHTS IS AU00000CVNR7
4.   LAKES OIL NO LIABILITY               1:4     30/10    29/10      N/A        N/A          A0.03    27/11             4/12
     NON RENOUNCEABLE RIGHTS ISSUE OF ONE ORDINARY SHARE FOR EVERY 4 HELD. FRACTIONS ROUNDED UP.
5. AUSTRALASIAN         PROPERTY     1:10    5/11     2/11      5/11          5/12       1.00     7/12     7/12      6/12
   HOLDINGS LIMITED
   RENOUNCEABLE RIGHTS ISSUE OF ONE CONVERTIBLE CUMULATIVE REDEEMABLE PREFERENCE SHARE FOR EVERY 10 ORDINARY SHARES
   HELD. FRACTIONS ROUNDED DOWN. TRADEABLE RIGHTS CODE: APHRA. THE ISIN IS NZAPHE0003S4. ALLOTMENT DATE IS 12/12/20001.
6. ENERGY EQUITY CORPORATION         1:4     TBA      02/11     N/A           N/A        A$0.0665 07/12    N/A       TBA
   LIMITED
   NON-RENOUNCEABLE RIGHTS ISSUE OF ONE ORDINARY SHARE FOR EVERY 4 HELD.
7. AFFCO HOLDINGS LIMITED                 1:5        19/11     16/11     19/11     12/12     $0.25     14/12    14/12    13/12

     PRO RATA RENOUNCEABLE RIGHTS ISSUE OF ONE ORDINARY SHARE FOR EVERY FIVE ORDINARY SHARES HELD AT COB 16/11. ISSUE PRICE IS
     $0.25 PAYABLE IN FULL ON APPLICATION. ALLOTMENT DATE IS 21/12. TRADEABLE RIGHTS CODE IS AFFRA. ISIN FOR AFFRA TO BE ADVISED.
     NEW SHARES WILL RANK PARI PASSU WITH EXISTING SHARES. HOLDERS OF LESS THAN 834 ADDITIONAL SHARES WILL RECEIVE
     ENTITLEMENTS TO SUBSCRIBE FOR ADDITIONAL SHARES UNDER A NON-RENOUNCEABLE SPECIAL OFFER. SHAREHOLDERS ENTITLED TO
     PARTICIPATE IN THE SPECIAL OFFER WHO ELECT TO RENOUNCE THEIR ENTITLEMENT UNDER THE PRO RATA OFFER WILL NOT BE ABLE TO
     TAKE UP ANY ENTITLEMENTS UNDER THE SPECIAL OFFER.




                                                    Name Changes Pending
     COMPANY                   OLD CODE         NEW NAME                                     NEW CODE          EFFECTIVE DATE
     FISHER & PAYKEL           FAP              FISHER & PAYKEL HEALTHCARE CORPORATION       FPH               12/11/2001
     INDUSTRIES LIMITED                         LIMITED
                                                                                                                               Page 1739
                                                                                                                               25/06/2012
                                                  Capital Reconstructions Pending
                                                          OLD       NEW       MEETING       RECORD       EFFECTIVE    FINAL SETTLEMENT
            ISSUER                             RATIO      PAR       PAR       DATE          DATE 5 PM DATE AM         DATE
+ 1.        UTILICO INTERNATIONAL LIMITED      1:3        N/A       N/A       05/11         09/11        12/11        14/11
            SHAREHOLDER APPROVAL SOUGHT AT SPECIAL MEETING TO RETURN APPROXIMATELY $19.66M IN CASH TO SHAREHOLDERS. PROPOSED
            MECHANISM IS A CANCELLATION OF 2 SHARES FOR EVERY 3 SHARES HELD FOR A CASH PAYMENT OF 50CPS, EQUIVALENT TO 25CPS HELD
            PRIOR TO CANCELLATION.
  2.        PORT OF TAURANGA LIMITED (NS)      1:8        N/A       N/A       TBA           TBA          TBA          TBA
            COMPANY WILL BE APPLYING TO HIGH COURT FOR APPROVAL TO CANCEL ONE IN EVERY EIGHT SHARES IN THE COMPANY AND PAY SHARE
            HOLDERS $7.00 FOR EACH SHARE CANCELLED.
* 3.        FISHER & PAYKEL INDUSTRIES         0.55:1     N/A       N/A       08/10         09/11        12/11        N/A
            LIMITED
            THE SEPARATION ARRANGEMENT WILL RESULT IN FISHER & PAYKEL INDUSTRIES (FAP) SHAREHOLDERS OWNING:
            - ALL OF THE SHARES OF FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED; AND
            - APPROXIMATELY 62% OF THE SHARES OF FISHER & PAYKEL HEALTHCARE CORPORATION.
            FOR EVERY 1,000 EXISTING FAP SHARES OWNED ON THE RECORD DATE, SHAREHOLDERS WILL OWN INSTEAD:
            - 528 FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED SHARES (CODE: FPH); AND
            - 550 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED SHARES (CODE: FPA)
            - AND WILL ALSO RECEIVE A CASH PAYMENT.
            DETAILS OF THE SEPARATION ARRANGEMENT ARE AS OUTLINED IN INFORMATION PACKS PROVIDED TO SHAREHOLDERS. BOTH FPH AND FPA
            WILL LIST ON MONDAY 12/11 BUT TRADING WILL BE HALTED UNTIL WEDNESDAY 14/11 TO ENABLE THE PRICE OF THE US HEALTHCARE OFFER TO
            BE ESTABLISHED.
  4.        SKY CITY LIMITED (NS)              2:1        N/A       N/A       N/A           16/11        19/11        N/A
            THE COMPANY IS SPLITTING ONE ORDINARY SHARE INTO TWO ORDINARY SHARES. FRACTIONAL HOLDINGS AFTER THE SUBDIVISION WILL BE
            DISREGARDED.
                                                                    Overseas
      1
  1. M2M CORPORATION LIMITED          REFER      N/A        N/A       TBA           TBA         TBA          TBA
      .                               NOTE
     TWO SHARES IN ENTERPRISE SOLUTIONS ASIA PACIFIC LIMITED FOR EACH GRI SHARE HELD (FRACTIONS ROUNDED UP) PLUS 1 SOLACE LIMITED
     SHARE FOR EACH 20 GRI SHARES HELD (FRACTIONS ROUNDED UP) . RECORD DATE TO BE ANNOUNCED. GENERAL MEETING DELAYED.
      1
  2. RESOLUTE LIMITED                 REFER      N/A        N/A       05/09/2001    TBA         TBA          TBA
      .                               NOTE
     THE BOARD OF RESOLUTE ANNOUNCED A PROPOSED REORGANISATION THAT SIMPLIFIES ITS CORPORATE AND CAPITAL STRUCTURE AND
     UNIFIES THE INTERESTS OF ALL SHAREHOLDERS UNDER A SINGLE CLASS OF SHARE. A NEW COMPANY, RESOLUTE MINING LIMITED (RML), WILL
     BE ESTABLISHED AS THE NEW HOLDING COMPANY FOR THE RESOLUTE GROUP OF COMPANIES. UNDER THE RESTRUCTURE RML WILL ACQUIRE
     THE WHOLE OF THE ORDINARY SHARES AND A$2.00 CONVERTING PREFERENCE SHARES IN EXCHANGE FOR NEW ORDINARY SHARES IN RML.
     RESOLUTE WILL THEN BECOME A WHOLLY OWNED SUBSIDIARY OF RML AND RML WILL AT THE SAME TIME APPLY FOR QUOTATION AND
     ADMISSION WITH THE ASX. HOLDERS OF RESOLUTE ORDINARY SHARES WILL RECEIVE ONE RML SHARE FOR EVERY 5 RESOLUTE ORDINARY
     SHARES. REORGANISATION IS SUBJECT TO NECESSARY SHAREHOLDERS, SUPREME COURT AND OTHER APPROVALS.

                                               New Listings and Quotations Pending
       ISSUER                                     SECURITY              SECURITY CODE   PUBLIC OFFER CLOSES     EXPECTED LISTING DATE
       SKY NETWORK TELEVISION LIMITED             CAPITAL NOTES         SKY010          26/10/2001              5/11/2001
       BLUE STAR PRINT GROUP LIMITED              BONDS                 BLU010          18/01/2001              21/01/2001
       FISHER & PAYKEL APPLIANCES HOLDINGS        ORDINARY SHARES       FPA             N/A                     12/11/2001
       LIMITED
       FONTERRA CO-OPERATIVE GROUP LIMITED        CAPITAL NOTES         FCG010          28/11/2001              03/12/2001
       FERNZ CORPORATION (NZ) lIMITED             CAPITAL NOTES         FCN020          N/A                     20/12/2001

                                                         Buybacks Announced
             ISSUER                BUYBACK DETAILS                                                                RECORD       CLOSING
                                                                                                                  DATE 5PM     DATE
       1.    HELLABY HOLDINGS     BUYBACK OF UP TO 2.5M SHARES COMMENCING 24/01/2001. SHARES TO BE INITIALLY HELD N/A          18/01/2002
             LIMITED              AS TREASURY STOCK.
       2.    THE        WAREHOUSE ON MARKET BUYBACK OF 8M WHS SHARES OVER THE NEXT 12 MONTHS.                     26/10/2000   26/10/2001
             GROUP LIMITED
       3.    FOODLAND             BUYBACK OF 619,558 SHARES. PERIOD OF BUYBACK: UNLIMITED DURATION SUBJECT TO     18/10/2000   -
             ASSOCIATED LIMITED   MAXIMUM NUMBER OF SHARES HAVING BEEN BOUGHT BACK.
       4.    COLES MYER LIMITED   A$200M ON MARKET BUYBACK PROGRAMME TO BE RE-ACTIVATED                           TBA          TBA
       5.    SANFORD LIMITED      BUYBACK OF 307,340 ORDINARY SHARES. THIS IS TO FACILITATE THE ORDERLY WINDING   20/06/2001   20/06/2002
                                  UP OF THE SANFORD STAFF PENSION PLAN.
       6.    INDEPENDENT          ON MARKET SHARE BUYBACK OF UP TO 9.708M ORDINARY SHARES OVER A 12 MONTH         05/07/2001   05/07/2002
             NEWSPAPERS LIMITED PERIOD.
       7.    INFRATIL LIMITED     ON AND OFF MARKET SHARE BUYBACK PROGRAMME FOR 18.5M ORDINARY SHARES TO BE 16/07/2001         15/06/2002
                                  RE-ESTABLISHED. MAXIMUM PRICE AT WHICH SHARES WILL BE BOUGHT OFF MARKET IS
                                  $1.60 PER SHARE.
                                                                                                                                Page 1740
                                                                                                                                25/06/2012
 8. RUBICON LIMITED           BUYBACK OF UP TO 95M SHARES TO BE PURCHASED ON MARKET                                30/07/2001    13/07/2002
 9. NEWCALL GROUP             BUYBACK OF ALL SHARES FROM INVESTORS HOLDING UP TO 2000 SHARES                       31/08/2001
 10. PORT OF TAURANGA         BUYBACK OF 1 IN 8 SHARES AT $7.00 PER SHARE ON A PRO RATA BASIS TO RETURN $67m       TBA          TBA
     LIMITED (NS)             TO SHAREHOLDERS. THE CHAIRMAN BELIEVES THE CAPITAL REDUCTION WILL OPTIMISE
                              THE FINANCIAL STRUCTURE, AND MAXIMISE RETURN ON SHAREHOLDERS FUNDS SUBJECT
                              TO A FAVOURABLE IRD RULING CONFIRMING THE TAX FREE NATURE OF THE DISTRIBUTION.
 11.   EVERGREEN     FOREST ON MARKET BUYBACK OF UP TO 2,814,687 (2%) OF EVERGREEN FORESTS LIMITED                 23/08/2001   23/08/2002
       LIMITED                ORDINARY SHARES
 12.   DAIRY BRANDS NEW BUYBACK OF UP TO 32,497,333 ORDINARY SHARES. IT WILL MAKE AN OFFER TO EACH                 03/09/2001   28/09/2001
       ZEALAND LIMITED        ORDINARY SHAREHOLDER OF THE COMPANY TO ACQUIRE 2 ORDINARY SHARES FOR EVERY
                              3 ORDINARY SHARES HELD BY THAT SHAREHOLDER FOR A PRICE OF $0.70 PER SHARE.
 13.   MICHAEL           HILL BUYBACK OF UP TO 100,000 ORDINARY SHARES                                             02/10/2001   27/09/2002
       INTERNATIONAL LIMITED
 14.   SANTOS LIMITED         OFF MARKET OFFER TO ALL SHAREHOLDERS ON THE REGISTER ON 31/10/2001 TO BUYBACK        17/10/2001   30/11/2001
                              SHARES AT THE COMMENCEMENT OF TRADING 17/10/2001 TO THE CLOSE ON 30/11/2001.
                              BUYBACK PRICE WILL BE ANNOUNCED ON 03/12/2001

                                                      Current Prospectuses
   ISSUER                                        PROSPEC    SECURITY                INTEREST   MATURIT     OPENING         CLOSING OF
                                                 TUS NO.                            RANGE      Y RANGE     OF ISSUE        ISSUE
   AUSTRALIAN 20 LEADERS INDEX FUND (NS)                    OZZY UNITS              N/A        N/A         01/07/1998      N/A
   MID CAP INDEX FUND (NS)                       5          MIDNZ UNITS             N/A        N/A         25/10/2000      N/A
   NZSE10 INDEX FUND (NS)                        6          TENZ UNITS              N/A        N/A         22/12/2000      N/A
   AMP INVESTMENTS’ WORLD INDEX FUND (NS)                   WINZ UNITS              N/A        N/A         TBA             N/A
   TCNZ FINANCE LIMITED                          16         TCNZ TELEBONDS          N/A        N/A         31/03/2001      31/03/2002

                                           Notices of Allotment/Cancellation
                     NOTICES OF ALLOTMENT RECEIVED BY THE EXCHANGE PURSUANT TO LISTING RULE 7.12.1.

 SECURITY DESCRIPTION                        DATE NO. OF SHARES ALLOTTED/                NO. OF INDEXED / ISSUED ISSUE/ACQUISITION
 CODE     OF SECURITY             KEY   ANNOUNCED CANCELLED/PAID UP IN FULL            SHARES AFTER ALLOTMENT PRICE PER SECURITY $

 INL         ORDINARY             B            26/10                   (519,126)                    426,375,933                       $3.55
 MOW         ORDINARY             E            26/10                     180,000                      7,222,857                       $0.50
 SKC         ORDINARY             G            26/10                      21,000                    102,248,068                       $7.78

 EVF         ORDINARY             B            29/10                    (30,000)                     140,349,575                   $0.5033
 AMP         ORDINARY             E            30/10                      91,171                   1,118,605,256                   A$16.00
 INL         ORDINARY             B            30/10                   (310,906)                     426,065,027                     $3.50

 AMP         ORDINARY             E            31/10                   4,724,140                   1,123,329,396                   A$17.80
 EVF         ORDINARY             B            31/10                     (25,000)                    140,324,575                    $0.508
 INL         ORDINARY             B            31/10                   (310,470)                     425,754,557                     $0.77
 WRI         ORDINARY             E            31/10                       50,000                    134,185,558                     $3.50
 FBU         CAPITAL NOTES        B            31/10                (20,444,000)                               -                         -

 ANZ         ORDINARY             E            01/11                      6,925                                                    A$13.70
 ANZ         ORDINARY             E            01/11                     11,500                                                    A$14.92
 ANZ         ORDINARY             E            01/11                     13,500                                                    A$14.63
 ANZ         ORDINARY             E            01/11                     50,000                                                     A$8.97
 ANZ         ORDINARY             E            01/11                     50,000                                                    A$10.64
 ANZ         ORDINARY             E            01/11                      7,813                                                    A$11.45
 ANZ         ORDINARY             E            01/11                      3,949                    1,488,510,957                     A8.76

 INL         ORDINARY             B            01/11                  (105,149)                     425,649,408                       $3.55
 SKC         ORDINARY             E            01/11                     37,000                     102,285,068                       $7.79
 AIA         OPTIONS              N            01/11                  1,060,000                       1,060,000                           -
 MPS         PREFERENCE           I            30/10                250,000,000                     250,000,000                       $1.00

B = BUYBACK
E = EXERCISE OF OPTIONS
G = EMPLOYEE/DIRECTOR SHARE SCHEME
I = INITIAL PUBLIC OFFER
N = NOT LISTED


                                        National Reported Sales Volume Totals
 DATE                            VALUE ($SOLD)                 VOLUME (NO SOLD)       TYPE
                                                                                                                    Page 1741
                                                                                                                    25/06/2012
26-OCT-01                     $141,475,816.89                    52,342,411     EQUITY
26-OCT-01                             $360.00                         1,000     NEW CAPITAL MARKET
29-OCT-01                      $99,446,665.03                    33,600,857     EQUITY
29-OCT-01                           $9,384.30                        26,881     NEW CAPITAL MARKET
30-OCT-01                      $79,151,509.41                    29,411,565     EQUITY
31-OCT-01                     $123,615,192.22                    48,994,232     EQUITY
31-OCT-01                          $19,280.00                        24,000     NEW CAPITAL MARKET
01-NOV-01                      $84,568,102.20                    31,284,418     EQUITY
01-NOV-01                          $12,651.25                        33,095     NEW CAPITAL MARKET

                                           Index and Capitalisation Table
 Index             Date          Gross Index           Gross       Capital Index            Capital      Capitalisation
                                                    Movement                              Movement
T10      26-OCT-01 03:59 PM             1942.41           7.99                 846.99            3.49     22,542,979,342
T10      29-OCT-01 04:00 PM             1976.16          33.75                 860.63           13.64     22,906,074,145
T10      30-OCT-01 03:58 PM             1956.00         -20.16                 851.86           -8.78     22,672,420,213
T10      31-OCT-01 03:56 PM             1991.18          35.18                 867.18           15.32     23,080,188,308
T10      01-NOV-01 03:57 PM             1997.74           6.56                 870.03            2.85     23,171,929,910

T30      26-OCT-01 03:59 PM             3036.47          14.12                1631.93             7.59    28,102,207,724
T30      29-OCT-01 04:01 PM             3088.67          52.20                1659.06            27.13    28,569,436,225
T30      30-OCT-01 03:59 PM             3051.98         -36.69                1639.36           -19.71    28,230,102,324
T30      31-OCT-01 04:41 PM             3091.34          39.36                1660.50            21.14    28,594,152,160
T30      01-NOV-01 03:57 PM             3099.26           7.92                1664.75             4.25    28,660,954,363

T40      26-OCT-01 04:01 PM             3668.34          15.33                1935.33             8.09    39,698,592,309
T40      29-OCT-01 04:01 PM             3715.94          47.60                1959.04            23.71    40,185,033,638
T40      30-OCT-01 03:59 PM             3681.48         -34.46                1940.88           -18.17    39,812,394,593
T40      31-OCT-01 03:58 PM             3713.96          32.48                1958.00            17.13    40,163,687,459
T40      01-NOV-01 03:57 PM             3726.91          12.95                1964.83             6.83    40,337,302,545

SEMC     26-OCT-01 03:59 PM             3962.35          11.53                1945.21             5.66    12,062,534,348
SEMC     29-OCT-01 03:59 PM             3983.79          21.45                1955.73            10.53    12,127,825,295
SEMC     30-OCT-01 03:57 PM             3955.38         -28.41                1941.79           -13.95    12,041,336,024
SEMC     31-OCT-01 03:58 PM             3951.53          -3.85                1939.90            -1.89    12,029,623,614
SEMC     01-NOV-01 03:57 PM             3962.15          10.61                1945.11             5.21    12,113,892,990

SCI      26-OCT-01 04:20 PM            10142.48          49.58                5443.29            26.61     5,787,961,422
SCI      29-OCT-01 04:34 PM            10215.89          73.41                5479.30            36.01     5,826,252,322
SCI      30-OCT-01 04:20 PM            10158.51         -57.38                5448.52           -30.77     5,793,512,485
SCI      31-OCT-01 04:20 PM            10188.94          30.43                5464.84            16.32     5,810,908,239
SCI      01-NOV-01 04:21 PM            10232.92          43.98                5488.43            23.59     5,717,980,561

ALL      26-OCT-01 04:19 PM             1747.43           6.83                 695.69             2.72    40,408,770,449
ALL      29-OCT-01 04:34 PM             1768.61          21.19                 703.57             7.88    40,864,889,422
ALL      30-OCT-01 04:19 PM             1753.46         -15.15                 697.54            -6.03    40,514,817,693
ALL      31-OCT-01 04:20 PM             1770.68          17.22                 704.39             6.85    40,911,573,677
ALL      01-NOV-01 04:21 PM             1776.03           5.35                 706.52             2.13    40,916,197,577

NZSE10 INDEX SECURITIES CAPITALIZATION                          01 Nov 2001
CODE           NAME              PRICE  INDEXD SHARES EXCLUDED SHARES      CAPITALIZATION
PERCENTAGE
AIA        AUCKAIR        3.48     420,800,000                $1,464,384,000.00   6.32
CAH        CARTHOLT       1.44   1,739,717,847                $2,505,193,699.68 10.81
CEN        CONTACT        4.12     576,633,982                $2,375,732,005.84 10.25
FAP        F&P           14.53     118,111,137                $1,716,154,820.61   7.41
FFS        FCFORESTS      0.25     922,207,133                  $230,551,783.25   0.99
FFSPA      FCFORESTS      0.24   1,859,015,794                  $446,163,790.56   1.93
INL        INDEPNEWS      3.56     427,345,647                $1,521,350,503.32   6.57
NCH        NATGASHLDG     1.29     774,895,590                  $999,615,311.10   4.31
SKY        SKYTV          3.50     389,157,785                $1,362,052,247.50   5.88
TEL        TELECOM        4.60   1,860,187,044                $8,556,860,402.40 36.93
WHS        WAREHOUSE      6.55     304,407,839                $1,993,871,345.45   8.60
TOTAL                                                        $23,171,929,909.71

      NZSE30 INDEX SECURITIES CAPITALIZATION                          01 Nov 2001
CODE            NAME              PRICE  INDEXD SHARES EXCLUDED SHARES      CAPITALIZATION
PERCENTAGE
AIA         AUCKAIR        3.48     420,800,000                $1,464,384,000.00   5.11
AIRVA       AIRNZ          0.29     156,503,302   229,475,728     $45,385,957.58   0.16
                                                                                      Page 1742
                                                                                      25/06/2012
AIRVB      AIRNZ           0.28     181,675,610   189,166,545       $50,869,170.80    0.18
AMP        AMP            22.10      43,940,530                    $971,085,713.00    3.39
ANZ        ANZBANKGRP     21.60      21,281,270                    $459,675,432.00    1.60
APT        AMPOFFICE       0.83     157,500,000    92,500,000      $130,725,000.00    0.46
APTGA      AMPOFFICE       0.84     250,000,000                    $210,000,000.00    0.73
BCH        BAYCORP        11.90      84,204,930                  $1,002,038,667.00    3.50
BRY        BRIERLEY        0.31     600,716,741                    $186,222,189.71    0.65
CAH        CARTHOLT        1.44     871,925,677   867,792,170    $1,255,572,974.88    4.38
CEN        CONTACT         4.12     281,264,654   295,369,328    $1,158,810,374.48    4.04
FAP        F&P            14.53     118,111,137                  $1,716,154,820.61    5.99
FBU        FLETBUILD       2.68     344,540,655                    $923,368,955.40    3.22
FFS        FCFORESTS       0.25     922,207,133                    $230,551,783.25    0.80
FFSPA      FCFORESTS       0.24   1,859,015,794                    $446,163,790.56    1.56
GPG        GUINNESSPEAT    1.54     442,675,160                    $681,719,746.40    2.38
GPGGA      GUINNESSPEAT    1.38      28,861,757                     $39,829,224.66    0.14
IFT        INFRATIL        1.64     185,841,172                    $304,779,522.08    1.06
IFTWA      INFRATIL        0.33      47,081,439                     $15,536,874.87    0.05
INL        INDEPNEWS       3.56     236,274,159   191,071,488      $841,136,006.04    2.93
KIP        KIWITRUST       0.94     404,238,115                    $379,983,828.10    1.33
KIPGA      KIWITRUST       1.20      60,454,800                     $72,545,760.00    0.25
KIPVB      KIWITRUST       0.90      54,589,157                     $49,130,241.30    0.17
LNN        LIONNATHAN      5.35     142,419,381   246,454,275      $761,943,688.35    2.66
NCH        NATGASHLDG      1.29     263,069,762   511,825,828      $339,359,992.98    1.18
POT        PORTTAURANGA    7.00      34,350,553    42,107,159      $240,453,871.00    0.84
RBC        RUBICON         0.64     279,238,227                    $178,712,465.28    0.62
SAN        SANFORD         6.10      58,888,385    36,775,332      $359,219,148.50    1.25
SKC        SKYCITY        12.36     102,227,068                  $1,263,526,560.48    4.41
SKY        SKYTV           3.50     131,314,489   257,843,296      $459,600,711.50    1.60
TEL        TELECOM         4.60   1,860,187,044                  $8,556,860,402.40   29.86
TLS        TELSTRA         6.05      58,427,502                    $353,486,387.10    1.23
TRH        TRANZRAIL       4.35     120,894,079                    $525,889,243.65    1.83
TWR        TOWER           5.14     178,818,774                    $919,128,498.36    3.21
WAM        WASTEMANZ       2.52      98,002,396                    $246,966,037.92    0.86
WHS        WAREHOUSE       6.55     143,353,552   161,054,287      $938,965,765.60    3.28
WPT        WESTPACTRUST   16.20      54,393,306                    $881,171,557.20    3.07
TOTAL                                                           $28,660,954,363.04

      NZSE40 INDEX SECURITIES CAPITALIZATION                          01 Nov 2001
CODE            NAME              PRICE  INDEXD SHARES EXCLUDED SHARES      CAPITALIZATION
PERCENTAGE
AIA         AUCKAIR        3.48     420,800,000                $1,464,384,000.00   3.63
AIRVA       AIRNZ          0.29     385,979,030                  $111,933,918.70   0.28
AIRVB       AIRNZ          0.28     370,842,155                  $103,835,803.40   0.26
AMP         AMP           22.10      43,940,530                  $971,085,713.00   2.41
ANZ         ANZBANKGRP    21.60      21,281,270                  $459,675,432.00   1.14
APT         AMPOFFICE      0.83     250,000,000                  $207,500,000.00   0.51
APTGA       AMPOFFICE      0.84     250,000,000                  $210,000,000.00   0.52
AXA         AXAASIA        3.06      68,029,948                  $208,171,640.88   0.52
BCH         BAYCORP       11.90      84,204,930                $1,002,038,667.00   2.48
BRY         BRIERLEY       0.31     600,716,741                  $186,222,189.71   0.46
CAH         CARTHOLT       1.44   1,739,717,847                $2,505,193,699.68   6.21
CEN         CONTACT        4.12     576,633,982                $2,375,732,005.84   5.89
FAP         F&P           14.53     118,111,137                $1,716,154,820.61   4.25
FBU         FLETBUILD      2.68     344,540,655                  $923,368,955.40   2.29
FCT         FCITRUST       7.50      20,688,306                  $155,162,295.00   0.38
FFS         FCFORESTS      0.25     922,207,133                  $230,551,783.25   0.57
FFSPA       FCFORESTS      0.24   1,859,015,794                  $446,163,790.56   1.11
FRU         FRUCOR         2.42     125,000,000                  $302,500,000.00   0.75
GPG         GUINNESSPEAT   1.54     442,675,160                  $681,719,746.40   1.69
GPGGA       GUINNESSPEAT   1.38      28,861,757                   $39,829,224.66   0.10
HLG         HALGLASS       2.74      57,999,061                  $158,917,427.14   0.39
IFT         INFRATIL       1.64     185,841,172                  $304,779,522.08   0.76
IFTWA       INFRATIL       0.33      47,081,439                   $15,536,874.87   0.04
INL         INDEPNEWS      3.56     427,345,647                $1,521,350,503.32   3.77
KIP         KIWITRUST      0.94     404,238,115                  $379,983,828.10   0.94
KIPGA       KIWITRUST      1.20      60,454,800                   $72,545,760.00   0.18
KIPVB       KIWITRUST      0.90      54,589,157                   $49,130,241.30   0.12
LNN         LIONNATHAN     5.35     388,873,656                $2,080,474,059.60   5.16
NCH         NATGASHLDG     1.29     774,895,590                  $999,615,311.10   2.48
NPX         NUPLEX         2.85      58,559,067                  $166,893,340.95   0.41
PFI         PROPERTYINDY   0.86     198,383,852                  $170,610,112.72   0.42
POA         PORTAUCK       5.50     132,506,212                  $728,784,166.00   1.81
                                                                                                                          Page 1743
                                                                                                                          25/06/2012
POT             PORTTAURANGA         7.00          76,457,712                                $535,203,984.00            1.33
RBC             RUBICON              0.64         279,238,227                                $178,712,465.28            0.44
SAN             SANFORD              6.10          95,663,717                                $583,548,673.70            1.45
SKC             SKYCITY             12.36         102,227,068                              $1,263,526,560.48            3.13
SKY             SKYTV                3.50         389,157,785                              $1,362,052,247.50            3.38
TEL             TELECOM              4.60       1,860,187,044                              $8,556,860,402.40           21.21
TLS             TELSTRA              6.05          58,427,502                                $353,486,387.10            0.88
TPW             TRUSTPOWER           3.26         183,300,779                                $597,560,539.54            1.48
TRH             TRANZRAIL            4.35         120,894,079                                $525,889,243.65            1.30
TTP             TRANSTASMAN          0.183        598,709,450                                $109,563,829.35            0.27
TWR             TOWER                5.14         178,818,774                                $919,128,498.36            2.28
UNL             UNITEDNET            8.45         151,469,342                              $1,279,915,939.90            3.17
WAM             WASTEMANZ            2.52          98,002,396                                $246,966,037.92            0.61
WHS             WAREHOUSE            6.55         304,407,839                              $1,993,871,345.45            4.94
WPT             WESTPACTRUST        16.20          54,393,306                                $881,171,557.20            2.18
TOTAL                                                                                     $40,337,302,545.10

      NZSE-MC MID CAP INDEX SECURITIES CAPITALIZATION                 01 Nov 2001
CODE            NAME              PRICE  INDEXD SHARES EXCLUDED SHARES      CAPITALIZATION
PERCENTAGE
AIRVB       AIRNZ          0.28     370,842,155                  $103,835,803.40   0.86
APT         AMPOFFICE      0.83     250,000,000                  $207,500,000.00   1.71
APTGA       AMPOFFICE      0.84     250,000,000                  $210,000,000.00   1.73
BCH         BAYCORP       11.90      84,204,930                $1,002,038,667.00   8.27
CAV         CAVALIER       5.50      31,490,610                  $173,198,355.00   1.43
CPT         COLFSPROP      1.06     145,000,000                  $153,700,000.00   1.27
FBU         FLETBUILD      2.68     344,540,655                  $923,368,955.40   7.62
FRU         FRUCOR         2.42     125,000,000                  $302,500,000.00   2.50
HLG         HALGLASS       2.74      57,999,061                  $158,917,427.14   1.31
IFT         INFRATIL       1.64     185,841,172                  $304,779,522.08   2.52
IFTWA       INFRATIL       0.33      47,081,439                   $15,536,874.87   0.13
KIP         KIWITRUST      0.94     404,238,115                  $379,983,828.10   3.14
KIPVB       KIWITRUST      0.90      54,589,157                   $49,130,241.30   0.41
LPC         LYTTELTON      1.66     101,790,500                  $168,972,230.00   1.39
MHI         MICHAELHILL    4.75      38,558,600                  $183,153,350.00   1.51
NPX         NUPLEX         2.85      58,559,067                  $166,893,340.95   1.38
NZR         NZREFIN       16.01      24,000,000                  $384,240,000.00   3.17
PFI         PROPERTYINDY   0.86     198,383,852                  $170,610,112.72   1.41
POA         PORTAUCK       5.50     132,506,212                  $728,784,166.00   6.02
POT         PORTTAURANGA   7.00      76,457,712                  $535,203,984.00   4.42
PWC         POWERCO        1.99     222,436,775                  $442,649,182.25   3.65
RBC         RUBICON        0.64     279,238,227                  $178,712,465.28   1.48
RBD         RESTAURANT     1.70      92,581,608                  $157,388,733.60   1.30
SAN         SANFORD        6.10      95,663,717                  $583,548,673.70   4.82
SKC         SKYCITY       12.36     102,227,068                $1,263,526,560.48 10.43
STU         STEEL & TUBE   2.50      88,445,366                  $221,113,415.00   1.83
THL         THL            1.17      91,993,200                  $107,632,044.00   0.89
TRH         TRANZRAIL      4.35     120,894,079                  $525,889,243.65   4.34
TTP         TRANSTASMAN    0.183    598,709,450                  $109,563,829.35   0.90
TWR         TOWER          5.14     178,818,774                  $919,128,498.36   7.59
WAM         WASTEMANZ      2.52      98,002,396                  $246,966,037.92   2.04
WPT         WESTPACTRUST 16.20       54,393,306                  $881,171,557.20   7.27
WRI         WRIGHTSON      1.15     134,135,558                  $154,255,891.70   1.27
TOTAL                                                         $12,113,892,990.45

                                              Company Announcements
                                               LATE FRIDAY, 26 OCTOBER 2001

AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at cob 25/10/2001 was $2.3457. The number of shares on issue is 60,287,666.
CALAN HEALTHCARE PROPERTIES TRUST
Calan Healthcare Properties Trust announced an interim dividend of 1.73cpu. Record Date: 09/11/2001. Payable Date: 03/12/2001.
FISHER & PAYKEL INDUSTRIES LIMITED
Fisher & Paykel Industries provided an Appendix 7 form notifying the record date for establishing entitlement to participate in the
separation of the Fisher & Paykel Group. While the notice advises that the record date for this transaction will be 5pm on Friday,
                                                                                                                                    Page 1744
                                                                                                                                    25/06/2012
09/11/2001, as specified in the Fisher & Paykel Industries Notice of AGM of Shareholders on 08/10/2001, this date may change. The
Board of Fisher & Paykel Industries will advise any change by giving notice to the NZSE not less than 6 days (or such lesser period as
the NZSE may permit) before 09/11/2001. Any revised record date will be no later than 31/12/2001 (although Fisher & Paykel
Industries may apply to the High Court for an order to extend this date). Although the Board of Fisher & Paykel Industries has this
flexibility in relation to the fixing of the record date, it intends to proceed with the specified date of 09/11/2001 unless it forms the view
that having regard to market conditions and other relevant circumstances, it is no longer in the best interests of shareholders and
Fisher & Paykel Industries to proceed with the Separation Arrangement at that time or it is impractical to proceed with the Separation
Arrangement at that time.
NATURAL GAS CORPORATION HOLDINGS LIMITED
John Barton, MD of Natural Gas Corporation Holdings, has today advised the Board that he has decided, for personal reasons, to
return to Australia and consequently has tendered his resignation as MD of NGC. The Chairman of NGC, Greg Martin, said “The
Board has asked Mr Barton to stay on for up to 3 months to ensure the Company continued along the sound footing it has re-
established since the winter energy crisis and to allow time for the Board to select his successor and ensure a smooth transfer of
executive responsibilities. Mr Martin said the selection process has commenced, with a successor to be appointed by the beginning of
2002.
MONTANA GROUP (NZ) LIMITED
Further to the Montana Standing Committee’s decision of 15/10/2001, the Montana Standing Committee has now released its reasons,
which can be found on the NZSE website at www.nzse.co.nz under Exchange News.
BHP BILLITON LIMITED
BHP Billiton provided a copy of its production report for the quarter ended 30/09/2001. Production of most major commodities was in
line with both the corresponding period last year and the 06/2001 quarter. A full copy of the report is available on request from the
NZSE.
RIO TINTO LIMITED
Rio Tinto has approved the commencement of construction of stage one of the Comalco Alumina Refinery in Gladstone, Queensland.
The first stage of the Comalco Alumina Refinery, which is expected to cost US$750m, will produce about 1.4m tonnes of alumina per
year, using bauxite from Comalco’s Weipa mine in north Queensland. There is potential for the refinery capacity to increase to over
4m tonnes per year when market conditions allow. Up to 1,500 people will be employed directly on-site during the construction phase
of the refinery. Over 400 jobs, directly associated with the refinery, are expected to be created in the Gladstone area. Initial shipments
from the refinery are expected in the first quarter of 2005. Site preparation work will begin in December and large –scale construction
will commence in 2002.
BHP BILLITON LIMITED
BHP Billiton provided a copy of its Exploration and Development Activities Report for the quarter ended 30/09/2001. A full copy of the
report is available from the NZSE on request.
SANTOS LIMITED
Santos provided a copy of its prospectus for the public offer of Reset Convertible Preference Shares to raise A$250m, and a copy of
the Buy-Back offer document.
SANTOS LIMITED
Santos provided the NZSE with a weekly drilling report for the week ending 25/10/2001.
WESTPAC BANKING CORPORATION
Westpac Banking Corporation advised the allotment of 139,383 new fully paid ordinary shares following the exercise of options
pursuant to the Rules of the Westpac Senior Officers’ Share Purchase Scheme and/or General Management Share Option Plan.
Quoted capital now becomes: 1,750,074,605.
MOWBRAY COLLECTABLES LIMITED (NM)
Mowbray Collectables advised the allotment of 180,000 ordinary shares on 23/10/2001 pursuant to the exercise of options. Issue
price: 50cps. Authority of issue: Authorised by the 3 directors of Mowbray Collectables on 23/10/2001. Number of ordinary shares on
issue after allotment: 7,222,857.
PROPERTY FOR INDUSTRY LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE 9 MONTHS TO 30/09/2001
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Unaudited (NZ'000)
                                                       Current            Previous
                                                        Period       Corresponding
                                                                            Period
OPERATING REVENUE
 Sales revenue                                           16,546               14,123
 Other revenue                                                42                  29
Total Operating Revenue                                  16,588               14,152
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                            10,570                9,360
Unusual items
 for separate disclosure                                       -                    -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                              10,570                9,360
Less tax on operating surplus                             1,822                1,844
Operating surplus (deficit)
 after tax but before minority
interest                                                  8,748                7,516
Less minority interests                                        -                    -
Equity earnings                                                -                    -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                              8,748                7,516
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                                                8,748                7,516
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                                     8,748                7,516
EPS                                                         4.62                4.19
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                  15,597              140,169
Property For Industry announced that shareholders will receive a consistent third-quarter dividend of 1.3cps, with 0.3cps imputation
credits. The record date is 09/11/2001 and the payable date is 16/11/2001. Announcing the dividend, Chairman Allan Lockie pointed
out that earnings per share had increased from 4.19cps to 4.62cps (a 10% increase), a reflection of the strength of the existing
portfolio. PFI reported net earnings of $8.7m for the 9 months to 30/09/2001. The result is a 16.4% increase over the previous
corresponding period. PFI’s rentals for the 9 months were $16.5m, an increase of 17% over the previous corresponding period. This
is largely due to revenues provided by the acquisition of 10 new properties in Mt Wellington in late 2000 and early 2001. Despite
recent falls in world sharemarkets and global uncertainties, PFI’s shareprice has continued to be well supported by the market, and
highlights the strong defensive qualities of property as an investment class in an environment of falling interest rates and economic
slowdown. PFI’s portfolio currently totals 50 properties nationwide, with a combined value of $215m. The company’s debt to
investment assets ratio is currently 29%, comfortably within its self-imposed maximum debt level of 35%. This funding capacity
positions PFI to take advantage of future acquisition opportunities. PFI is NZ’s only listed property company investing exclusively in
the NZ industrial property sector. The company is managed by AMP Henderson Global Investors, which manages more than $360b of
assets worldwide.
CUE ENERGY RESOURCES LIMITED
Cue Energy Resources announced that the Oyong-3 appraisal well has penetrated a gross oil column of approximately 19m in good
                                                                                                                             Page 1746
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quality reservoir. Oyong-3, which is located approximately 2 km east of Oyong-1 in 41.3m of water, reached a planned total depth of
1125m with the top of the Mundu Formation reservoir being penetrated within the oil Column, approximately 20m below the gas/oil
contact seen in Oyong-1 and –2. 2 cores were cut in the reservoir. Wireline logs run in Oyong-3 in conjunction with pressure
information, have indicated an oil water contract the same as that encountered in Oyong-1 and-2, indicating a gross oil column in the
Oyong structure of approximately 38m. At 6am on 26/10/2001 a wiper trip was being run prior to running the MDT to obtain fluid
samples. The Oyong-3 well will be suspended for potential future production and the drilling rig released.
AFFCO HOLDINGS LIMITED
AFFCO Holdings have forecast a flat full year result (to 30/09/2001), but say they are satisfied with progress on the company’s major
review and restructuring programme. After a Board meeting in Auckland Executive Chairman Sam Lewis said the benefits of the
company’s steps would start to be apparent in the 2001-2002 year. “After a disruptive half year (to 31/03/2001) which was significantly
below expectations, the Board took a number of decisive actions,” said Mr Lewis. These included the sale of AFFCO’s meat trading
and marketing subsidiary Mathias Meats, and a sell down of its subsidiary AFFCO USA Inc. The company said its analysis showed it
was more cost-effective, and would not compromise relationships, to base its marketing operations in NZ. Where appropriate,
representative agents would be used in overseas markets, while existing alliances and joint venture operations would be strengthened.
 Other moves announced at year’s end will significantly strengthen AFFCO’s balance sheet, said Mr Lewis. A share placement has
lifted the stake of South Island diversified food company Talley’s Group in AFFCO to 11.3% and led to changes in the AFFCO Board.
Mr Lewis announced that Michael and Andrew Talley from Talley’s Group would join the Board. Retiring are Don Clark who joined the
Board in 1999, and Michael Millar who joined in 2000. AFFCO has also announced a one-for-five pro-rata rights issue for all
shareholders and will raise $11.25m for the company’s general corporate purposes, working capital and funding of capital expenditure.
The rights issue is fully underwritten by the company’s 4 largest shareholders and interests associated with management. The fully
renounceable offer of 45m new ordinary shares will be made to all shareholders at 5pm on 16/11/2001. The offer will be in the ratio of
1 new ordinary share for 5 ordinary shares, at a price of $0.25 per share. Applications will close on 14/12/2001. In conjunction with
the renounceable offer shareholders with small holdings will be given the opportunity to take an increased entitlement to achieve a
marketable parcel. AFFCO recently completed arrangements for new funding facilities for the current season with its syndicate of
banks. It says the new facilities will provide greater funding flexibility throughout the season.
INDEPENDENT NEWSPAPERS LIMITED
Independent Newspapers advised that on 26/10/2001, 519,126 fully paid shares were purchased on market at an average price of
$3.55 per share. The shares were acquired under the specific authority of a resolution of the Board of Independent Newspapers on
14/06/2001 and cancelled on acquisition. Number of shares on issue before acquisition: 426,895,059. Number of shares on issue
after acquisition: 426,375,933
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at cob 26/10/2001 was $1.73498. The number of shares on
issue is 416,167,382.
UTILICO INTERNATIONAL LIMITED
Utilico International provided an appendix 7 regarding a capital repayment of 50c per redeemable share on the redemption of 2
ordinary shares out of every 3 ordinary shares held. Total monies to be paid are $19,658,289. Record Date: 09/11/2001. Payment
Date: 14/11/2001. The capital reduction is dependent on shareholder approval at the AGM held on 05/11/2001.
CALAN HEALTHCARE PROPERTIES TRUST
Calan Healthcare Properties Trust announced a correction to the declared interim dividend of 1.73cpu. The interim dividend is instead
1.5865cpu. The record date remains 09/11/2001 and the payable date remains 03/12/2001.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
Sky City Entertainment Group advised that on 26/10/2001 21,000 new ordinary shares were issued to executives of the Company
pursuant to the terms of the Sky City Executive Share Option Plan which was approved by shareholders at the company’s annual
meeting in 10/1999. The exercise price of the relevant options under the Plan (and the issue price of the new shares) was $7.78
calculated in accordance with the terms of the Plan. The shares were issued fully paid and payment for the shares was in cash. The
total number of shares on issue is now 102,248,068.

                                                   MONDAY, 29 OCTOBER 2001

SANTOS LIMITED
Santos as Operator of the Sampang PSC, announced that the Oyong-3 appraisal well has penetrated a gross oil column of
approximately 19m in good quality reservoir. Oyong-3 is located approximately 2 km east of Oyong-1 on the eastern flank of the
                                                                                                                               Page 1747
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structure, in 41.3m of water. It reached a planned total depth of 1125m with the top of the Mundu Formation reservoir being penetrated
within the oil column, approximately 20m below the gas/oil contact seen in Oyong-1 and-2. Two cores were cut in the reservoir.
Wirelogs run in Oyong-3 in conjunction with pressure information have indicated an oil water contact the same as that encountered in
Oyong-1 and -2, indicating a gross oil column in the Oyong structure of approximately 38m. The Oyong-3 well will be suspended for
potential future production and the drilling rig released. The Joint Venture is planning a 3D seismic survey to be acquired early in 2002
to assist with studies of potential development.
LEND LEASE CORPORATION LIMITED
Lean Lease Corporation advised that the Coalition announced their intention to allocate an additional 250h of the site to the 670h
conservation areas already determined by the NSW State Government. Having worked on behalf of the Commonwealth owned
ComLand for more than 7 years on a detailed and balanced master plan for the 1,545h site, we are disappointed that the Coalition has
decided not to follow the State Government's in-depth and rigorous rezoning decision in full. The current master plan for St Marys
represents a new benchmark in urban planning for balanced and sustainable conservation, social and economic outcomes. As it
stands, development of the St Marys site under the existing approved master plan dedicates 50% of the site to conservation and open
space; would generate 9,000 permanent new jobs and 1,300 construction jobs annually during the 15 year development programme;
and provides sorely needed land release to help keep housing prices affordable in Western Sydney. We are not the landowner and
will work within whatever constraints governments ultimately decide. The St Marys project had not been planned to contribute to Lend
Lease profits until 2005 at the earliest.
ANGLO & OVERSEAS TRUST PLC
Anglo & Overseas Trust plc advised that Mr M W R Dobson has resigned as a director.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at cob 25/10/2001 was 306.6p
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at cob 25/10/2001 was 234.8p
NATIONAL PROPERTY TRUST
National Property Trust provided a copy of the following letter to Unit and/or Option Holders: We refer to the EGM's to be held on
02/11/2001 to consider approving the issue of up to 25m Capital Notes at $1.00 each. The Capital Note issue, if approved, will be
underwritten by ABN AMRO Craigs, one of NZ’s largest retail stock broking firms. While a separate pool of Capital Notes has not been
set aside for Unit and/or Option Holders, should you wish to make an application for Capital Notes, we recommend you contact your
financial adviser or any office of ABN AMRO Craigs as soon as possible. Under the terms of The National Property Trust’s Unit Trust
Deed, that deed restricts total borrowing’s to 45% of the Gross Value of The Trust Fund and that ratio remains unchanged as the
Capital Notes are treated as equity for the financial statements. The Capital Note Trust Deed imposes an additional constraint on the
Manager restricting the total amount of borrowing’s plus the Capital Notes to 60% of the Gross Value of the Trust Funds. The
Manager urges all Unit and Option Holders to attend the meeting, or if you are unable to attend, to complete the proxy forms that were
included as part of the Notice of Meeting and return them by due date.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at cob 25/10/2001 was 132.8p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at cob 25/10/2001 was 67.3p.
AUSTRALASIAN PROPERTY HOLDINGS LIMITED
Australasian Property Holdings advised that the AGM of shareholders of the company has been rescheduled to 10.00am 30/11/ 2001,
at the Novotel Hotel, Customs Street, Auckland. As in previous years, the directors will be holding shareholder presentations in
Christchurch and Wellington in the run up to the AGM. The timetable is as follows: Christchurch: Copthorne Central Hotel, Colombo
Street, Christchurch, 6.00pm 26/11/2001 Wellington: James Cook Grand Chancellor Hotel, The Terrace, Wellington, 6.00pm
28/11/2001 Auckland: Novotel Hotel, Customs Street, Auckland, 10.00am 30/11/2001.
ENERGY EQUITY CORPORATION LIMITED
Energy Equity Corporation announced a non-renounceable Share Offer of 1 new share for every 4 shares held as at 02/11/2001 at an
issue, price of 6.65cps to raise $11.33m. The Share Offer closes on 07/12/2001. The Company's major shareholder, Energy World
International have underwritten the Share Offer to $10m and advised EEC that they intend to take up their full entitlement. EEC
Chairperson, Ron Punch, said that the proceeds from the rights issue will be used for working capital, further debt reduction and
                                                                                                                            Page 1748
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repayment of any loans drawn down from a Convertible Loan Agreement provided by EWI of up to $10m, of which $2,080,000 has
been drawn down as at today's date. Mr Punch said that the rights issue enables all shareholders to participate in the company's
financial restructure. Following the completion of the Share Offer and the anticipated refinancing of the Company's power plant at
Barcaldine in Central Queensland, EEC's corporate debt with the Commonwealth Bank of Australia would be $56.75m as at
31/12/2001, down from $115m as at 31/12/2000. The 2001 AGM will be held at 2.30pm on Friday 30/11/2001. The Company's
Annual Report and Notice of Meeting will be mailed to Shareholders on 29/10/2001.
THE GRIBBLES GROUP LIMITED
The Gribbles Group provided a copy of the Concise Report to 30/06/2001 and Notice of AGM. The AGM will be held on 21/11/2001.
The Concise Report and Notice of Meeting was sent to shareholders on 24/10/2001. The Company’s full report, which was lodged
with the ASX on 28/09/2001 is available on the website www.gribbles.com.au.
THE GRIBBLES GROUP LIMITED
The Gribbles Group advised that on 24/10/2001 139,420 fully paid ordinary shares were issued. The purpose of the issue was the
conversion of 106,086 16/12/1998 options and 33,334 04/02/2000 options. Issue price: 106,086 issued at A$0.45 and 33,334 issued at
A$0.84. The number of fully paid ordinary shares is now 399,807,382.
THE GRIBBLES GROUP LIMITED
The Gribbles Group advised that Christopher Cooper, Director, has a relevant interest in 17,366,667 ordinary shares. Mr Cooper has
an indirect interest in Texwood Pty which holds 17,111,111 shares in Medical Care Services and a beneficial interest in a trust, under
which the Trustee, MRC Services Pty holds 255,556 shares in MCS. Date director’s interest changed: 26/09/2001. The Gribbles
Group advised that Ian Norman Trahar, Director, has a relevant interest in 6,111,111 ordinary shares. Mr Trahar has an indirect
interest in Texwood Pty which holds 6,111,111 shares in The Gribbles Group . Date director’s interest changed: 25/10/2001.
THE FLEMING OVERSEAS INVESTMENT TRUST PLC
The Fleming Overseas Investment Trust provided a printed version of their annual report for the year-ended 30/06/2001.
KIRKCALDIE & STAINS LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR 31 AUGUST 2001
Audited (NZ'000)
                                        Current         Previous
                                         Period    Corresponding
                                                          Period
OPERATING REVENUE
 Sales revenue                           35,404           34,349
 Other revenue                              532              562
Total Operating Revenue                  35,936           34,911
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX             2,224            2,852
Unusual items
 for separate disclosure                      -                -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                               2,224            2,852
Less tax on operating surplus               116              844
Operating surplus (deficit)
 after tax but before minority
interest                                  2,108            2,008
Less minority interests                       -                -
Equity earnings                              14               24
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER              2,122            2,032
Extraordinary items after tax                 -                -
Less minority interests                       -                -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                -                -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
                                                                                                                              Page 1749
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 EXTRAORDINARY ITEMS
 AFTER TAX                                                 2,122                2,032
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                                      2,122                2,032
EPS                                                        42.43                40.65
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                    8,734                7,337
Today Kirkcaldie & Stains released its annual result for the year ended 31/08/2001. The directors are pleased to announce a net
surplus after tax of $2.11m – an increase over the previous year’s result of $2.03m. The board is satisfied with this outcome as it
results from increased sales and reflects the strategy of a short-term increase in expenditure to strengthen the company’s future
earnings potential. Revenue showed an increase of 3.6% from the 2000 financial year having risen to $35.4m. The strong sales
growth resulted from consistently improved trading throughout the year. Not only have dollar values increased but so has the number
of customers purchasing within the store. A reduction in operating profit was the outcome of signalled increases in operating
expenditure as part of a strategy to prepare the company and store for significant future developments. The taxation charge was
affected by a one-off adjustment to recognise the future benefit of the under-writing agreement with previous parent company, Hellaby
Holdings. The directors have maintained the dividend from last year by declaring a fully imputed final dividend of 20.5cps to paid to
shareholders on 10/12/2001 with a record date of 30/11/2001. Combined with the interim dividend of 14.5c paid on 07/05/2001 this
brings the total dividend to 35cps, fully imputed. The management team put in place when previous MD, Phillip Shewell stood down
has been planning in-store enhancements throughout the year. Mr Shewell’s replacement, Richard Holden, took over the role of MD in
early October. The first of the improvements are already in place with the revamp of the children’s and haberdashery departments and
the replacement of the music store with a sophisticated outlet for Crabtree & Evelyn. The next wave of renovations is due to start early
in the New Year when extensive modernisation of the ground floor of the store will ensure the Kirkaldie & Stains retains its premier
status on the Capital’s retail scene for many more years. Trading since the end of the financial year has been strong with no apparent
reduction in sales due to the events in the USA in September and the subsequent international response. The Christmas Shop,
opened in early October, marked the start of the build up to the Festive Season and is already showing solid increases on last year.
NORTHLAND PORT CORPORATION (NZ) LIMITED (NS)
Northland Port Corporation (NZ) announced that the Company would pay an interim dividend, fully imputed of 3.5cps in respect of the
6 months to 30/09/2001. A special dividend of 5cps, fully imputed would also be paid reflecting a further distribution of the proceeds
from asset rationalisation. This is in addition to the 15cps paid earlier in the year. Both dividend payments will be made on
23/11/2001. Both dividends have a record date of 16/11/2001.
THE GRIBBLES GROUP LIMITED
The Gribbles Group advised that the Commonwealth Bank Group provided a substantial shareholder notification advising it increased
its shareholding in the Company to 12.56% on 23/10/2001.
DORCHESTER PACIFIC LIMITED
Dorchester Pacific advised that the MD of Dorchester Pacific, Brent King, today announced that its wholly owned subsidiary Dorchester
Funds Management has entered into and settled a contract to purchase Harts Portfolio Management . Mr King said “This business is
the old Reeves Moses Financial Advisory business which has offices in Auckland, Tauranga, Taupo, Napier, and Wellington.” The
company is complimentary to Dorchester Pacific’s investments in Equity Investment Advisers & Sharebrokers , NZ Investor Monthly
and Direct Broking. Mr King said “We see this opportunity will allow us to further develop our investment advisory business. NZers are
seeking advice from financial advisors owned and operated by NZers who are independent from the major fund managers.” Mr King
said “Dorchester has continued to develop its financial services products. In recent times we have experienced a significant number of
people seeking to obtain independent quality advice on where they should invest their funds given the very uncertain economic
outlook.” The events in NY and Washington have had a significant effect on investor thinking. The acquisition by Dorchester will not
affect any staff, management or client contracts. We believe the acquisition by Dorchester creates opportunities for growth and
development of the business.
BLIS TECHNOLOGIES LIMITED
BLIS Technologies announced that it had received a Health Export and Free Sale Certificate from the Ministry of Health for its BLIS
K12 Streptococcus salivarius lozenges. This certifies that BLIS K12 Streptococcus salivarius lozenges are produced for human
                                                                                                                                 Page 1750
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consumption according to the code of good manufacturing practice for the manufacturing and packaging of dietary supplements and
contains ingredients that are freely available in NZ. This early achievement of a significant milestone, means that BLIS Technologies
remains ahead of schedule for the launch of its first product onto the NZ market, and for regulatory submissions in other markets.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at cob 28/10/2001 was $2.3591. The number of shares on issue is 60,287,666.
MOORING SYSTEMS LIMITED (NC)
Mooring Systems advised a special meeting for shareholders was held on 26/10/2001. The meeting was called to consider matters
relating to the conditional agreement between Mooring Systems and Mooring International under which Mooring Systems would
purchase the assets and business of Mooring International (the Proposed Key Tranasction). Mooring Systems notes that: It believes
that the events of terrorism that occurred in the US on 11/09/2001 will not have a material adverse impact on the assets and business
that would be acquired by it under the Proposed Key Transaction; and It has been advised by Mooring International that Mooring
International is pleased with the progress in discussions between Mooring International and parties that have expressed interest in
purchasing mooring systems developed by Mooring International, and Mooring International is confident that these discussions will
result in sales.
SUBMARINES AUSTRALASIA LIMITED (NM)
Submarines Australasia provided a copy of its Annual Report for the year ended 30/06/2001. Also provided is a copy of a letter sent to
shareholders with the Annual Report. EXTRACT FROM LETTER: As per the Chairman's letter, a Surveyor from our classification
society, The American Bureau of Shipping (ABS), visited our operation in mid-September. This visit went well and resulted in the
Technical Office at ABS writing a letter stating that our submersible, the Antipodes, would achieve an interim class certificate on 12/10.
 This opened the way for a site visit by representatives of the NZ Maritime Safety Authority (MSA) in mid-October. This visit also went
well, with MSA approving our operation pending the tidy up a few final points. We are now closing final ABS comments for full class
certification of the Antipodes and addressing the final MSA requests. MSA has scheduled a final check-off visit on 05/11. We will then
announce a start date and operating schedule. In the meantime, we are carefully monitoring the financial and marketing implications
for the Company resulting from the events of 11/09 in the US, and the resulting changes in tourist travel patterns. It would appear that
the effects of the terrorist attacks are yet to be felt in NZ, although there may be an effect on forward bookings in the period January to
March 2002, particularly out of the US market. In contrast, there is evidence of large increases in visitors coming out of some Asian
and European markets. The AGM for the company is scheduled for 11/12.
CARNARVON PETROLEUM NO LIABILITY
Carnarvon Petroleum advised the issue of 6.48m ordinary shares and 6.48m ordinary options. Fully paid ordinary shares and ordinary
options are exercisable at A20c each expiring 31/12/2002. Issue price: A5cps. The options are issued free. Purpose of the issue:
Working capital. Number of ordinary shares on issue: 93,012,846.
THE NZ MID-CAP INDEX FUND (NS)
The Directors advised that no units were issued or surrendered during the week ended 26/10/2001. Total units on issue is: 13,431,512.
The NTA as at 26/10/2001 was $1.94521.
GRD NL
GRD advised of the Top 20 Shareholders and provided a Notice of Director's Interests in respect of: Brettney Thomas Fogarty as at
26/10/2001. Mr Fogarty holds 50,389,121 fully paid ordinary shares and 6,571,233 partly paid ordinary shares. John Douglas White
as at 24/10/2001. Dr White holds 77,700 fully paid ordinary shares, 2,000,000 options to acquire ordinary fully paid shares at an
exercise price of A$1.50 per share, 1,000,000 options to acquire ordinary fully paid shares at an exercise price of A$2.00 per share,
and 1,000,000 options to acquire ordinary fully paid shares at an exercise price of A$2.50 per share. Andrew Roderic Bantock as at
24/10/2001. Mr Bantock holds 187,621 fully paid ordinary shares. Bruce Geoffrey Thomas as at 17/10/2001. Mr Thomas holds
3,900,491 fully paid ordinary shares.
SHOTOVER JET LIMITED
The following is an extract from the CEO's address to the AGM held on 29/10/2001: INDUSTRY OVERVIEW: There is an advantage
in looking at the tourism industry through the eyes of a newcomer. I have been impressed with the way tourism has grown in recent
times and with the work done both locally and nationally to promote it. The Tourism Board and local regional tourism organisations
including Destination Oueenstown, have done a particularly effective job, with limited funds, to promote NZ in a very competitive global
industry. As an operator, we must acknowledge and thank such organisations. I have been struck by how fragmented the industry is
There are 13,000 tourism operators in NZ, many of whom are employing only 3 or 4 people. The capital barriers to entry are low, but
significant barriers do exist in the form of legislative, regulatory and compliance issues. Specifically, the Resource Management Act is
not helpful and I would expect the inhibiting aspects of the RMA are being monitored by the industry. This means that the industry is
                                                                                                                                    Page 1751
                                                                                                                                    25/06/2012
likely to consolidate. So as time goes on, it will start to look very different. Everybody is aware that tourism is both seasonal and
cyclical. It is very much affected by global economics conditions. Given this fact, it is very surprising to see that many tourism
businesses have very fixed cost structures. A challenge for operators in the industry will be to build flexibility into their organisational
structures so they can adjust to cycles, seasons and new circumstances. I am pleased to observe that price is not necessarily the key
driver for all tourism visitors. But price is often a factor for tourism intermediaries. Our challenge is to balance the interests of the
various parties to ensure that NZ does not undersell its value to the world. THE NEXT 12 MONTHS: For the next 12 months, our plan
is very simple. We intend to concentrate on consolidating our current position. Our result last year was satisfactory. However, I
believe we are well placed to improve on that result. What this means is a "back to basics" approach to optimise returns from existing
assets. The key to this approach is simple strategies, financial prudence and operational excellence. A new CEO invariably means a
complete review of all operations. For the management team, this means we will focus on a number of key areas: Performance
Management, Operational Performance, Marketing, Risk Management and Safety. FUTURE STRATEGIES 3-5 YEARS: As I have
observed, the immediate focus for Shotover Jet is concentrating on doing the things we do now – but to an exceptional standard.
Having said that, we must start to look ahead in terms of the future of the business. We have begun work of a strategic planning
process to carry us through the next 3 to 5 years – but the work is far from complete. While the detail of the plan has not been
finalised, a framework is starting to emerge. Elements of that framework include the following: -Our vision will probably centre around
being a "world class tourism attractions" business. At this stage, we do not see our future in tourism accommodation or transport. -Our
main focus will be in NZ rather than an international arena. -We will have interest in acquiring and/or starting up new businesses in the
future. But we will be very careful about growth. We will ensure that any opportunity for expansion meets the strict criteria of
maximising shareholder value. More about our strategy will be revealed as we complete the work over the next 6-8 months. IN
CONCLUSION: In the short time that I have been with the company, I have observed that the current team is dedicated and
committed to the continued growth and development of Shotover Jet . It is extremely satisfying for me to be part of this team. I wish to
assure you that we will continue to work hard to position Shotover Jet businesses as the most widely recognised and profitable
attractions in NZ. I want to finish this morning by extending my sincere thanks to the Shotover Jet team, the Chairman Wayne Boyd
and the Board of Directors, for making me so welcome here at Shotover Jet,
EBET LIMITED
Ebet provided a copy of its Annual Report for the year ended 30/06/2001.
WRIGHTSON LIMITED
Wrightson provided the following announcement: Feltix Carpets, Wrigtson, East Coast Wool Co-operative and several significant
growers have signed a Heads of Agreement to establish a new strong wool consortium to link growers to local and international
processors in the interior textile sector. Growers involved in forming the new consortium include Tom Atchison and Brian Hore. Tom
Atchison is a Hawkes Bay - based grower who chairs the Wool Business Development Group, the group of large growers instrumental
in pushing for the McKinsey and Co. wool industry review. Brian Hore is a substantial grower from Southland, who is also a member of
the Wool Business Development Group. The grower participants and the 3 topline companies, represent vital sections of the NZ
strong wool industry, are initial partners of the vertically integrated consortium, which offers clear line of sight form grower to processor.
 The consortium, yet to be named, is already attracting strong interest form grower groups and other processors. An Establishment
Group has been formed and further partners will be announced soon, along with details of operation. The Establishment Group
comprises Mavis Mullins (Chair), a key member of Wools of Aotearoa, al large grower supply group in the King Country, East Coast,
Bay of Plenty and Wanganui. Other Members are Allan Freeth, Wrightson's MD; Ian Barbour, GM Manufacturing, Feltex Carpets; Bay
de Lautour, Chairman of East Coast Wool Co-operative; and Donald Cooper, a prominent Hawkes Bay wool grower and an area
delegate for the NZ Wool Board. "The new consortium is uniquely placed to add real value to the NZ strong wool industry. We have
developed the best model to do that. Its now time to put that model in place, to take NZ's Strong wool industry into the new era by
being highly commercial, processor-driven and completely independent of past legacies", Mavis Mullins said. "A process for growers
to supply their wool to the consortium will be established," she said. Ian Barbour, GM Manufacturing, Feltex Carpets, said the new
consortium has the commercial experience and understanding of growers and processors to rapidly advance the strong wool industry,
matching supply with processor need. "This move is long overdue. The current supply chains are not cost effective and the structures
do not create an environment where productivity gains can be exploited." “The real potential is to create an environment or structure to
aggressively exploit productivity and efficiency opportunities. Currently, only about 60% of each kilo of wool that leaves the farm to
become carpet actually finds its way into the carpet on the floor. By growing the wool to specification we are aiming to improve this
conversion rate, resulting in productivity gains that can be shared between growers and processors.” Said Mr Barbour. Allan Freeth,
Wrightson’s MD, said the new consortium was a giant leap forward for the NZ strong wool industry. “The consortium gives NZ wool
growers and processors a common sense business solution. We are offering a new way forward to the industry completely
independent of the legacies that have drained profitability from NZ’s strong wool growers in the past. “If you focus on supply you will
fail. That is looking at the wool industry from the wrong end of the telescope. We want to reward growers and processors by adding
value right through the supply chain, particularly at the processor end. This consortium is unique in being able to understand and apply
that thinking.” Bay de Lautour, Chairman of East Coast Wool Co-operative, said the new consortium offered strong commercial gains
for the NZ strong wool industry. “This model is entirely consistent with the base principles of East Coast Wool Co-operative and its 380
grower shareholders. It will provide real benefits to those associated with the consortium through far greater efficiencies and a greater
return from growing for processor need,” said Mr de Lautour. Tom Atchison and Brian Hore said that the consortium is based on
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sound commercial principles and that it delivers on key recommendations from the Mc Kinsey and Co. report. “The combination of
highly regarded entities, Wrightson, Feltex and East Coast Wool, in alliance with grower groups gives the Consortium real strength,” he
said. Other growers have spoken out strongly in support of the new consortium, including Owen Evans, a NZ Wool Board area
delegate for Northern Southland and Mark Copland, a delegate for Eastern Southland. Mavis Mullins said that further details of the
new consortium will be announced soon, and no further comment on its structure and operation will be made until that announcement.
FORCE CORPORATION LIMITED
Force Corporation confirmed it has determined to proceed (subject to necessary documentation and shareholder approvals) with the
recapitalisation of Force, foreshadowed in the company’s preliminary result announcement in August. The elements of the
recapitalisation include a proposed rights issue, renegotiation of bank funding and resolution of the dispute with MTM Funds
Management, as outlined below. Rights Issue: Force proposes to raise NZ$31m by way of a rights issue of 31m Mandatory
Convertible Notes (“Notes”) to existing Force shareholders on the basis of 1 Note for each 5 shares held. The Notes will be secured by
second ranking securities (after those to be held by ANZ Banking Group (NZ) in respect of its lending to the Force group in NZ) over
the NZ and Fijian assets of the Force group. The full terms of the Notes and a timetable for the rights issue will be announced shortly.
The Force board received a confirmation from Sky City Entertainment Group (“Sky City”) that, subject to the satisfaction of certain
conditions, it will support the recapitalisation by taking up its prorata share of the rights issue. Sky City has also confirmed it will
underwrite the rights issue on commercial terms if requested by Force. NZ Funding: Force has negotiated a 3 year facility for its NZ
and Fijian operations with ANZ Banking Group (NZ), which will be used for general operational requirements and to partially fund the
settlement of the dispute with MTM (see below).           Argentinean Funding: In addition, Village Cinemas S.A. has negotiated an
arrangement with the Australian and NZ Banking Group in Australia to refinance the company’s existing US$71m Medium-Term
Floating Rate Notes held by a syndicate of international banks. Under the terms of the arrangement Village Cinemas S.A. and its
shareholders will repay US$26m (with Force’s share being a maximum of US$6.5m) of the notes, reducing the balance outstanding to
US$45m, and ANZ will purchase the outstanding notes held by the other syndicate members. Village Cinemas S.A. and ANZ have
also agreed to revise the existing covenants and amortisation schedule. Settlement with MTM Funds Management: Force has
agreed to settle the dispute with MTM Funds Management in respect of the Force Entertainment Centre. The parties had been
pursuing dispute resolution processes in respect of MTM’s obligation to purchase the Centre and/or the Force group’s obligation to
repay a NZ$50m loan used to fund the construction of the Centre together with interest since 01/2000. The parties have agreed to
settle the dispute with Force repaying the $50m loan and paying a further $3m in full and final settlement of all disputes in respect of
the Centre. Payment of the $53m is to occur by the earlier of 5 business days following the conclusion of the rights issue, or
31/01/2002. Force expects to complete the rights issue prior to 31/01/2002. Each of the rights issue, any underwriting arrangements,
and the NZ and Argentinean funding, are subject to the finalisation and execution of formal documentation.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
Sky City Entertainment Group has confirmed to the board of Force that it will support a proposed rights issue of Mandatory Convertible
Notes (“Rights Issue”) by Force described in more detail in Force’s announcement today, by: - taking up its prorata share of the Rights
Issue; and - underwriting the Rights Issue on commercial terms if requested by Force. The confirmation is subject to certain
conditions relating to the terms of the Mandatory Convertible Notes, the resolution of satisfactory funding arrangements for Force in NZ
and Village Cinemas S.A. in Argentina, resolution of the dispute with MTM Funds Management in respect of the Force Entertainment
Centre, the Rights Issue being completed by 31/01/2002, and standard underwriting conditions.
THE NEWS CORPORATION LIMITED
The News Corporation Chairman and CEO, Rupert Murdoch, today issued the following statement in response to the failure of the
General Motors Board to reach a decision regarding the future of Hughes Electronics, despite a year and a half of negotiations and
numerous deadlines: "We have no option but to withdraw immediately our fully negotiated and financed proposal. Hughes would have
been an excellent strategic fit for our global platforms, and we are disappointed with the Board's inaction in the face of an as-yet
unfinanced counter proposal. I am surprised that the board of GM did not share my vision and enthusiasm for what would have been a
one-of-a-kind global multimedia company with superior growth prospects. Moreover, this means there will be no choice forms of
television consumers in rural America. With this saga finally concluded, we will return with renewed vigor and sharpened focus to
maximising our world-wide media business."
NATIONAL MAIL NEW ZEALAND LIMITED
National Mail NZ provided a copy of a letter sent to all shareholders and a Notice of Special Meeting. The letter advised as a result of
the recent offer by Paul Meier to purchase all the shares in the Company that he did not already own, he now holds 80.71% of the
shares in the Company. The remaining 19.39% of the Company shares, are held by 163 shareholders. The letter further advised the
Company recently requested the NZSE to cancel the listing of the Company’s shares on the Stock Exchange. The NZSE advised that
to enable it to consider the request the shareholders will need to pass a resolution approving de-listing. A special meeting of
shareholders to consider a resolution to that effect will be held at Crownstar Office, Level 2, 151 Beach Road, Parnell, Auckland on
05/11/2001 at 9.00am. A copy of the letter and notice of special meeting are available from the NZSE upon request.
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CALAN HEALTHCARE PROPERTIES TRUST
Calan Healthcare Properties Trust provided a copy of its Annual Report for the year ended 30/06/2001.
PACIFIC DUNLOP LIMITED
Pacific Dunlop announced the appointment of 3 new directors to its existing board. As foreshadowed in the Chairman's Address at the
2001 AGM, Edward D Twedell has been appointed Deputy Chairman of the Company and will succeed John Ralph as Chairman upon
Mr Ralph's retirement from the Board before the end of this calendar year. Also appointed to the Board were Mr. Stanley P Gold and
Mr. Peter L Barnes.
MOORING SYSTEMS LIMITED (NC)
Mooring Systems further advised that at the special meeting on 26/10/2001, the resolutions set out in the Notice of Meeting
(09/10/2001) were passed unanimously in the terms set out in the Notice of Meeting.
ROCOM WIRELESS LIMITED (NM)
Rocom Wireless provided its printed Interim Report for the 6 months to 30/06/2001.
HORIZON ENERGY DISTRIBUTION LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 30/09/2001
Unaudited (NZ'000)
                                        Current         Previous
                                          Period   Corresponding
                                                           Period
OPERATING REVENUE
 Sales revenue                           12,136           11,929
 Other revenue                               412              412
Total Operating Revenue                  12,548           12,341
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX              4,918            3,966
Unusual items
 for separate disclosure                       -                -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                4,918            3,966
Less tax on operating surplus            (1,824)          (1,573)
Operating surplus (deficit)
 after tax but before minority
interest                                   3,094            2,393
Less minority interests                        -                -
Equity earnings                                -                -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER               3,094            2,393
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                                 3,094            2,393
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                      3,094            2,393
                                                                                                                              Page 1754
                                                                                                                              25/06/2012
EPS                                                        61.9                 47.9
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                  32,077               28,630
Horizon Energy Distribution announced the Directors have approved a fully imputed interim dividend of 55cps. The dividend will be
payable on 06/12/2001 to shareholders on the Company’s register at 30/11/2001. The dividend payout represents 89% of the tax paid
profit. An unaudited tax paid profit of $3.09m for the September half year was achieved. The profit was achieved on total income of
$12.55m. Net assets of the Company at 30/09/2001 stood at $32.07m after term loans of $32.20m. The profit is $700,000 higher
than the $2.39m reported for the 2000 half year. Company Chairman, Colin Holmes, said the net profit was ahead of Director’s
expectations and reflected internal cost containment disciplines and the settlement of significant elements of the litigation with Todd
Energy. He said that lower than budgeted Transpower costs had also contributed to the result, but said that he expected Transpower
costs to be close to budget for the rest of the year. He said he was confident of achieving a year end result in excess of $5m. Mr
Holmes signalled a possible further reduction in fixed line charges saying that the Company was currently reassessing its position
relative to the Government’s guidelines for low fixed line charges for domestic consumers. The Company recently reduced its line
charges by 45 cents a day for all domestic consumers and Mr Holmes said a further reduction to 15 cents a day was a possibility for
these consumers. Mr Holmes also took the opportunity to comment on the talks reported in media releases as taking place between
Powerco and Eastern Bay Energy Trust on the possibility of the 2 shareholders making an offer for the remaining shares in Horizon.
The Trust currently holds 77.3% of Horizon’s shares and Powerco has recently acquired 4.8%. Mr Holmes said the Company felt it
was inappropriate for 2 shareholders to be holding talks on matters such as mergers and management structures, both of which were
clearly corporate governance issues. He said he was concerned to ensure minority shareholders were not disadvantaged in any
dealing between these 2 significant shareholders.
MOSAIC OIL NO LIABILITY
Mosaic Oil announced a successful Quarter of discovery and production. Cash receipts from production, management and stock sales
totalled $2.6m. Gas in the Noorindoo area near the Churchie gas field: Testing at Noorindoo 1 (a well drilled in 1970) and the history
of old wells such as Noorindoo 1 (1970) and Noorindoo 3 (1971) indicates gas charge in the Noorindoo area about 3 kms to the south
of the Churchie gasfield in the Tinowon standstone. Production Licence Application in preparation: A Production Licence Application
will now possibly combine both the Noorindoo and Churchie areas. The area applied for would then cover an area of approximately 90
sq kms (or 30 sub-blocks). Testing and Mapping: Testing and Mapping of the Tinowon Formation indicates a resource at the
Churchie gasfield covering over 25 sq km which could contain in excess of 100b cubic feet of recoverable gas and 3-4m barrels of
recoverable oil in the Tinowon Formation. The Churchie field structure is still open to the south and east. Beam Pump Project Silver
Springs: Projects to optimize oil production are under review in the Taylor and Roswin areas at Silver Springs. Work has already
begun to install a beam pump at the Taylor 5 well. Spring Grove oil discovery: Research continues on the Spring Grove oil discovery
to plan its commercial development. While oil did not reach the surface, oil has flowed out of the 8m oil bearing interval and there is
presently a 1,500m column of oil in the tubing and casing. Activities During September Quarter 2001 Churchie discovery - Gas,
condensate and LPG have been discovered in the Churchie No 1 and No 2 wells during this Quarter. - Laboratory tests indicate that
the condensate levels are approximately 40 barrels perm cubic feet of wellhead gas can generate around $6,500 of revenue (double
the revenue if the gas was dry without condensate and LPG). - At Churchie 1, gas glowed at a rate of 1.4m cubic ft/day through a ½
inch choke from the Tinowon Formation. The Wallabella Formation and the Rewan Formation will be tested next year after full
information is recovered from the Tinowon Interval. It would be confusing to test and flow gas from these other intervals without fully
understanding the Tinowon interval first. - At Churchie 2, the lowest interval was tested and flowed gas and water indicating that this
zone at Churchie 2 is not commercial at this stage. This test does not affect reserves in the higher main reservoir the Tinowon
Formation. - Mosaic began to test a well drilled in 1970 called Noorindoo 1 which is 3 kms south of Churchie 2. After a short swab,
the well flowed gas, condensate and water. A production test is scheduled for this year. - It is not possible to ascribe proven and
probable reserves at this stage to the Churchie gasfield until testing and further evaluation is conducted. Preliminary interpretation
indicates a large gas resource which could be in excess of 100b cubic feet of recoverable gas and associated LPG. At this stage the
structure at the Tinowon level covers over 25 sq kms and is still open to the south and east. Spring Grove Oil Discovery - A new field
oil discovery was announced on 09/07/2001 at Spring Grove. There is a gross hydrocarbon bearing interval of 16m and a net oil
bearing interval of at least 8m. Beam Pumps at Silver Springs - Research was conducted during the Quarter to optimize oil production
in the Taylor and Roswin-Tinker areas. The first project will be to install a beam pump on the Taylor 5 well. The installation should be
completed before February. Annual Report and Audit: - During the Quarter the audit was completed and the Annual Report
prepared. - The Annual Report will be posed on 30/10/2001 and the AGM of the Company will be held at noon on Wednesday 28/11
at the Justice and Police Museum, corner of Phillip and Albert Street, Sydney. Sharemarket Turnover and Quarterly Production
Quarterly share market turnover was 61 m shares. Shareholder numbers are approximately 4,700. Oil, Gas and & LPG Production
was as follows: -. Oil Production (Net to Mosaic) Total: 16,743 (Jun Q – 18,083) Gas Production (Net to Mosaic) Total: 316,000 GJ
(Jun Q – 300,000 Gj). LPG Production (Net to Mosaic) Silver Springs: 809 tonnes (Jun Q – 871 tonnes).
AFFCO HOLDINGS LIMITED
Affco Holdings advised that the following change of Directors took place on 25/10/2001. 1) Don A Clark and Michael J Millar resigned.
2) Andrew Talley and Micheal Talley were appointed Directors.
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ENERGY EQUITY CORPORATION LIMITED
Energy Equity Corporation provided a Notice of Meeting, and an Independent Experts Report regarding the Convertible Loan
Agreement and Underwriting of Rights Issue.
CUE ENERGY RESOURCES LIMITED
Cue Energy Resources announced that the Oyong-3 appraisal well has been suspended for potential future production. 9 5/8" casing
has been run to 1115m and at 6am on 29/10/2001 anchors were being pulled in preparation for the rig being released.
COLES MYER LIMITED
The followingn announcement has been made by Standard & Poor's: Standard & Poor’s today lowered its long-term rating on Coles
Myer . (CML) and the ratings on its guaranteed senior debt issues and programs to ‘BBB+’ from ‘A-’, and lowered the rating on the
company’s reset convertible preference shares to ‘BBB-’ from ‘BBB’. At the same time, CML’s ‘A-2’ short-term rating was affirmed, and
all long-term ratings were removed from CreditWatch where they were placed on Sept. 26, 2001. The outlook is stable. The rating
downgrades reflect: -The poor performance of CML’s nonfood operations, and the significant operational and cultural challenges
involved in repositioning and improving these businesses; -The company’s heightened vulnerability to its high operating lease-
adjusted leverage, as a result of the simultaneous underperformance of its discount and traditional department stores. Accordingly,
CML’s leverage policies are considered more consistent with the ‘BBB+’ rating, despite the continuing solid performance of its food
and liquor business; and - The weak economic outlook, which is expected to temper any earnings recovery and ensure that cash flow
protection measures remain weak for the ‘BBB+’ rating in the near term. Significantly, any company in the midst of a business
repositioning is more exposed to a weakness in its trading environment, and to growing competitive threats. CML’s solid investment-
grade ratings are underpinned by its very large and diverse retail operations, strong store franchises, and its satisfactory operating
cash flow. The majority of fiscal 2001 earnings were generated from the company’s well-performing, recession-resistant food and
liquor operations, which remains the key driver of the company’s very strong business profile. CML’s strong business position,
however, is offset by its moderately aggressive financial profile, which reflects the company’s extensive use of operating leases to
finance its store network. “Coles Myer has always been more highly leveraged than its international peers, supported by its unique and
significant market positions across a diverse spectrum of Australian retailing segments,” said Paul Draffin, associate, Corporate &
Infrastructure Finance ratings. “However, the recent underperformance of its 3 major nonfood businesses highlights the vulnerability of
these businesses to ineffective retailing strategies, its increasingly competitive markets, and its high leverage.” The underperformance
of CML’s nonfood businesses and an increase in operating lease commitments caused CML’s lease-adjusted funds from operations
(FFO)-to-debt ratio (before significant items and accounting adjustments) to fall below 15% in 2001 (18.5% in 2000), and its fixed
charge cover to fall below 2 times (x) (2.2x in 2000). Standard & Poor’s expects that the continued strong performance of CML’s food
and liquor business, together with a modest recovery in its nonfood earnings, will underpin a stronger operating performance and cash
flow protection ratios in the near term. As CML’s nonfood businesses improve in line with its new strategies and store repositioning, the
company’s FFO-to-debt should increase to about 20% in the next 2 to 3 years.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at cob 29/10/2001 was $1.75383. The number of shares on
issue is 423,748,067.
EVERGREEN FORESTS LIMITED
Evergreen Forests advised the on-market buyback on 29/10/2001 of 30,000 ordinary shares (being 0.0213% of the ordinary shares) at
$0.5033 which have been purchased for cash as part of its acquisition programme authorised by the board of directors on 22/08/2001.
The shares will be held by the company as Treasury Stock. The total number of ordinary shares on issue is 140,734,732 of which
385,157 are held as Treasury Stock.
SHOTOVER JET LIMITED
Shotover Jet's CEO, Adrian Januszkiewicz, told shareholders in Queenstown today that the focus for the company in the coming
twelve months will be one of consolidation with the emphasis on maximising returns from existing assets. Addressing the company’s
AGM, Mr Januszkiewicz described the performance of the Shotover Jet Group in the last financial year as satisfactory and said that the
company was currently well placed to improve on the net-surplus of $2.18m to 30/06/2001. This was an increase from the previous
year’s result of $484,000. Besides the Shotover Jet operation at Queenstown, the Group also runs jet boat operations on the Dart
River, in Taupo and Fiji as well as operating the Rainbow Springs tourist park in Rotorua. Mr Januszkiewicz, who took over as CEO in
June of this year, said that while the tourism industry faced uncertain times because of world events, he was confident that a ‘back to
basics’ approach, coupled with sensible planning, would minimise any potential negative impact on Shotover Jet. Mr Januszkiewicz
said the local tourism industry was expecting a 10% downturn in tourist numbers in the short term, with the Japanese and American
markets likely to be worst affected. However, he said the Shotover operation would not be completely exposed to these trends since
its customer base included a significant number of domestic and Australian tourists. “The key to our approach over the coming year is
one of simple strategies, financial prudence and operational excellence - in other words doing the things we do now, but to an
                                                                                                                             Page 1756
                                                                                                                             25/06/2012
exceptional standard,” Mr Januszkiewicz said. “Given the challenges currently facing the NZ tourism industry in light of world events,
we have also undertaken some very careful planning to minimise any potentially negative effects on our profitability. “Flexibility is a
key word in tourism operations and the challenge facing us all at present is to increase operational flexibility to ensure that we can
adjust to seasonal and industry cycles as well as new circumstances. “I am confident that, whatever those circumstances are, with the
skills and dedication of the Shotover Jet team, we will continue to position the company as the most widely recognised and profitable
attraction in NZ.” Mr Januszkiewicz told shareholders that among the significant developments in the near future would be the re-
equipping of the Shotover Jet and Dart River Safari operations with new boats and significant investment in the Rainbow Springs
operation. He said that a comprehensive review of the company’s staff and operational performance, sales and marketing, and safety
management programmes had all recently been undertaken as part of the move to deliver better results for the company in the short
term as well as providing a foundation for future growth and development.

                                                   TUESDAY, 30 OCTOBER 2001

SANTOS LIMITED
Santos announced the appointment of Einar Vikingur to the position of Chief Information Officer. Einar has a wide range of experience
in managing information systems, business process improvements and e-Business and is skilled in the areas of leadership and general
management. At Santos Einar will be responsible for the company's information systems for business process improvements, which is
critical to the implementation of the recently announced Santos strategy. In his most recent position with Western Mining, Einar
developed the internet marketing strategy for its metals and minerals products and led a business process re-engineering project
focussing on information systems for operations in a number of diverse locations. Einar, who is aged 46, was born in Iceland and is a
graduate of the Australian Royal Military College, Duntroon. He held a number of leadership and project management positions in the
Australian and British Armies. He holds a degree in Organic Chemistry, Modern Languages and Engineering Technology. Einar
Vikingur will join the Company on 01/11/2001.
CARNARVON PETROLEUM NO LIABILITY
Carnarvon Petroleum provided its report for the quarter ended 30/09/2001. Cash at the end of quarter: A$0.533m. Highlights: - First
of a series of planned production wells to begin during November in the Wichian Buri Oil Field, onshore central Thailand. - Sale of
offshore Carnarvon Basin acreage to Apache Energy completed during September in keeping with corporate strategy to reduce
exploration expenditures. - Farm out of EP 110 to Gulliver Production in return for a free carry through seismic acquisition and
interpretation program to be completed by end of calender 2001. - Successful placement of 6m shares and free attaching options in
08/2001 followed by another successful placement of approximately 6.5m shares in 10/2001. A full copy of the report is available from
the NZSE on request.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at cob 26/10/2001 was 309.4p.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at cob 26/10/2001 was 239.4p.
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at cob 26/10/2001 was 131.4p.
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at cob 26/10/2001 was 67.5p.
THE WAREHOUSE GROUP LIMITED
The Warehouse Group provided its 2001 Annual Report as well as Notice of Annual Meeting. The 2001 AGM of the shareholders of
The Warehouse Group will be held at the Great Northern Room, Ellerslie Convention Centre, Ellerslie Racecourse, Ellerslie, Auckland
on 30/11/2001 commencing at 9:30am. Special business to be considered at the AGM: 1. To approve the issue of 250,000 ordinary
shares in the Company of the Trustee of The Warehouse Group Employee Share Scheme for Employees (as defined in the Listing
Rules). 2. To approve the giving of financial assistance by the Company in the form of loans to Employees (as defined in the Listing
Rule) to subscribe for shares under The Warehouse Group Employee Share Scheme.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at cob 25/10/2001 was 180.40p undiluted, and 170.30p diluted.
ANGLO & OVERSEAS TRUST PLC
                                                                                                                                 Page 1757
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Anglo and Overseas Trust advised that at cob 26/10/2001 its NTA was 275.11p.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at cob 29/10/2001 was $2.3475. The number of shares on issue is 60,287,666.
M2M CORPORATION LIMITED
M2M Corporation provided a copy of its Annual Report for the year ended 30/06/2001, along with a copy of its Notice of Meeting for
the AGM to be held 30/11/2001. SPECIAL BUSINESS: To consider and, if thought fit, to pass the following resolutions: Resolution
2 – Ratification of previous issues of shares. Resolution 3 – Approval for issue of shares to convert loans.
MISSION CONTACT FINANCE LIMITED
Credit Suisse First Boston advised on behalf of Mission Contact Finance that 250m redeemable preference shares have been
allocated to holders in NZ. They advise that no one person, or to their or Mission Contact Finance’s knowledge, group of associated
persons, has been alloted more than 10% of the redeemable preference shares. Redeemable preference shares have been alloted to
over 7,600 holders in NZ. Details of the allotment are as follows: Class of Security and ISIN: Redeemable preference shares –
NZMPSD0001S2. Number Issued: 250m. Nominal value/issue price: NZ$1.00. Amount paid up: Paid in full. Percentage of total
class issued: 100%. Reason for issue: To subscribe for redeemable preference shares issued by Mission Energy Pacific Holdings.
Authority for the issue: Prospectus dated and registered 11/06/2001. Terms or details of the issue: As set out in the prospectus..
Total number of securities in the class in existence after the issue: 250m. The redeemable preference shares have been allotted on a
weekly basis since the offer opened, with the final allotment completed on 26/10/2001.
NATIONAL AUSTRALIA BANK LIMITED
National Australia Bank has issued 110,450 ordinary shares between 01/10/2001 and 12/10/2001 pursuant to the Staff Share Plan and
the Executive Option Plan. The number of shares of this class now quoted is 1,550,413,943.
AIR NEW ZEALAND LIMITED (NS)
Air NZ provided its Annual Report for the year ended 30/06/2001.
CAPRAL ALUMINIUM LIMITED
Capral Aluminium announced the decision to sell the entire Granville NSW site and to close its Remelt facility which is the only
remaining substantial manufacturing operation conducted at the site. The Remelt closure will be effected by year end. The decision to
close the Remelt, which currently recycles aluminium scrap from the company's extrusion manufacturing operations throughout
Australia, will make the Granville land and buildings a significantly more attractive property to potential purchasers. In addition it will
avoid the need to incur considerable cost to provide the required infrastructure (ie. roadworks and services) to segregate the Remelt
facility located at the rear of the site. The Granville property, which has an area of 21h, will be sold through Jones Lang LaSalle. The
closure of the Remelt will avoid annual losses from this operation in the vicinity of A$6m. The Remelt was originally built to service the
rolling ingot needs of Capral's Sheet business which was closed at the end of 2000. The conversion of the Remelt to produce extrusion
ingot, although effective from a manufacturing process point of view, will not deliver the long term cost structure required to support its
ongoing operation. This is predominantly due to the size of the facility and the amount of scrap available, now or in the foreseeable
future, to feed the operation. Arrangements have been concluded both with Australian Smelters for the supply of ingot to Capral's
extrusion business and with other parties for sale of aluminium scrap generated by our manufacturing processes. These commercial
arrangements are equivalent to those which the Extrusion Division has in place with the Remelt business and, therefore, the change
will not impact on the Extrusion performance.
GOODMAN FIELDER LIMITED
The Chairman of Goodman Fielder, Jon Peterson, announced that the COO, Doug McKay, has resigned to pursue other career
opportunities. Mr Peterson said Mr McKay would therefore not stand for re-appointment as an executive Director at the AGM on
16/11/2001. “The Board is disappointed but understand Mr McKay’s decision to leave the company following the completion of the
strategic review and subsequent moves to streamline the organisational structure of the company,” Mr Peterson said. “Mr McKay has
made a significant contribution to the company since he joined in 1998 and was a major participant in the strategic review that will
transform Goodman Fielder over the next couple of years.” Mr McKay is currently finishing The Advanced Management Program at
Harvard Business School and intends to take a break over Christmas with his family in NZ before embarking on a new career
opportunity in the New Year.
CADMUS TECHNOLOGY LIMITED
Cadmus Technology advised that there has been a change of date and venue for the AGM, due to delays in the approval of
resolutions. The Company advised the AGM will be held on 09/11/2001 at 9.30am at the Hobson Room, First Floor, Jubilee Building,
545 Parnell Road, Parnell, Auckland. A copy of the Notice of AGM of Shareholders and Explanatory Notes is available from the NZSE
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upon request.
HELLABY HOLDINGS LIMITED
Hellaby Holdings announced that Hellaby had agreed to sell a 39% shareholding in NZ Wool Services International (NZWSI) to
Forresters NZ a company associated with South Island Businessman Allan Hubbard. Consideration for this shareholding is $10.555m
representing 37cps ex the 2cps dividend payable on 15/11/2001. This transaction which will reduce Hellaby’s shareholding in NZWSI
to 20% is subject to the approval of the NZWSI shareholders. Mr Houldsworth said “recent changes in wool trading and scouring give
Hellaby confidence that the wool industry has a positive future and Hellaby believes the new ownership will strengthen the ability of
NZWSI to remain the major NZ owned wool scouring and exporting company in the industry.” NZWSI PRESS RELEASE: The board
of NZ Wool Services International (NZWSI) is pleased to announce that it received notification from Hellaby Holdings, that Hellaby has
entered into a conditional agreement to sell 39% shareholding in NZWSI to Forresters NZ , a company associated with Allan Hubbard
at a price of 37cps ex the 2c dividend declared for payment on 15/11/2001. This transaction will reduce Hellaby’s shareholding in
NZWSI to 20% and will increase Allan Hubbard’s shareholding to approximately 43%. The Chairman of NZWSI, Past Morrison said
that the woolgrower representative directors welcomed the involvement of Allan Hubbard as the cornerstone shareholder of NZWSI.
“Mr Hubbard is a well respected and successful businessman. His interests and expertise will be an important asset to our company.””
“The Board of NZWSI is also pleased that Hellaby Holdings will retain a 20% shareholding in the Company. Mr Morrison said that
following the liquidation of ELCO/Lichenstein last year, the role of NZWSI as a NZ owned company was even more important to the
future of the wool industry. He said that the Board of NZWSI recognises that Mr Hubbard’s involvement secures the retention of
NZWSI as the major remaining NZ owned wool scouring and exporting company.
AMP LIMITED
AMP advised the allotment of 91,171 ordinary shares on 30/10/2001 pursuant to the exercise of employee options. Issue price: 30,671
shares at A$16.00 per share, 1,000 shares at A$16.13 per share, 59,500 shares at A$16.41 per share. Issued capital is now:
1,118,605,256.
SUMMIT RESOURCES LIMITED
Summit resources provided a copy of its Quarterly Report for the period ended 30/09/2001. The following is an extract from the
quarterly report: Summit Resources is now exploring and drilling its extensive and highly prospective base metal interests in northwest
Queensland and results will continue to flow from these activities and planned drilling over the coming year. Since the commencement
of drilling in July this year, Summit has drilled 3 diamond holes totalling around 1660 metres of drilling on targets along the Mount Isa
and Paroo Faults at Isa North and a further 540 metres with the first hole into Bonus Basin. Highlights from the successful exploration
and drilling program undertaken during the last Quarter at Mount Isa are: -Drilling confirms Isa North geology and opens up over
70km of the Mount Isa Fault Zone in Summit's ground as a target for Isa style base metal deposits. -Massive hematite Fe Ti V
enriched breccias in Bonus Basin enhance project potential. -Confirmation of priority for Summit over the ground pegged in 5 new
EPM applications covering 1350 square km north and south of Mount Isa. The recent drilling campaign by Summit at Mount Isa was
also successful in that: -Three deep diamond holes at Isa North intersected the Mount Isa and Paroo Fault systems confirming
Summit's concepts. - Isa North drill holes drilled Spear, Kennedy and Urquhart Shales (mine sequence rocks). - Upper Mount Isa
Group (mine sequence rocks) drilled and mapped for the first time outside of MIM's Mount Isa mine lease and immediate mine
environs. - Iron, titanium and vanadium (Fe Ti V) enriched altered shales intersected below Hanging Wall Fault in INDDH2 - 200
metres of altered hydrothermal shale breccias containing disseminated copper sulphides enriched in Fe Ti V intersected below Bonus
Basin copper prospect. The positive drill results confirm Summit's targets at Isa North and in Bonus Basin. In particular, the dolomitic
sulphidic shales intersected in the Isa North drill holes are correlatives of the Urquhart, Spear and Kennedy shales, the host rocks of
MIM's base metal mines. These (mine sequence) rocks were previously only known to exist in MIM's mines and in cores from their
holes testing those mines. Summit now has a dominant ground position in the Western Succession of the Mount Isa base metal
province with over 3300 sqaure km of the area under its control in granted EPM's and priority EPM applications. The Company is now
embarked on systematic exploration of these areas and plans to continue to drill test a series of advanced lead, zinc, silver and copper
targets over the next year. ACQUISITIONS AND GENERATIVE: As a direct result of its recent drilling success the Company is now
monitoring the ground situation on several key base metal target areas not already under its control in the Western Succession at
Mount Isa. MIM's deep drilling activities on their mining lease north of the George Fisher mine and immediately south of Summit's Isa
North tenement block is being closely monitored. Following on from several holes drilled in the area this year MIM have collared, and
are now drilling, a 1500 metre deep diamond hole into the Upper Mount Isa Group "mine sequence rocks" just 1300 metres southeast
of our common boundary.
NATURAL GAS CORPORATION HOLDINGS LIMITED
Natural Gas Corporation Holdings has returned to profitability, stabilised its cash flows and is intent on restoring dividend distributions
as soon as possible, the Chairman, Greg Martin, told the Company’s AGM in Wellington today. The extent of progress towards
returning NGC to a sound financial footing following its $301.6m loss in the year ended 30/06/2001 had been confirmed by the recent
removal of the Company from CreditWatch, the reaffirmation of its “A-“ credit rating, and a recovery in its share price, he told
shareholders. Describing the year as challenging, Mr Martin said NGC sincerely regretted the loss, and the consequent impact on
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shareholder value, caused by unprecedented wholesale electricity prices and the subsequent withdrawal from electricity retailing. He
said, “While we did suffer a very severe financial loss in the 2001 financial year, it is a loss that has been contained and our exposure
to the electricity retail market has been eliminated. “NGC is a strong business. We have erased the deficit for the month of July
caused by the high electricity prices, and we continue to trade profitably. Our task now is to maximise these earnings.” Mr Martin said
NGC remained a substantial-size energy company. Importantly, the value of the TransAlta NZ acquisition had been substantially
retained through its considerable electricity generation, metering and gas retailing assets. These, combined with the other core
businesses of natural gas infrastructure, processing and sales, provided the Company with a solid foundation to move forward. They
also provided NGC with diversified and stable cash flows and the Company was confident in its ability to further strengthen its financial
base, seek new opportunities for growth and achieve its profit improvement objectives. Mr Martin said the Company’s focus during the
winter electricity crisis was to protect the value of NGC’s other businesses, stabilise its cash flows, return to profitability and repair
shareholder value. NGC’s focus now was to further improve its financial performance. He said it was unfortunate that the significant
loss for the year precluded the payment of a final dividend, following an interim dividend payment during the year of threecps. “The
Directors are intent on restoring dividend distributions as soon as possible, and at levels consistent with our previous practice,” he said.
“Given the substantial improvements in NGC’s trading performance in this financial year and the continuing strength of its portfolio of
businesses, the Directors expect an early return to dividend payments.” Referring to the electricity market’s behaviour, Mr Martin said
he welcomed the Government’s review of the market’s performance during the winter period, and the separate investigation by the
Commerce Commission. “While it will not now help NGC in terms of electricity retailing, we believe the Winter Review is very important
for the general good of NZ.” He said attention must be paid to the adequacy of risk management mechanisms in dry years, as well as
the national grid’s ability to allow all generation to be available in the market. “Although NGC is no longer an electricity retailer, a
stable market is important to us as an electricity generator and any initiative to strengthen confidence in the market will be welcomed.”
He said these issues and a substantial number of energy policy initiatives awaiting resolution did not, at the moment, create the
stability required for the energy investments needed in NZ. Natural Gas Corporation Holdings CHAIMANS ADDRESS TO THE AGM:
Ladies and gentlemen. It goes without saying that this has been a challenging year for the Company. The results reported by NGC
fell well short of expectations and are not the kind of results that any shareholder wishes to receive, nor, I might add, that any board
wishes to deliver. A $300m loss is a serious financial blow by any measure, and it has given us all cause for deep reflection. The
Board sincerely regrets this loss and the consequent impact on shareholder value. I must emphasise that central to the Board’s
dealing with the events of the winter has been an absolute focus on: - protection of value in the rest of NGC’s business portfolio… -
stabilisation of the Company’s cash flows… - a return to profitability… - and restoration of shareholder value. In the last 3 months,
following our decision to exit the electricity retailing business, we have: - stabilised the cash flow situation, - returned the Company to
profitability, - and we now expect an earlier than previously anticipated return of dividend distributions to shareholders. The progress
made has been underpinned in the subsequent: - reaffirmation of NGC’s “A-minus” credit rating, - continued strong support of NGC’s
majority shareholder, AGL and, - a recovery in NGC’s share price. Before talking about the other parts of our business I would like to
talk about the Winter Crisis and its effects on the electricity retail business. When the competitive electricity market was designed 5
years ago, there was little vertical integration and competition was expected to evolve at 2 levels: - at the generator/wholesale level,
where large net generators would compete to provide hedge contracts to specialist retailers … - and at the retail level, where the
specialist retailers would compete for end-use customers on the basis of price and the quality of customer service. The electricity
market rules underlined retail competition through a principle of free access for retail competitors. What this meant was that customer
service quality and obtaining reliable supply through hedges were key issues for NGC from the first day it gained full control of the
management of TransAlta last November. Within a short time, customer service was substantially improved and we had introduced a
new retail brand and more competitive tariff structures. The rate of customer attrition dropped to almost equalling our customer gains.
At the same time that we were resolving customer service issues, a top priority was to put in place ongoing hedge cover. It is now
generally accepted that the hedge market in NZ is a thin one. But a number of compounding factors to this already thin hedge market
began to become apparent to us as we sought to manage electricity supply.                  The main compounding factor is that the large
generators have aggressively sought to build their own electricity retail businesses to achieve a self-balance between their generation
output and the requirements of their own customer bases. This put net retailers, like NGC, in the position of having to negotiate hedge
contracts with the very generators that were chasing their customers. There were few incentives for net generators to offer hedges
and, when they did, to do so on a competitive basis. Crucially, when we went out to tender for hedge cover we received no offers for
the winter period. Wholesale Electricity Price: NGC was able to secure some hedges for the future, but following the expiry of a
major hedge contract at the end of May this year there was a significant exposure to the spot market for the winter period. Throughout
June and July NGC experienced spot market prices in excess of 4 times the normal levels. Although NGC was the largest net retailer
to be affected, other net retailers in the market experienced similar problems. During these winter months, the rapidly, and steeply
rising prices placed considerable strain on our cash flows. In the month of June, we incurred abnormal losses on electricity retailing of
$48.7m. The significance of these events has been recognised by the Government, which has established an inquiry into matters
surrounding the winter electricity supply period.         New Zealand is very dependant on hydro generation, as you all know. The
electricity market was established in 1996 and the 2001 winter was the first time it had been really tested in a dry year. This happened
under severe circumstances, with the lowest lake inflows experienced in 70 years. We believe the Winter Review is very important.
Attention must be paid to the adequacy of risk management in dry year situations. There are important contributing factors, such as
the adequacy of the National Grid, its constraints and, particularly, its ability to allow all generation to be available to the market. I
hope the debate will continue to progress beyond the general polarised views that are still evident and often aired through the media.
  Notwithstanding the substantial cash flows and continued profitability of the rest of NGC’s gas infrastructure, gas wholesaling and
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retailing, and electricity generation businesses throughout this period, the electricity retailing position placed increasing pressure on
our overall cash position. This meant that the Board really had only 2 decisions to consider: First, managing the immediate crisis and,
secondly, what the immediate situation meant for the retail electricity business’ longer term prospects. The immediate situation was
greatly helped by NGC’s major shareholder, AGL, providing financial assistance in 2 forms: - a guarantee to the NZ Electricity Market
in relation to NGC’s electricity purchase obligations, which was imposed on NGC due to the high prices … - and a short term loan of
up to $135m to assist us in meeting our immediate cash flow requirements. This assistance was given following receipt of a waiver
from the related party transactions provisions of the NZSE Listing Rules, requiring shareholder approval of the agreements, in
recognition of the urgency of the funding requirement. Under the terms of the waiver, the agreements relating to the assistance
provided by AGL expire at this meeting and require shareholder approval, if they are still in place. The guarantee provided by AGL to
the NZ Electricity Market is no longer in place. The short term loan agreement is still in place and is the subject of a resolution
requiring your consideration later in the meeting. Notwithstanding the serious financial damage being caused to NGC by the
wholesale electricity price spiral, there were a number of other factors that caused the Board to look very closely at our future as an
electricity retailer. At an early stage in the crisis we formally requested the Market Surveillance Committee of the NZ Electricity Market
to investigate whether an “undesirable situation” had developed in the marketplace. While the Committee raised questions about the
adequacy of the market, describing it as less than perfect, it found that no undesirable situation existed in the context of the existing
rules of the market. The Committee also observed that the market rules may not have evolved in line with changing industry
structures. Its determination simply reinforced to us the inability of the rules and the market structure to address these serious
questions in a timely manner. There is a debate underway through the Government’s Winter Review, as well as a separate
investigation initiated by the Commerce Commission. However, the Board could not continue to risk shareholder value while we did
not know if such reviews or investigations would take place, let alone what the outcome might be. We therefore decided to exit the
electricity retail business for 3 main reasons: - the way the hedge market and spot markets functioned meant the risks for a net retailer
were unacceptable. - while the market was set up to encourage retail competition, we did not believe that net retailers could compete
effectively now or in the foreseeable future, and - that future returns to NGC shareholders could be substantially improved without
these risks. It is deeply regretted that as a result of the decision to exit electricity retailing many staff have left, or will leave NGC over
the coming months. However, the Directors were not prepared to see any further erosion in shareholder value and elected to halt the
losses by selling the electricity retailing business. We completed the sale of our South Island electricity customer base, of
approximately 115,000 customers, to Meridian Energy on the 13/07 with an effective date of the 11/06. This was followed on the 01/08
with the sale of approximately 290,000 North Island electricity customers to Genesis Power. The value received from the customer
sales amounted to approximately $139.5m. During the management of the crisis we released, for our own use, capacity from one of
our generation plants, which had been under contract to others. We estimate that, together, these actions have so far avoided extra
costs to the Company well in excess of $100m. As part of the sale agreement with Genesis, NGC acquired their electricity meters for
$46m. NGC continues to be an energy retailer, as we have retained our natural gas retailing customer base, comprising approximately
100,000 gas consumers in the North Island. We are currently working through a transition period with both Meridian and Genesis, in
which we are providing interim call centre, billing and credit management services to ensure the smooth transfer of customers to them.
 We are also negotiating a strategic marketing alliance with Genesis to promote competitive dual fuel electricity and gas supply
packages to existing and new customers. The Directors and the senior NGC management team responded to the pricing crisis
immediately and purposefully. A comprehensive action plan was put in place to secure the funding necessary to allow us to weather
the storm, mitigate the losses, and to negotiate and conclude the customer base sales. NGC’s financial position has now been
stabilised and the Company has returned to a sound financial footing. Importantly, the value of the TransAlta acquisition has been
substantially retained through the considerable generating, gas and metering assets. Only the electricity retailing activities have been
sold. Our focus is now firmly on achieving positive earnings growth and improving cash flows. I expect that the achievement of these
objectives will lead, in turn, to an improvement in shareholder value. Financial Result Our starting point for restoring the Company to
profitability is the result for the year ended 30/06/2001. NGC recorded net earnings after tax of $9.9m before abnormal items.
However, abnormal items totalling $311.5m led to the overall loss of $301.6m, compared with earnings of $43.5m in the 2000 financial
year. The abnormals comprise mainly items related to electricity retailing. They are: - a $255.1m accounting writedown of our goodwill
and customer bases as a result of customer attrition since our acquisition of TransAlta NZ, the sale of the remaining electricity
customers, and the reduction in electricity margins following the tariff restructuring in April this year…. - $48.7m arising from the
abnormally high electricity costs in the month of June. In this regard, costs above $60 a megawatt hour have been treated as
abnormal - and $15m associated with our exit from the electricity retailing business, including the writedown of information systems
and restructuring costs. - Slightly offsetting these negative items was a $7.3m abnormal gain from liquidated damages and insurance
proceeds relating to the Taranaki Combined Cycle and Southdown Power Stations. Apart from the abnormal items, the results for the
current year are not strictly comparable with those for the 2000 financial year, as they include the first full year of contributions and
costs associated with the former TransAlta NZ businesses. Only 3 months of these contributions and costs were included in the 2000
financial year. The difference is most apparent in a tripling of sales revenues to $1.2b, as well as in higher operating, depreciation,
amortisation and finance costs. With our exit from electricity retailing, the makeup of business unit contributions and costs will change
again in the current financial year. Taken on the basis of continuing business, the activities that will take NGC into the future – that is
our businesses excluding electricity retailing – all performed very well and produced net earnings for the year of $55.6m. This
compares most favourably with earnings from continuing business in the 2000 financial year of $43.5m. It is a very encouraging
feature of the year’s results that strengthens our confidence in our ability to achieve our future financial goals. The improvement
reflects substantially increased natural gas sales, record levels of LPG production and sales, increased gas transportation volumes and
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expanded electricity generation capabilities. A further important aspect is that, while we continued to be exposed to high wholesale
electricity prices during the month of July, this exposure has been fully sealed off from the 01/08, when we completed our exit from
electricity retailing. This gives us additional reason to be confident in the pursuit of our new financial goals. Dividends: The significant
loss for the year ended 30/06/2001 precluded the payment of a final dividend. Dividend payments for the year were restricted to the
threecps, fully imputed interim dividend paid in March this year. In cash terms, the Company paid a total of $55.1m in interim and
supplementary dividends. The Board is intent on restoring dividend distributions as soon as possible, and at levels consistent with our
previous practice. Given the substantial improvements in the Company’s trading performance in this financial year and the continuing
strength of NGC’s portfolio of businesses, the Directors expect an early return to dividend payments. The effects on NGC of the high
wholesale electricity prices flowed into the new 2001/2002 financial year until we closed off our exposure to the spot market on the 1st
of August. Consequent losses from electricity retailing during July amounted to approximately $40m after tax. Our ongoing
businesses continue to perform strongly and this loss has been erased. NGC is now trading profitably once again, and all of the key
continuing businesses so far this year have delivered a performance ahead of the same period for last year. Our task is to continue
that trend and to maximise these earnings. In this regard, the Board is undertaking a series of reviews to both optimise the assets of
NGC going forward, and to consolidate the underlying business performances. We are addressing earnings improvements from all
angles. The Company’s management and operations structure has been reorganised to reflect the future core business activities and
to make better use of its financial, physical and people resources. We are also thoroughly reviewing avenues for increased revenue
generation from all of our assets and to seek improved operational efficiencies across the board to remove costs where this is possible
without compromising the safety and integrity of the assets and their ability to deliver the products and services required by our
customers. Cash Flows: The events of the latter half of the 2001 financial year reinforced the importance of cash flow generation.
NGC’s businesses are inherently strong generators of cash, and we continue an equally strong focus on the husbandry of our cash
resources through our cost management practices. Operating cash flows increased from $13.8m to $128.1m. Again, this reflects a full
year’s contribution of the former TransAlta businesses, as well as the growth in natural gas sales, electricity generation income, and
the positive cash flow from the electricity retailing business prior to the wholesale price crisis in June. As reported, NGC reinvested a
large proportion of its cash flows into the Company’s businesses. This included natural gas purchases of $30.4m, and $46.6m in
payments to TransAlta minority shareholders electing to cash up their TransAlta shares during our takeover offer to them. We also
spent $57.6m in capital expenditure, primarily on expanding and upgrading our gas networks and electricity generation plants. Costs
associated with the requirement to buy back approximately 26.6m NGC shares from Infratil under the share buy-back provisions of the
Companies Act amounted to $2m. On this matter, shortly after balance date the arbitrator considering the value of these shares
established a “fair and reasonable” value of $1.68 per share. NGC had initially nominated a price of $1.30 per share, and Infratil had
sought $1.81. We elected not to appeal the arbitrator’s decision, and we have since paid the additional sum of $10.1m, being the
difference between our initial price and the arbitrated price. The Directors have since cancelled the 26.6m shares, which were being
held as treasury stock. Their cancellation has reduced the total number of issued NGC shares from approximately 801.5m to
approximately 774.9m. Assets and Funds The writedown of our customer bases has contributed to a decline in our total asset value
from $2.2b last year, to $1.9b as at 30/06/2001. While the other asset values have remained relatively constant, the $244m value of
the customer bases and goodwill compares with $480m a year previously. On the other side of the balance sheet, shareholders’ funds
have declined accordingly, from just over $1b to $659m, while total debt has increased only modestly from $929m to $940m. The 76m
of Natural Gas Notes is the final tranche of the Notes issued in 1991. These were repaid on the 16/07 this year and have therefore
now disappeared from our books. I would like to compare the Company’s financial position as at balance date, with the position on
the 30/09/2001, which reflects the financial position following the completion of our retail electricity customer sale, and the purchase of
the Genesis metering assets. Our total assets have declined by a further $160m, with the main changes occurring in the customer
base and goodwill asset, now valued at $104m, as a result of the customer divestment, and in electricity meters, which show the
increase arising from our acquisition of Genesis Power’s metering business. However, we retain a strong, well balanced asset
portfolio that will continue to serve us well into the future. On the funds side of the balance sheet, the Natural Gas Notes have
disappeared, term debt has increased from $850m to $909m as a result of the refinancing of the Natural Gas Notes, and shareholders’
funds have improved. Since the 30th of September, we have further reduced total term debt to below $900m. The On Energy Capital
Notes matured and were repaid in cash on the 01/10 this year, so they, too, have since disappeared from our books. Given the
repayment of both these and the Natural Gas Notes, NGC’s overall cost of borrowing has been reduced. These debt repayments
mean further improvements to the composition of our balance sheet when you see it in next year’s accounts. We are well advanced to
conclude in the near future the longer term senior financing arrangements to replace the restructured short term financing
arrangements entered into during the wholesale electricity pricing crisis. The reduction in shareholders’ funds resulted in a gearing
ratio increase from 47.9% to 58.8% as at 30/06/2001, and this remains largely unchanged. The Directors do not consider this to be
unreasonable, given the utility nature of NGC’s continuing business. However, we will continue to closely monitor the Company’s
capital management programme. We intend to ensure that NGC maintains a capital structure appropriate to its future earnings and
cash flow profile and that it is able to take advantage of suitable growth opportunities as they arise. The future will not be without its
challenges. The contestable markets in which we operate are highly competitive. In our infrastructure business, we seek to achieve
reliable and consistent returns on the funds we have invested. We also await the outcome of a number of industry reviews and policy
initiatives – not the least being the review of the wholesale electricity market’s performance during winter, the Government’s review of
the gas sector, and policy development in the areas of energy efficiency and climate change. NGC is actively contributing to all of
these initiatives. While NGC is no longer an electricity retailer, a stable retail market is important to us as an electricity generator. Any
initiative to improve confidence in the wholesale electricity market would be welcomed. Further, it must be noted that there are, at
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present, a substantial number of energy policy initiatives awaiting resolution. This creates an uncertainty that does not, at this time,
provide the stability required for the energy investments needed in this country. NGC Operations NGC is a substantial participant in
the NZ energy industry. Our interests encompass - owning and operating a significant network of gas distribution systems in many
regions of the North Island - owning and operating the main natural gas transmission system in the North Island - owning and
operating a strategic gas treatment and conditioning plant in the heart of NZ’s principal oil and gas producing province, Taranaki -
operating 5 electricity generation plants in which we also have a full or partial ownership interest. These plants produce approximately
12% of NZ’s electricity requirements - and selling a significant amount of natural gas in the North Island, and LPG in both Islands.
These are all quality businesses in which NGC has particular management and operational competencies. Electricity Generation:
Electricity generation contributed earnings before interest and tax of $54.7m, on sales of $178.5m. Our generation plant operated
satisfactorily to produce a total of 3,035 gigawatt hours of generated electricity sales during the year. During the year, we completed
the first major maintenance overhaul of the Taranaki Combined Cycle plant, which included an upgrade of the gas turbine. This has
increased this plant’s output by more than 30 megawatts, or 10%. This is the equivalent of NGC’s wholly-owned Cobb hydro station,
near Nelson. The Cobb station itself made a particularly valuable contribution to the Company’s financial performance overall during
the year. Gas Transportation: NGC’s gas pipelines form an important part of NZ’s overall energy supply systems and during the year
we transported greater volumes through both our transmission and distribution pipes. Transmission volumes were 8% higher at 87.8
petajoules, largely because of higher demand from gas-fired power stations, and network transportation increased by 3% to 9.2
petajoules. Our gas networks were expanded by a further 54km, bringing the total network length to 2,533km. With 2,385 new
connections during the year, our pipeline networks now service over 50,000 gas users in more than 30 towns and cities of the North
Island.      Inspection of another 638km of high pressure transmission pipelines further confirmed our system to be in very good
condition. Although transported gas volumes increased, both revenue and earnings before interest and tax from our pipeline
operations were lower than in 2000. This is due to the 2000 figures including non-recurring deferred income for transmission and
networks of $2.3m and $4.9m respectively. Energy Metering: NGC’s metering business has grown substantially following our
acquisition of meters from Genesis Power. This business unit is responsible for assets now worth about 190m dollars, comprising over
1.6m meters and related items of equipment. NGC now provides independent metering services to approximately 800,000 premises
throughout NZ and during the financial year this business earned $18.1m before interest and tax on turnover of $33.4m. Natural Gas:
As a result of major new supply contracts to Genesis, for electricity generation, and to Petrochem, for urea production, as well as
increased deliveries to commercial and residential customers, natural gas sales increased by 41% to 60.1 petajoules. During the year,
NGC added 2,565 new customers, and at year-end was supplying a total of 98,818 gas users. We are very encouraged by the recent
gas discoveries in Taranaki and we continue to seek opportunities to work with the producers, both in securing future gas entitlements
and in offering gas treatment and transportation services to them. NGC is well positioned through its current entitlements to gas from
the Maui and Kapuni fields to meet our existing supply obligations and to seek new opportunities for sales growth. The contribution to
earnings before interest and tax from natural gas declined from $30m to $26m as a result of increased operating, customer service and
sales costs. I expect that these costs will decrease significantly this year. Gas Liquids: NGC is now involved in over 113,000 tonnes
of gas liquids trading annually. This is an increasingly important area of our business, with gas liquids sales recording an 11%
increase to $50.7m, and a 37% increase in earnings before interest and tax of $6.6m. The Kapuni plant maintained high levels of
reliability during the year and achieved not only the highest rate of treating raw gas from the Kapuni field in Taranaki, but also a
monthly record LPG production of 3,890 tonnes during June. Conclusion: NGC is a strong business. We have erased the deficit in
July caused by the high electricity prices, and we are now performing ahead of expectations. NGC has a spread of major businesses,
each with its unique advantages and opportunities, and we look forward to continuing to build on these strengths. Our confidence in
the future is shared and reinforced by the rating agency Standard and Poor’s, who, just 2 weeks ago, removed NGC from CreditWatch,
with negative implications, and reaffirmed the existing “A-minus” long term, and “A-minus two” short term ratings on the Company. In
arriving at its assessment, Standard and Poor’s commented that the support of AGL had underpinned NGC’s credit quality. It also
observed that NGC’s withdrawal from the electricity retail market has reduced the Company’s operating risk profile and assisted in
maintaining our underlying creditworthiness. This rating assessment is therefore a strong re-affirmation of NGC’s underlying strengths
and of the quality of its diversified and stable cash flows. The core businesses therefore provide the Company with a solid foundation
to further strengthen its financial base, to seek new opportunities for growth, and to improve both profitability and cash flow generation,
thereby enhancing shareholder value.
EBET LIMITED
EBet announced that it has restructured its relationship with NZ TAB by way of revising and extending the Online Services Agreement
("Agreement") between the parties with effect form 01/11/2001. The Key revised terms are as follows: - NZ TAB has licensed the use
of eBet's internet wagering system for a fixed term until 10/06/2003 (the term of the original agreement) with 5-yearly options for
additional terms. - NZ TAB will acquire certain hardware from eBet, and assume certain costs, associated with the operation of the
NZ TAB internet wagering site that had being eBet's responsibility. - NZ TAB will make hardware purchase and software licensing
payments totalling around A$1m to eBet between now and 01/2002. - eBet's turnover-based payments will be reduced from the
current 2.5% to a sliding scale up to a maximum of 1%. - NZ TAB will pay eBet development fees on a commercial basis for future
system customisation and enhancement. Commenting on the revised Agreement, eBet MD, Keith Cullen, said, "We have varied the
agreement to be a straight-forward technology licensing and support deal. It is now in line with our US licensing arrangements with
Penn National and better reflects the evolving relationship with NZ TAB and eBet's evolving business model for its Online Division".
He added, "Whilst turnover-based payments will ultimately reduce, there is substantial up-front payments and a reduced cost structure
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for eBet. Profitability from the relationship will not be materially affected between now and the expiry of the initial term and the new
Agreement has created the platform for a much longer term relationship between the parties". "We have had a strong relationship
with NZ TAB to-date and we are delighted that this revised agreement provides us with substantial revenues now, while bring the
agreement in line with our evolving business strategy for the longer term. The Online Divisions now making a significant contribution to
revenues with this deal and the exceptional growth we are experiencing in the US", concluded Mr Cullen.
GRD NL
GRD provided a quarterly report for the quarter ended 30/09/2001. Extract: HIGHLIGHTS: GRD Macraes: - Gold production of
40,045 ounces at A$325 per ounce for the quarter resulting in gold production for the first 9 months of 123,709 at A$296 per ounce
sold. Global Renewables: - Definitive Feasibility Study and Environmental Impact Statement for Eastern Creek, Sydney, completed. -
Shortlisted for Mindarie Regional Council, Perth, tender. GRD Services: - GRD Minproc, GRD Kirfield and Normet LM now combined
within GRD Services. - GRD Minproc was appointed, subject to project finance being achieved, to design and construct the Mt Garnet
Project for Kagara Zinc. - Normet LM acquired in 07/2001. Corporate: -All CRP Shares converted to Ordinary Shares on 29/09/2001.
 - A2 cent Ordinary Share dividend paid on 29/10/2001. A full copy of the report is available from the NZSE on request.
SOFTWARE OF EXCELLENCE INTERNATIONAL LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 30/09/2001
Uua udited (NZ'000)
                                        Current         Previous
                                         Period    Corresponding
                                                          Period
OPERATING REVENUE
 Sales revenue                            6,817            4,171
 Other revenue                                -                 -
Total Operating Revenue                   6,817            4,171
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                 -                 -
Unusual items
 for separate disclosure                      -                 -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                 106             (410)
Less tax on operating surplus                40                60
Operating surplus (deficit)
 after tax but before minority
interest                                     66             (470)
Less minority interests                       -                 -
Equity earnings                               -                 -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                 66             (470)
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                                   66             (470)
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                        66             (470)
EPS                                       0.312            (7.94)
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
                                                                                                                                Page 1764
                                                                                                                                25/06/2012
 OF THE HOLDING COMPANY                                      6,701                6,592
Software of Excellence International, today announced its result for the half year to 30/09/2001.
Directors said the company had enjoyed strong revenue growth was now showing a Profit:
Revenue                                                  $ 6,817,907
Earnings before Tax                                      $ 106,562
EBIT                                                     $ 131,262
EBITDA                                                   $ 443,128
They said the 2 major contributors to the strong revenue growth were EXACT Professional sales in the UK and Enterprise business in
Australia, the USA and Asia. Statistics from the Dental Practice Board (DPB), which administers the national health funding system in
the UK, and tracks which system dental practices are using to claim their fees electronically, showed the company’s Professional
product was consolidating its position in that market. “Clearly the market is continuing to consolidate to 2 or 3 major players, and
Software of Excellence is leading this group. Our unit sales volume over the last 12 months has jumped dramatically to about double
that of the previous 12 months,” they said. The company had also enjoyed success with corporate dental chains in the UK, with
several more committing to using EXACT during the half year. Each corporate currently had between 30 and 60 practices, and several
planned to expand to more than 100 practices. They said Professional sales continued to be slow in Australia, and the company had
scaled its cost structure to match this demand level. There was some Professional sales activity in Singapore, but not yet enough to
justify expanding the company’s sales and marketing resources there. Most of the activity in Asia was being focused on the company’s
Enterprise products. Sales in NZ were much as expected. Another regional school dental service had started using the company’s
data collection and Internet based information access service. During the period the Royal Dental Hospital in Melbourne selected
Software of Excellence to supply an Electronic Patient Record system, and the company expects to sign a contract shortly. This is the
third teaching hospital in Australia to select Software of Excellence’s software and the Adelaide Dental Hospital, the Oral Health Centre
in Perth and the Royal Dental Hospital of Melbourne, represent half of the graduate level dental training facilities in Australia. Several
Australian states continue to expand their use of EXACT, with the most recent being Dental Health Services Victoria which agreed to
extend its use of EXACT Enterprise to include fully electronic patient records at the 18 largest community health clinics in Victoria.
The funding for this capital expansion came from a special Victorian State fund aimed at improving government efficiency. Dental
Health Services Victoria have estimated that if all community health clinics in the state were using electronic patient records they would
save up to $800,000 per annum in operating costs. The directors said they were happy with the company’s progress in the USA.
Being selected by UCLA in California would raise the group’s profile in the USA and provide the company’s solution a substantial
boost. The contract with UCLA has been signed and work is progressing. Other projects are being pursued in the USA and further
successes are expected. “We are mostly using a “Direct Sales and Support” model, which has given us good control of our sales and
marketing activities, but this model has substantial fixed costs, and low variable costs.” “This means that any sales above the break-
even point are very profitable, however matching the size of the organisation to demand (especially when this is changing dramatically)
is always a challenge.” “During past year we centralised our accounting administration in NZ for the whole group, and this system is
now working well and providing management with more timely financial information.” They said that over the past year the company
had been able to dramatically improve its products. “Our 3D charting is world leading, and we are currently applying for patents on
unreleased aspects of this software. Our clinical record system was world leading in Version 6, and the changes we have made in
Version 7 have pushed it even further into the lead.” “Many of our competitors struggle to introduce minor changes in their software,
while our development team is not only producing leading edge software; it is doing so to the highest quality standards.” “We continue
to expect strong revenue and profit growth for the balance of the financial year.” “To date we have not seen any evidence of our sales
slowing because of the events of 11/09, however it is far to early to be sure one way or the other.” “A slow down in the global economy
and in particular the UK, could easily have a dramatic impact on our 2002 financial results, and timing of large Enterprise projects
continues to be difficult to predict.”
THE GRIBBLES GROUP LIMITED
The Gribbles Group advised it received permission from the NZSE to delist effective 30/11/2001. The Company advised the costs
associated with the Company maintaining its listing in NZ far outweigh the benefits associated with maintaining the listing. The
number of shares quoted on the NZ register has fallen to 0.57% of the quoted securities. The following letter was sent on 30/10/2001
to all shareholders on the NZ register. These shareholders will receive new uncertificated holdings on the Australian Register and will
be notified of their holdings on 01/12/2001.
RE: REMOVAL OF THE GRIBBLES GROUP FROM THE NZSE: The Directors have reviewed the administration and operating costs
of the Company and have concluded that the costs associated with maintaining the Company’s dual listing on the NZSE far outweigh
the benefits of maintaining the listing and as a consequence sought the agreement of the NZSE to be removed from the NZ list. The
NZSE has granted the Company’s request subject to our notification of all affected shareholders. The listing will cease one month
from the date of this letter (30/11/2001). The removal of the Company from the NZSE requires no immediate action on your behalf, you
should however note that any future trading in the shares of the Company will need to be conducted on the Australian Stock Exchange
(“ASX”). The share registry will forward to you a new holder statement. We acknowledge that this may create some difficulties or
cause concerns for those shareholders who hold their shares on the NZ Exchange, however it is felt that the removal will be to the
benefit of the Company. The Company has tried to reduce any inconvenience in selling or purchasing shares in the Company on the
ASX by obtaining the agreement of UBS Warburg NZ Equities (Auckland) (“UBS”) to assist with any transactions, if your current broker
is not able to carry out transactions on the ASX. Contacts at UBS are, Campbell Stuart (09) 913 4856 and Paul Nicolson (09) 913
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4807. We thank you for your support of the Company and look forward to the continued success of the Company into the future.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
Sky City Entertainment Group advised that it will split its ordinary shares. Each of the existing ordinary shares in the company will be
subdivided into 2 ordinary shares. The record date for determining the shares to be subdivided is 5pm on Friday 16/11/2001 and the
subdivision will be completed on the basis of the Sky City shares register as at that record date.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
Sky City Entertainment Group has provided its Chairman's address to the AGM: INTRODUCTION: During the last 12 months Sky City
has increased revenue performance, generated record for shareholders and significantly expended the business, both through growth
of existing revenue streams and through acquisition of new revenue streams. The challenges of Sky City’s expansion have been
balanced by earnings growth which has primarily come from the continuing strong performance of our core Auckland business. On
several measures Sky City is the most efficient gaming entertainment company in Australasia. Our management teams and staff
remain focused on operational performance, so we can continue to deliver the earnings growth that underpins our expansion strategy.
 In August the company was pleased to report another record earnings performance of $70.1m and to return 90% of that to
shareholders by way of a 63cps dividend, paid in April and October. During the last financial year, Sky City’s market capitalisation has
increased by 77% to $1.1b. Since listing ion the NZ sharemarket in 1996 and up to last Friday, pretax return to shareholders has
averaged 21.3% per annum, well in excess of the NZSE average during the same period of 4.8%. In the 12 months since the 2000
AGM and up until close on Friday, Sky City shareholders have enjoyed a 78% pretax return on their Investments. HIGHLIGHTS: The
key features of the 2001 financial year at Sky City have been strong financial performance and significant growth in the overall size of
the Sky City Entertainment Group. We have reported record earnings, up 16% on the previous year. We undertook extensive
refurbishment and equipment upgrading at Sky City Adelaide and relaunched the “new look” facility in April. We opened Sky Alpine
Queenstown Casino in December and we became a joint owner of NZ’s first Hard Rock café, located one floor below our facility in
Queenstown. We regained the Hamilton casino licence and recommended construction of the Riverside complex. We acquired a 22%
shareholding in internet wagering company Canbet and remain very confident about the company’s potential. Our shareholding is
scheduled to increase to 33% in 01/2002. We acquired a 50.2% shareholding in Force Corporation and, subject to necessary
recapitalisation of that company which is in progress, we remain confident that we will achieve our investment objectives with force.
We have received Casino Control Authority approval to expand our gaming facilities in conjunction with the development of a new
conference centre for Auckland on our land on the eastern side of Federal Street. This conference centre will provide a much needed
addition to Auckland’s conference infrastructure, and the gaming expansion will provide us with the capacity we need for some years
into the future. We expect to complete the conference centre late next calender year and the gaming expansion by mid 2003. But
perhaps most importantly, in reviewing the 2001 year, we have continued to increase revenues at our main site year on year since we
opened the business in 1996; during the 2001 financial year by 8%. Growth of our Auckland revenue stream remains a primary focus
of attention and our main opportunity for continuing growth in earnings into the future. Whilst we are focused on expanding the
business through the development of new activities, we remain just as focused on managing and growing our existing operations. Our
philosophy is that our results should do the talking and our attention to corer business, whilst at the same time looking to expand the
business, is well demonstrated by the 70c increase in 2001 earnings per share (to 70c) compared to the 2000 result. NEW
FEATURES TO BE INTRODUCED IN 2002: In 2002, we will continue to drive earnings and grow the business. To grow earnings from
the existing businesses, it is not sufficient to continue to do things well. We must continually add new elements to our mix and we must
be innovative ion our entertainment offerings. We have commenced demolition of the buildings on Federal Street to make way for
construction of the new conference centre. We expect to open Sky Jump (a controlled free fall from the observation deck) in early
December. And soon we will be offering a climb up the Sky tower mast to a level of 270m above the ground. We are in the process of
construction of a new restaurant experience located on the outside observation deck. The outside observation experience will be
retained but approximately half of that area is being established as a new restaurant, (The Observatory) which we expect to open in
March next year. The new activities on Sky Tower reflect a number of the key features of our strategy; being to grow and develop the
business, to heighten the company’s profile as an innovative provider of a wide range of entertainment experiences, and to increase
revenues and earnings through additional activities which relate to the core businesses of the company. Apart from enhancing Sky
Tower as a destination, the opening of The Observatory restaurant will continue our ongoing efforts to enhance the food and beverage
experience for visitors to Sky City. As you can see from these examples, we remain very active in introducing innovations to our
business – an approach which is reflected in our new corporate identity as the Sky City Entertainment Group. FINANCIAL REVIEW
2001: As a brief overview of FY01, let me say that: We were very pleased with the earnings generated by our Auckland operations.
We are pleased with the increased revenues we are achieving in Adelaide, but we are keeping a rein on costs to ensure that the
necessary increase in the expenditure base in Adelaide leads to an appropriate level of revenue increase. We were disappointed in
the initial results in Queenstown but we have restructured the operating hours at Sky Alpine to better fit with demand patterns and this
will lead to an improved financial outcome. We are encouraged by the 220% growth in Canbet reveunes and look forward to achieving
an improved hold percentage which will have the potential to convert those revenues into highly satisfactory financial results for
Canbet; and Once the necessary capital restructuring of Force has been completed, we are confident the results of Force and the
synergies we anticipate for Sky City will demonstrate the validity of this investment initiative. KEY SUCCESS FACTORS: Each year at
this meeting, we review the strategic success factors for Sky City. These key performance criteria do not change substantially from
year to year but a constant review against these performance principles is an important focus to ensure we remain on track with our
                                                                                                                              Page 1766
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strategic plan. These are as below: We see our core business as providing a range of quality gaming and entertainment experiences
which appeal to NZers and international visitors. We are extremely well positioned to benefit from growth in gaming and entertainment
spending in our markets. Our business has shown resilience through the various economic cycles – both in NZ and internationally.
We are accepted by regulatory authorities and the public at large as a highly responsible casino operator. We take our regulatory and
community responsibilities seriously and our regulators know this. We have consistently achieved results which make us one of the
leading gaming operators in Australasia and we have no intention of relinquishing this position; and We have built a track record of
superior returns to shareholders. We have consistently grown the Sky City dividend, from 29c in 1997 to 63c in 2001 and as stated
earlier, our pretax returns to shareholders are well in excess of the market average. We are confident that at next year’s meeting we
will again be talking about increased financial performance, continuing the pattern we have become familiar with, of consistently higher
revenues and earnings.
INDEPENDENT NEWSPAPERS LIMITED
Independent Newspapers advised that on 30/10/2001, 310,906 fully paid shares were purchased on market at an average price of
$3.50 per share. The shares were acquired under the specific authority of a resolution of the Board of Independent Newspapers on
14/06/2001 and cancelled on acquisition. Number of shares on issue before acquisition: 426,375,933. Number of shares on issue
after acquisition: 426,065,027.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at cob 30/10/2001 was $1.69366. The number of shares on
issue is 416,167,382.
SKY NETWORK TELEVISION LIMITED
Sky Network Television advised that the offer of Capital Notes by Sky closed on 26/10/2001 fully subscribed to $110m. Shareholders
of Sky chose to invest an additional $1.1m in Sky, by way of the Capital Notes shareholder preference pool set aside by Sky’s
Directors for the benefit of its shareholders. The Directors of Sky are delighted with the success of the offering. The issue was Lead
Managed and Underwritten by JBWere (NZ).
The interest rate payable on the Capital Notes was fixed at 9.30%pa, with interest payable quarterly, commencing on 15/01/2002. The
capital Notes were allotted between the period 17/09/2001 and 26/10/2001. In excess of 3,100 investors were allotted Capital Notes.
Secondary trading of the Capital notes on the NZSE is expected to commence on 05/11/2001.

                                                 WEDNESDAY, 31 OCTOBER 2001

LEND LEASE CORPORATION LIMITED
Lend Lease Corporation provided a Notice of Initial substantial shareholding in respect of Gandel Retail Trust as at 30/10/2001.
Current voting power is 5.04%.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at cob 26/10/2001 was 182.75p undiluted, and 172.35p diluted.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at cob 29/10/2001 was 302.9p
AMP LIMITED
AMP advised the allotment of 4,724,140 ordinary shares on 30/10/2001 pursuant to the DRP. Issue price: A$17.80 per share. Issued
capital is now: 1,123,329,396.
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at cob 29/10/2001 was 234.5p
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at cob 29/10/2001 was 130.3p
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at cob 29/10/2001 was 66.4p
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Henderson TR Pacific Investment Trust PLC advised that on 30/10/2001 the company bought back 485,000 ordinary shares at 50p per
                                                                                                                                  Page 1767
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share. Following the purchase and cancellation, the total number of shares on issue is 204,193,359.
MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC
The unaudited NTA of Merrill Lynch European Investment Trust as at cob 29/10/2001 was 179.37p undiluted, and 169.39p diluted.
OTTER GOLD MINES LIMITED
Otter Gold Mines provided a notice of meeting for the AGM to be held on the 29/11/2001 in Auckland.
TEMPLETON EMERGING MARKETS PLC
The NTA of Templeton Emerging Markets Investment Trust as at cob 26/10/2001 was 120.38p (Cum-Income) Undiluted and 118.79p
(Ex-Income) Un-diluted with the warrants unexercised. The NTA was 122.51p (Cum-Income) Fully diluted and 121.18p (Ex-Income)
Fully Diluted with the warrants exercised.
MCCONNELL DOWELL CORPORATION LIMITED
McConnell Dowll Corporation advised the following in respect of recent contract awards: - Relocation of the Manila International
Airport Aircraft Fuel Storage Facilities for the Joint Oil Companies Aviation Fuel Storage Plant (JOCASP) in the Philippines, value
US$13m. - Second development of APIA Port, Samoa for Penta Ocean, value NZ$10m. - Biomass Facility – Sydney, Camellia, New
South Wales for Earthpower Technologies, value A$20m. RELOCATION OF MANILA INTERNATIONAL AIRPORT, PHILIPPINES:
McConnell Dowell Philippines Inc. has been awarded the Engineer, Procure and Construct Contract for the Joint Oil Companies
Aviation Storage Plant (JOCASP). The project involves he relocation of Manila International Airport Aircraft Fuel Storage facilities from
its present congested site to a new location on the south eastern fringe of the airport. The project is valued at US$13m and the scope
includes 6 5,000m3 Jet A1 Fuel Storage Tanks, Water Storage, Fire Fighting Systems, Fuel Import/Loading facilities, Administration
and Control Buildings and delivery pipelines. SECOND DEVELOPMENT OF APIA PORT, SAMOA: McConnell Dowell have been
awarded a contract to Penta Ocean to construct a second stage of a port development in Apia, Samoa. The contract involves the
construction of a new 165m by 50m wharf and apron area, reconstruction and upgrading of 70m of breakwater, and dredging works for
harbour deepening. The contract worth NZ$10m is due for completion in 03/2004. BIOMASS FACILITY – SYDNEY, CAMELLIA,
NSW, AUSTRALIA: McConnell Dowell Constructors (Aust) Pty has been awarded the Biomass Facility – Sydney, Camellia, NSW, by
Earthpower Technologies. The project aim is to convert food waste from the food manufacturing, food retailing and hospitality sectors
via the process of anaerobic digestion into biogas, predominantly methane and organic fertiliser. McConnell Dowell’s portion of the
work is valued at A$20m and includes the design, supply, construction, testing and commissioning required to provide a Biomass
Facility consisting of a digester plant, fertiliser plant, water treatment plant and infrastructure, which is capable of: - Receipt and
preparation of waste material. - Anaerobic digestion and storage. - Fertiliser drying and bulk loading. - Treatment of water for
discharge. The facility will process food and food processing wastes to produce methane gas and high nutrient organic fertilisers. It
will have the capacity to process 82,000 tonnes per annum of delivered waste (approx. 20,000 dry tonnes digestible solids. Currently
preliminary design work is also being carried out to include cogeneration unit, which, if implemented, will satisfy the requirements of the
plant and export excess electricity into the grid. This biomass facility will be the first utilising process food and food processing wastes
in Australia.
EVERGREEN FORESTS LIMITED
Evergreen Forests advised the on-market buyback on 30/10/2001 of 25,000 ordinary shares (being 0.0178% of the ordinary shares) at
$0.508 which have been purchased for cash as part of its acquisition programme authorised by the board of directors on 22/08/2001.
The shares will be held by the company as Treasury Stock. The total number of ordinary shares on issue is 140,734,732 of which
410,157 are held as Treasury Stock.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at cob 30/10/2001 was $2.3349. The number of shares on issue is 60,287,666.
ENERGY EQUITY CORPORATION LIMITED
Energy Equity Corporation provided a copy of a Prospectus Share Offer regarding a non-renounceable pro rata offer of 1 New Share
for every 4 Shares at an issue price of $0.0665 per share to raise up to A$11,331,941. The offer closes at 5pm on 07/12/2001. The
Company advised the AGM is to be held on 30/11/2001.
BIL FINANCE LIMITED
BIL Finance provided a printed version of their annual report for the year ended 30/06/2001.
WILLIAMS AND KETTLE LIMITED
Williams & Kettle provided a copy of its Annual Report for the year ended 31/07/2001. A Notice of Meeting for the AGM to be held
26/11/2001 is included.
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SANTOS LIMITED
Santos advised quotation was sought for 3,000 fully paid ordinary shares on 30/10/2001. Reason for quotation: Payment of calls on
partly paid Executive Share Plan shares pursuant to the Santos Executive Share Plan. Amount paid: Plan O, 1500 shares at A$3.72
and Plan 2, 1500 shares at A$2.48. Number of shares on issue: 619,090,803.
CERTIFIED ORGANICS LIMITED
Certified Organics provided a copy of its printed Interim Report for the 6 months ended 30/06/2001.
WRIGHTSON LIMITED
Wrightson advised the issue of 50,000 ordinary shares at 77cps on 29/10/2001. Reason for issue: Exercise of share options. Authority
for issue: Shareholder approved executive option plan. Terms of the issue: Rank equally with existing ordinary shares. Percentage of
total class: 0.04%. Payment method: Cash. Total number of securities on issue: 134,185,558.
WRIGHTSON LIMITED
Wrightson, NZ’s largest agri-servicing business, said today that it welcomed the Government’s decision on the Royal Commission on
Genetic Modification. Dr Allan Freeth, Wrightson’s MD, said that by allowing controlled field trials of GMOs and giving legislative
certainty to further decisions on commercial releases, the Government had achieved a prudent balance between public concerns and
NZ’s scientific and economic prosperity. “The continuing moratorium on commercial release of GMOs may be unsettling for some
companies considering biotechnology investments, but a staged approach is sensible, and we must acknowledge the levels of public
concern and the unresolved scientific issues about GMOs,” Dr Freeth said. “The Royal Commission’s recommendations were to
pursue options for NZ’s future and the Government’s decision is consistent with that intention, while also acknowledging environmental
and consumer concerns”. Dr Freeth said that Wrightson had no plans for commercialisation of genetically modified plants in the next
3 to 5 years, but to continue its research into farm forage solutions, it would need to conduct field trials involving genetic modification
techniques. Wrightson invests around $4m per year in traditional, non-GMO research, including over $2m last year in a joint venture
with Genesis Research and Development Corporation to investigate the secrets of its high productivity forage grasses. Dr Freeth
said that Wrightson hopes to use biotechnology, including techniques involving genetic modification, to understand its grasses better
and to develop new varieties of forage plants that will substantially increase farm productivity and NZ’s economic prosperity.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The Australian 20 Leaders Index Fund has declared a late interim dividend of 0.024cpu in relation to ANZ Banking Group. Record
date: 31/10/2001. Payable date: 14/06/2002.
ADVANTAGE GROUP LIMITED
Advantage Group provided the following announcement: The Directors have decided to provide a position update at this time
because there have been a number of extraordinary events that have occurred since the annual result was released in 08/2001.
According to Tony Bradley, MD: “We had predicted a further softening of the IT services sector and we had already moved to align
costs accordingly. What we could not predict was the collapse of Ansett Australia and the fall-out from the events of 11/09. An
additional issue has been the poor performance of our web development subsidiary in Sydney and the cancellation of the sale and
purchase agreement. This unique combination of events has hit us just as we were positioning for recovery and they have impacted
both our local and international businesses. Some revenue potential is just no longer available and some has been delayed as clients
review their IT spend globally. For example, our Retail Automation division, which exports more than 90% of its products, was
expecting multi-million dollar deals for its new generation product G-5, and these sales have been delayed. Advantage Enterprise
Solutions (formerly e-Services) has seen a further decline in the web services market, but it has undergone significant re-structuring
and is re-positioning itself as an enterprise integrator and software package implementer. The performance of Advantage Payment
Solutions and Advantage Portable Technology is steady. While I had hoped to report a more positive picture, recent events have
compounded to delay our recovery and it is difficult to predict when the market will settle. Revenue for the first 3 months of the
2001/2002 financial year was $15.932m. The Group result for this period was an unaudited loss after tax of $169,000. Advantage
Group is demonstrating resilience and flexibility and is positioned for recovery when market conditions improve.”
AIR NEW ZEALAND LIMITED (NS)
Air NZ has provided the following announcement: BUSINESS PLAN: The Board of Air NZ yesterday approved a 5 Year Business
Plan prepared by management. The plan takes into account latest trading conditions as a result of the separation from Ansett and the
impact on global air travel as a result of the terrorist attacks in the USA on 11/09. In accordance with the Heads of Agreement entered
into on 03/10/2001, the business plan will be subject to due diligence by the Crown. The plan is aimed at stabilising the business,
reducing debt and financial risk and creating a platform to return to sustainable profitability in the medium term. CURRENT TRADING:
 The plan includes the unaudited trading results for the 3 months ended 30/09/2001, and unusual charges that have been incurred
during that period. The operating deficit of $52.0m before tax for the first quarter is $24.8m worse than the corresponding period last
year. This is due primarily to lower yield from international services and continuing low foreign exchange rates. The prior year also
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included the benefits from additional international traffic associated with the Olympics. Notwithstanding the losses, operating cashflow
for the quarter was positive. Details of these results are outlined below:
Unaudited
3 Months Ended 30/09                             2001/02 Actual           2000/01 Actual*    Variance NZDm:
NZDm
Operating Loss Before Unusual Items and                          (52.0)               (27.2)                (24.8)
Tax                                                                   -                  9.0                  (9.0)

Operating Loss After                                           (52.0)                 (18.2)                  (33.8)
Unusual Items (Net of                                         (387.3)                      -                 (387.3)

Net Loss After                                                (439.3)               (18.2)               (421.1)
*Excludes Ansett results
The unusual charges incurred in the quarter include $347.4m associated with the separation from Ansett, of which the most significant
component is the settlement with the Voluntary Administrator of A$150m. The unusual charges also incorporate the write-off of
carried forward tax losses of $66.4m relating to the potential change of ownership that will occur when the Crown completes the
acquisition of an interest in Air NZ of more than 49%. Loss of continuity of shareholding will mean that the Group will not be able to
take advantage of prior or current years’ carried forward tax losses. In addition, and for the same reason, the Group has not
recognised the estimated tax benefit on losses incurred during the quarter ended 30/09/2001. The remaining unusual items reflect
redundancy provisions related to the organisational restructuring of the Group and the announced initial service reductions by Air NZ.
This has been more than offset by a restatement of the obligation to News Corporation for settlement due after 30/06/2002, in relation
to the acquisition of shares in Ansett Holdings. This change arises from the change in share price between 30/06/2001 and
30/09/2001. In terms of the balance sheet, unaudited Net Shareholders Equity has fallen from $518m at 30/06/2001 to $106m at
30/09/2001. This does not include the $300m subordinated loan advanced by the NZ Government on 15/10 as the first phase of
funding under the recapitalisation plan. Total assets at 30/09/2001 (excluding Ansett) amounted to $4.07b. OUTLOOK: Trading
conditions remain very difficult for the core continuing airline businesses of Air NZ. Global economic activity, and in particular
international airline travel, is likely to remain subdued throughout the current year as the impact of recent terrorist attacks and the
subsequent retaliatory military actions continue market uncertainty. The immediate areas of focus included in 5 Year Business Plan
which has now been completed are to stabilise the business, reduce financial and operational risk and return the business to
sustainable profitability in the medium term. Air NZ will continue to monitor industry developments and adjust the business as
conditions demand. A Point of Clarification: The company is concerned by a number of media reports related to the departure at the
end of the year of the company’s CFO, Adam Moroney. The company sought to retain Mr Moroney’s services as a permanent and
valuable member of the Senior Management team, however he has chosen to leave the company to return to Australia with his family.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia & NZ Banking Group provided a Notice of Director's Interests in respect of John McFarlane as at 30/10/2001.
SKY NETWORK TELEVISION LIMITED
SKY Television announced that TV1 and TV2 will join SKY’s satellite platform on 01/12/2001. The additional channels will give SKY
subscribers a full compliment of all national Free-to-Air channels. SKY already carries TV3, TV4, Prime and Trackside. “For the first
time, viewers will be able to watch all the national Free-to-Air channels in crystal clear digital quality picture and sound no matter where
they live in NZ,” said John Fellet, SKY’s CEO. “I am also pleased that now all the national broadcasters will be able to work together to
develop interactive television applications,” said Mr Fellet. TV1 and TV2 will be on buttons 1 and 2 respectively on the SKY digital
remote control. SKY will take this opportunity of reconfiguring its digital channel line-up. This will be announced in the December
SkyWatch.
ELDERCARE NEW ZEALAND LIMITED
The following is the Chairman's address to the AGM held on 31/10/2001: A year is a long time in the life of a company, and the
Company we are reviewing today is vastly different in shape and prospects from the one we discussed at last year’s meeting.
ElderCare now has a far clearer, more positive future than it did then. The last year has been a period of significant restructuring and
change of direction for ElderCare. As anticipated the Company reported a significant, and, although expected, nonetheless
disappointing loss of $8.2m for the period ended 31/05/2001. This included realised losses on our investment portfolio and write
downs associated with the Company’s exit from property development activities. The Board believes that the losses associated with
this change of direction are now largely behind us. Today the Company has a clear strategy, with a solid plan and stronger financial
platform from which to grow. At the last AGM we identified a new strategic direction: taking a holistic approach to the provision of
medical and healthcare services to all NZers. These new areas of business will ensure a sustainable business for the Company’s
future, maximising growth, revenues, profit and return to you, the shareholders of ElderCare. At the start of the last financial year the
Board set 4 clear objectives: -To improve the operational performance of our retirement and aged care division, and consolidate the
acquisition of Ranworth Healthcare into the Group. -To restructure the financial position of the Group by moving away from
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involvement in potentially volatile property development activities, releasing cash from these non-yielding assets to reduce total debt,
at the same time providing capacity to advance the acquisition strategy. -To identify and negotiate acquisitions in the medical and
healthcare arena which would fit the strategic plan endorsed by the Board. -To strengthen our group management team and Board of
Directors. Today’s meeting is, essentially, a report card on how the Company has delivered on those objectives. Last year’s loss,
while disappointing, reflects a necessary change in direction. It includes restructuring provisions associated with the cessation of, and
divestment from non-core property activities, as well as realised losses on the sale of the Group’s holdings in RMG. On a more
positive note, and most pleasingly so in terms of the Company’s future, the operating performance of our retirement assets has
improved significantly over the previous year, with occupancy rates growing to a new average high of 93% in 09/2001, up from 86% in
09/2000. Operating performance was further enhanced by our entry into the rehabilitation sector, our second new core area of
business, with the acquisition of a two-thirds interest in Ranworth Healthcare in 06/2000. Ranworth is a specialist provider of
rehabilitation services to people who have suffered brain injuries, and contributed $1.2m to earnings before interest, taxation,
depreciation, goodwill amortisation and group management charges for the period to 05/2001. We are very excited by the
opportunities that this business presents. In mid-2000 we ceased all new property development activity and embarked on an asset
sales programme with the intention of divesting all non-core property assets. In conjunction with the debt reduction programme the
Directors have approved a plan to raise over $10m in new equity, resolutions relating to which are before you today. This will
strengthen the Group’s financial position by increasing the level of equity in the business in readiness for the next round of
acquisitions, as outlined at the last meeting and elaborated on in the 2001 Annual Report. Accordingly the financial position at year-
end shows a transitional position, with several debt facilities falling under current liabilities, a situation that will be corrected through this
capital restructuring programme and the arrangement of new long-term bank funding. These capital injections will leave us with
projected debt of $29m by 30/11/2001. We anticipate additional asset sales of $5m (these are subject to sale and purchase
agreements), after which residual debt will be $25m on assets of $70m. That will leave us with capacity in our balance sheet to pursue
acquisition objectives in the medical and healthcare arena. Twelve months ago I introduced Andrew Beattie and told you something of
Ranworth HealthCare, the first step in expanding the Company’s operations into the wider healthcare arena. Today I am delighted
that, as part of his review of operations, Alan Clarke will be able to tell you about the second acquisition, announced last week – the
purchase of Medical Laboratory Wellington, and its subsidiary, Nelson Diagnostic Laboratories.                      The transaction represents
ElderCare’s first medical services acquisition and complements our existing retirement, aged care and rehabilitation businesses. It is a
significant step towards our stated intention to transition into a balanced healthcare and medical services provider. Medical
Laboratory Wellington’s CEO and Managing Partner, Dr Clinton Teague, will continue to head that Company and will join the Board of
ElderCare on completion of the acquisition. At the last AGM I said that, as part of the restructuring we would be addressing the
makeup of the Board with a view to strengthening it through the appointment of independent Directors. In line with this last week we
announced the appointment of Jim Syme as an independent Director and Chairman. Mr Syme is a leading figure in the NZ financial
industry, with over 30 years experience in retail, commercial and merchant banking and extensive experience in the governance of
publicly listed companies. He is a Deputy Chairman of ASB Bank, Director of Waste Management NZ and Chairman of Software of
Excellence . He brings with him a considerable reputation as an independent Director who assists companies to build value. His
experience and judgement will be most welcome as ElderCare pursues its growth strategy and repositioning to take advantage of
market opportunities. I look forward to working with him. As I noted, we also intend to appoint Dr Clinton Teague to the Board once the
acquisition of Medical Laboratory Wellington is complete. Dr Teague has been a Senior Lecturer in Pathology at the Wellington Clinical
School of Medicine, the Head of Anatomic Pathology at Wellington Hospital and a Senior Consultant in Pathology at Princess
Alexandra Hospital, Brisbane. He has held honorary consultancies at both Hutt Hospital and Wellington Hospital as well as a clinical
lectureship in pathology at the Wellington Clinical School of Medicine. Dr Teague is a Past Divisional President and National Executive
Member of the NZ Medical Association, and a Past President of the NZ Society of Cytology. He is currently an executive member of
the Association of Community Laboratories, a member of the Council of the Wellington Medical Research Foundation and a member of
the Institute of Directors. He will bring exceptional contacts, a real depth of knowledge and a strong medical services perspective to our
discussions. He will be joined by Phil Newland, Group MD of Cullen Investments. Before joining Cullen, Mr Newland was based in
NY where he was involved in real estate finance for a major Manhattan development and investment company. Prior to that he was the
Associate-Director of an investment company with responsibility for project finance, underwriting and securitisation. Mr Newland has
also held senior legal positions with Russell McVeagh McKenzie Bartleet & Co. I would also like to welcome Alan Clarke to the Board.
Alan was appointed Group CEO in April of last year and has been instrumental in developing and driving the Group’s strategy, and it is
appropriate that he take a seat as an Executive Director. I would like to record my thanks and the thanks of shareholders to the
outgoing Directors. In particular I would like to mention Stuart Cairns who was originally a Director of NZ Petroleum prior to its
evolution into ElderCare. He retires by rotation. On behalf of shareholders I’d like to thank him for his long standing support of the
Company from its initial listed phase as a retirement village developer and in its subsequent transformation. Evan Christian likewise
retires by rotation. He has given 4 years service on the Board, for which, on your behalf, I thank him. Executive Director David Lowry
has also stepped down from the Board. He indicated that, as ElderCare had substantially completed its move away from retirement
village development, he would open the way for the appointment of another independent Director. Again, I offer my thanks to Mr Lowry
for his contribution to ElderCare, as a founder, former CEO and Director. The Group’s Management team was strengthened in
February 2001 with the appointment of Brian Monk as Chief Financial Officer. Brian was previously Finance Director for Fletcher
Challenge Energy, and latterly Commercial Director working on the separation of Energy from Fletcher Challenge Group. Prior to that
he was Finance Director for Air NZ International and held a number of other senior finance positions in NZ and overseas. His
commercial and governance experience in financial management and treasury operations of large and complex organisations has had
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an immediate impact on group operations. If the year ended 31/05/2001 was a period of comprehensive restructuring and
repositioning for the Group, the current period will be one of carefully managed expansion. That is the basis on which I would ask you
to consider the outlook for the remainder of the 2002 financial year. We have a sound financial plan and a substantially strengthened
management team, and soon we will have a greatly strengthened Board of Directors, to assist with this opportunity and to ensure we
meet our objectives. That said, we are still only part way through a substantial change of direction, one which entails an ambitious
acquisitions programme. Ahead of us we still have the remainder of the planned financial restructuring, and some residual asset sales.
  Our approach is patient and measured. And while our outlook is extremely positive, it is still too early to make bold forecasts or
celebrate success. Thanks to the asset sales programme the Company’s balance sheet is now stronger than it has been at any time
since ElderCare was formed. The retirement and restructuring of debt will also substantially reduces our interest expense, which will
have a positive effect on the Group’s profitability. We believe that the market has begun to recognise this and to appreciate the impact
this financial strength will have on our ability to execute our strategy by giving us the capacity to pursue our planned acquisitions
programme. From modest beginnings and in a short time we have built a track record of strong growth – 1999 revenues of $3m built
to $25m in 2000 and now to $33m in 2001. If the Medical Laboratory Wellington acquisition is completed by December Group
revenues for the 2002 financial year will be over $40m. Under our new strategy this growth of over 20% per year now has a core focus
and direction. By reducing our exposure to the vagaries of the property market the Company’s operating performance is now
determined by factors over which management has a greater degree of control. As Alan will explain further, our core assets are now
performing well. Each of our existing service businesses have made a positive contribution to earnings before interest and tax, setting
a platform for future profitability as they become the Company’s primary focus. Significant progress has been made and we anticipate
seeing future revenue growth arise out of the expansion strategy we have adopted. The Directors over the last twelve months elected
to concentrate on the restructuring programme to improve the fundamentals of financial position and financial performance. Actions
undertaken to date and which are continuing will set a solid foundation for the future that will allow the market to re-rate the Company’s
share price based on delivered results. The Directors are now confident that the Company’s share price will improve as results begin
to reflect the hard work done in the past months and as improved earnings are realised. We expect the share price to be further
enhanced with an improving NTA, and as our indicated strategy delivers strong and sustainable earning streams. On behalf of the
Board I want to thank and acknowledge the energy and efforts of the Company’s staff. In the retirement sector our staff have
improved many aspects of our services to our clients, increasing occupancy levels and increasing our internal skills through the new
company wide, CareGiver Career Pathways programme. I would like to recognise their genuine dedication to their profession and I
thank them all for their energy, tolerance and efforts during this year. In Ranworth we have another team of health professionals who
have made a real difference during the year. Our services to ACC have expanded and there has been a real effort to widen our service
delivery, improve in-patient occupancy and streamline out-patient services in all locations. Again I would like to recognise their
contribution and take this opportunity to thank them. In the Group’s corporate and administration office there has been a high level of
professional and dedicated work as we have installed a new base accounting system to allow for the expanded growth opportunities
under our new strategic direction. The enormous efforts of everyone involved in improving our systems is recognised and greatly
appreciated. By complementing the existing retirement business with new and compatible operating groups we are building on the
past to provide solid growth opportunities. This strong trend is then set to continue as we expand into the wider medical and healthcare
economy and position the Group as NZ’s first comprehensive medical and healthcare listed operating company. In addition let me say
that we greatly appreciate the patience and support the Company received from shareholders to date. In particular we appreciate the
positive feedback we have received on the new strategy. The following is an extract from the CEO's address to the AGM held on
31/10/2001: With the future direction of ElderCare now established, progress in executing the new strategy is well under way. The
financial restructuring of the Group has paved the way for us to evolve from being primarily a provider of retirement services, with a
significant dependency on erratic property related income, to a broad-based provider of medical and healthcare services deriving
sustainable income from fee based healthcare and medical services. Much of that restructuring involved an extensive asset sales
programme. Property asset sales completed to date include the sale of the Molly Ryan Retirement Village, the sale of previously
planned village development bare land at Chelsea and Taradale and the successful sale of 75% of the apartments at St John’s Wood.
In addition we also sold our 50% holding in Pacific Projects and when this is combined with other asset sales and litigation settlements,
we have realised over $10.5m in net proceeds. This has in turn allowed us to reduce current Group debt to $39m from a peak of
$50m. Last year saw our plan communicated at the November AGM and our first steps into the wider medical and health market
through our entry into the rehabilitation sector with the acquisition of a two-thirds interest in Ranworth Healthcare. With much of the
restructuring behind us, we are now poised to expand the Company’s business further to cover other important areas of the NZ
medical and healthcare economy.             The acquisition of Medical Laboratory Wellington, marks a further critical point in our
transformation. It is a specialist business, with recognised medical leadership, excellent management personnel and a proven history
of profitable performance over several decades. Indeed, Medical Laboratory Wellington has been in operation since 1932, offering a
full range of medical laboratory testing to the Wellington region through requesting doctors, hospital outpatients and private hospitals in
Wellington City, Paraparaumu and Porirua. Medlab Wellington is an IANZ registered laboratory and a Telarc registered supplier
certified to (ISO9002) and servicing around 400 General Practitioners, 94 medical centres and 30 private hospitals and nursing homes.
  Nelson Diagnostic Laboratory, a sister laboratory to the Wellington practice, serves around 130 General Practitioners, 12 private
hospitals and nursing homes in the Nelson and Marlborough region. Both facilities are full service community pathology laboratories,
and the combined operation is one of the 3 largest in NZ with revenues in excess of $16m per year. Consideration for the purchase
will be $10.5m, comprising $7.35m in cash, payable on settlement and $3.15m in capital convertible notes issued over 3 years in
favour of the principals of Medical Laboratory Wellington. Preliminary due diligence has been undertaken and a heads of agreement
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signed, with the balance of due diligence and contract completion expected in December. The community pathology market is worth
an estimated $180m per annum, and community laboratories form a core part of the primary healthcare delivery mechanism. Medical
Laboratory Wellington and Nelson Diagnostic Laboratories are therefore both substantial business with great experience, reputations
and staff. Both will continue to serve their communities operating under their existing names, with no changes to their clinical and
medical leadership, staff or operations. This acquisition fits our strategy of acquiring efficient, well-managed healthcare and medical
service businesses delivering to a high standard of quality, and keeping management in place. Under the new umbrella of medical
and healthcare services ElderCare now operates in 3 distinct core areas of business, all with strong revenues, operating profits and
growth potential that will significantly improve the Group’s performance.
RESTAURANT BRANDS NEW ZEALAND LIMITED
Restaurant Brands NZ advised that it intends to enter into a series of sale and leaseback arrangements for a number of its KFC stores.
 Restaurant Brands has a total of 87 KFC stores of which 30 are leased and the balance owned. The company has had since
inception a policy of not owning its sites, preferring to invest in equipment and improvements. It leases all of its Pizza Hut and
Starbucks Coffee sites. It is intended to sell 51 stores by auction in early December. The remaining 6 sites will be retained by
Restaurant Brands in the interim. The sale is expected to realise approximately $45m which will be used to pay down debt and fund
future growth initiatives. The sale and leaseback is not anticipated to impact on the operation of the KFC business.
STEEL & TUBE HOLDINGS LIMITED
Steel and Tube Holdings advised that as the Company is in a sound financial position following the sale of the Canadian steel
distribution business, A J Forsyth & Company, the Directors have declared a special dividend of 10cps which will be paid on
30/11/2001 to holders of fully paid ordinary shares registered at 16/11/2001. The amount payable is $8.777m. This special dividend
carries full imputation credits and a supplementary dividend of 1.7647c will be paid to non resident shareholders. The payment of this
dividend will not affect the ability of the Company to pursue growth opportunities as and when they arise nor the consideration of the
half yearly dividend in 02/2002. The Company provided a copy of the Chairman’s and CEO’s Address being presented at the
shareholder’s meeting today.
NATURAL GAS CORPORATION HOLDINGS LIMITED
Natural Gas Corporation (NGC) advisedthat shareholders voting at NCG’s AGM yesterday passed by the required majority all
resolutions set out in the Notice of Meeting dated 01/10, with the exception of Agenda Item 3c which was not put to the vote.
Accordingly, shareholders approved: 1. Alterations to NGC’s Constitution. 2. The Loan Agreement between subsidiaries of NGC and
The Australian Gas Light Company (AGL). 3. The re-election of J A Fletcher as a Director. 4. The election of R J Bentley as a
Director. 5. The election of G J W Martin as a Director. 6. The appointment and remuneration of the Auditors. Agenda item 3(c)
proposing the election of J L Barton as a Director was not put to the meeting. This follows Mr Barton’s decision since the publication of
the Notice of Meeting, to resign as MD of NGC (please refer NGC’s announcement dated 26/10/2001) and not to make himself
available for election.
WILSON & HORTON HOLDINGS LIMITED
Wilson & Horton Holdings requests that a halt be placed on trading in its Cumulative Exchangeable Preference shares pending an
announcement which will follow later in the day.
CUE ENERGY RESOURCES LIMITED
Cue Energy Resources provided a copy of its Quarterly Report for the quarter ended 30/09/2001.Extract from Report: Cash at end of
quarter NZ$1.472m QUARTER HIGHLIGHTS: Oil and gas flow tests at Oyong in Sampang PSC. Anggur-3 drilling in Sampang PSC.
 SE Gobe-10 drilled and completed in SE Gobe oil field. All legal actions settled. PRODUCTION: Cue’s oil production revenue
received during the quarter from the SE Gobe oil field in PNG was US$1,144,782.41 and equated to 42,379 barrels. Cue did not have
any hedging arrangements in place during the quarter. CORPORATE: During the quarter there were a number of changes to the
membership of the Cue Board. Richard Tweedie and Ken Hoolihan were appointed as directors. Mr Tweedie who had previously
served as a director of Cue, was also appointed Chairman of the Company. Mr Tweedie is the MD of Todd Energy of NZ. Mr Hoolihan
is Exploration Manager of Todd Petroleum Mining Company. Geoffrey Albers also rejoined the Cue Board. Mr Albers founded the
Company in 1981 and was Chairman of the Company until 03/2000. The Board also accepted the resignations of Michael Tilley, David
Quigg and John Horner. Cue directors at the end of the quarter were Richard Tweedie, Geoffrey Albers, Ken Hoolihan, Leon Musca,
and Andrew Knox. The Board confirmed the Company's focus on oil and gas exploration and production. During the quarter, all
litigation between Browse Petroleum Pty and Cue and its directors was settled and Notices of Discontinuance were filed for all court
proceedings. In 07/2001, the Company issued 8,471,191 fully paid ordinary shares to the PNG Venture Fund Pty . the issue was
made in satisfaction of the redemption of a preference share placement for US$1m that was made as part of the project financing
arrangements for SE Gobe. The issue of these share was made at a price of A$0.15 per share.
WILSON & HORTON HOLDINGS LIMITED
Wilson & Horton Holdings (“W&H”), in conjunction with its parent company Independent News & Media PLC (“Independent”),
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announces a restructuring of the Independent Group’s Australasian interests under which it has entered into a conditional agreement
to sell Wilson & Horton, its subsidiaries and Wilson & Horton Finance Pty, to APN News & Media (“APN”). The aggregate
consideration for the transaction is NZ$1,500m, which includes cash and the assumption of debt by APN. The restructuring will
create one of the leading media companies in Australasia, with an expected market capitalisation of approximately A$1.5b
(approximately NZ$1.83b). As part of this enlarged group, Wilson & Horton will continue to operate as one of NZ’s leading media
companies. It will continue to publish its flagship newspaper The NZ Herald and its various regional and community newspapers, and
continue to operate its printing, specialist publishing and other businesses including its interests in The Radio Network. W&H will
remain as the issuer of the cumulative exchangeable preference shares (“CEPS”). No changes will occur in relation to the CEPS.
They will continue to be traded and listed on the NZSE, no change will occur in relation to the cumulative dividend entitlement of each
CEPS holder and dividends will continue to attach imputation credits to the extent available, with the expectation that they will be fully
imputed until redeemed or exchanged. Independent will continue to provide a subordinated conditional guarantee of the obligations of
W&H to pay dividends and certain other sums to CEPS holders and to redeem or exchange the CEPS in accordance with their terms.
Approval for the transaction is not required from the holders of W&H’s CEPS. This notice should be read in conjunction with the
attached Independent’s notice lodged with the Irish Stock Exchange and London Stock Exchange.
WILSON & HORTON HOLDINGS
Wilson & Horton Holdings provided the following announcement by Independent News & Media Plc. INTRODUCTION: The Board of
Independent News & Media PLC (“Independent” or the “Company”) announces a significant restructuring of its Australasian interests
under which it has entered into a conditional agreement to sell Wilson & Horton, its subsidiaries and Wilson & Horton Finance Pty, to
APN News & Media (“APN”), a company in which Independent currently has a 40% interest. The aggregate consideration for the
Transaction is NZ$1,500m (approximately GBP690m or A$1,232m) which includes cash and the assumption of debt by APN. In the
year ended 31/12/2000, Wilson & Horton had revenues of NZ$471m, earnings before interest and tax of NZ$109m and net assets of
NZ$1,145m. The restructuring will create one of the leading media companies in Australasia, with an expected market capitalisation of
approximately A$1.5b (approximately GBP850m). As a result of the Transaction and Independent’s participation in associated capital
raisings by APN, Independent’s interest in the enlarged APN will increase from 40% to approximately 45%. In view of its size,
completion of this Transaction is conditional upon the approval of shareholders in Independent and also the matters listed in
Attachment A. These conditions must be satisfied by 21/12/2001. A document will be circulated to shareholders containing further
details of the Transaction and convening the requisite Extraordinary General Meeting at which the Transaction will be considered and,
if thought fit, approved. In addition, approval of APN shareholders who are not associated with Independent and its associates, is
required and will be sought by APN at a general meeting. A separate notice is being issued by Independent extracting certain
information to be provided to APN shareholders that is relevant to Independent shareholders. BACKGROUND TO AND REASONS
FOR THIS RESTRUCTURE: Independent is committed to delivering continued growth in earnings and enhancement of shareholder
value through its core businesses of newspaper and magazine publishing, electronic media and outdoor advertising. For some time
now, the Board has been considering ways in which its Australian and NZ interests could be better consolidated to create an even
stronger platform for future and continuing growth in the region and to position the Independent Group as a whole for long term growth.
The Board of Independent believe strongly that this Transaction will contribute to the achievement of these objectives: - The
Transaction will create one of the largest media and publishing groups within Australia and NZ. The combined entity will present a
strong base for future growth in a region which Independent considers strategically important to its portfolio.         - Pursuant to the
Transaction APN will become a leading player in the Australian and NZ media industry, with its increased scale likely to result in
enhanced trading liquidity, improved access to capital markets, an improved position in the relevant market indices and potential
market re-rating. The benefits of this will flow through to Independent as the substantial shareholder and the results of the enlarged
APN group will continue to be consolidated. - APN will benefit from greater diversification in its operating base, both geographically
and across product lines and consequently is expected to be a key contributor to Independent’s future earnings growth. The
combination of APN and Wilson & Horton will enable rationalisation of APN’s cost base and consolidation of certain business interests
due to the complimentary nature of the businesses. Through its ownership, Independent will also maintain its exposure to the broader
media areas of radio and outdoor advertising. - The Transaction is expected to be earnings accretive to Independent. The
restructuring will further enhance the Company’s financial position and strategic flexibility, leaving the group well positioned for future
growth. - As part of the Transaction, Independent’s shareholding in APN will be increased to approximately 45% of the enlarged share
capital of APN and Independent will maintain its majority representation on the board of APN. The board of APN will increase by 2 new
Directors, namely Sir Wilson Whineray, who is proposed to be Joint Deputy Chairman, and John Sanders, CEO of Wilson & Horton
and an executive Director of Independent . The new board of Directors of APN will be: Liam P Healy (Chairman),* Albert Edward
Harris (Joint Deputy Chairman), Sir Wilson Whineray (Joint Deputy Chairman), Vincent C Crowley (CEO)*, Sallyanne Atkinson,
Kevin J Luscombe, Cameron O’Reilly*, James J Parkinson*, John Sanders*. * Member of Independent News & Media Board
CONSIDERATION AND USE OF PROCEEDS: (a) Consideration The aggregate consideration for the Transaction is NZ$1,500m
(approximately GBP690m or A$1,232m), which includes cash (A$809m) and the assumption of debt (A$423m). Independent will
reinvest up to A$427m (GBP240m) of the consideration received into APN shares and convertible notes as follows: (i) Pro Rata
Entitlement Offer (Rights Issue): Independent will participate in a pro rata entitlement offer (rights issue) by APN. This rights issue will
equate to 5 new ordinary shares for every 9 APN ordinary shares held. Independent will take up its rights entitlement under the offer
at a cost of A$178m, which comprises approximately 40% of the total shares to be made available. Independent will also sub-
underwrite an additional A$24m of the shares to be made available. (ii) Equity Placement: Independent will be issued with A$100m
                                                                                                                                Page 1774
                                                                                                                                25/06/2012
of APN ordinary shares by way of placement at a price of A$3.50 per share (the theoretical ex-rights price). (iii) Convertible Notes:
Independent will be issued with A$125m of APN convertible notes. The convertible notes will have a coupon of 7.0 - 7.5% p.a. and a
term of 7 years. The convertible notes are convertible on a one-for-one basis. Separately, APN will be issuing A$125m of convertible
notes to institutional and professional investors. The issue of convertible notes to other investors will be on the same terms as those
issued to Independent. All of the capital issues are conditional on completion of the Transaction (other than the convertible note issue
to institutional and professional investors). (b) Use of Proceeds: The net impact of this restructuring will be to reduce the Independent
Group’s consolidated net debt (including the enlarged APN group) by approximately GBP220m. CURRENT TRADING AND
PROSPECTS OF THE INDEPENDENT GROUP: The strong brands, leading market positions and geographic diversity of the
Independent Group, together with the benefits expected to accrue from this restructuring will, the Directors believe, position the
Independent Group for long term growth. The Board considers APN’s prominence in the newspaper, publishing and radio operations
portfolio of the Independent Group following completion of the Transaction to be strategically important and the Board will continue to
actively seek further opportunities in the Australasian region. CIRCULAR: A circular containing further details of the Transaction and
the convening of an EGM will be sent to Independent shareholders shortly.
ATTACHMENT A: Material Conditions of the Transaction - Independent obtaining any approval in respect of the Transaction under the
Foreign Acquisitions and Takeovers Act 1975 (Australia); - APN obtaining consent to the purchase of the shares in the Wilson &
Horton Group from the NZ Overseas Investment Commission under the Overseas Investment Commission Act 1973 (NZ) and its
regulations; - Execution of underwriting agreements in respect of the proposed issues of ordinary shares and convertible notes as part
of the Transaction; Completion of the debt, equity and convertible note fundraisings by APN
OTTER GOLD MINES LIMITED
Otter Gold Mines provided an Activities Report for the quarter ended 30/09/2001. Key points: Normandy NFM announced its
intention to launch a takeover offer for Otter whereby 1.9 NFM shares are offered for every 100 Otter shares. Milling at Tanami mine
ceased 05/10/2001. Lease of Tanami mine plant to NFM to commence no later than 17/12/2001. Martha mine produced 33,043
ounces of gold, 3,800 ounces over budget. Continued excellent drilling results from favona at the Union Hill Jpint Venture. Otter Gold
Mines advised that cash at the end of the quarter 30/09/2001 was $316,000.
NEW ZEALAND OIL AND GAS LIMITED
NZ Oil & Gas provided a copy of its Quarterly Report for the quarter ended 30/09/2001. EXTRACT FROM REPORT: Cash at end of
quarter: $13.884m HIGHLIGHTS: - 3 onshore Taranaki wells to be drilled by 03/2002. - Origin joins NZOG in Opito-1. - NZOG
takes equity in Makino-1. - PEP38729 - Opito. Drilling of the Opito-1 prospect is now planned for March next year, after further
seismic has been acquired. The new seismic will better define the culmination of the Opito structure and confirm the exact location of
the well. Results of the Ngarupupu-1 well, which the adjoining permit holders now plan to drill in January, will be taken into account if
available but are not essential to the Opito well. The target of the Opito well is the shoreface facies of the Kapuni ‘C’ Sands at a depth
of around 2500m. The ‘C’ Sands provide reservoir in both the Maui and Pohokura fields and are expected to be well developed at
Opito. The Opito well will not drill the deeper objectives in the Kapuni ‘D’ Sands and underlying Cretaceous rocks. These traps are
offset to the east of the ‘C’ Sand trap and as such cannot be optimally tested by the Opito-1 well. Testing of these objectives will
therefore await further drilling. The Opito-1 well is to be drilled to around 3000m, and take around 40 days. The ‘C’ Sands trap
extends over more than 20 km square kilometres and has mid case recoverable potential of 80m barrels of oil. Origin Energy has
joined NZOG in PEP38729 for the upcoming seismic survey and the drilling of Opito. NZOG (operator) now holds 75% and Origin 25%.
 - PMP38148 Ngatoro field - oil production: Oil production was 16% up this quarter compared to the June quarter, with the Ngatoro-7
well continuing to perform well following the successful small scale fracturing in May. Planning for the Ngatoro-1 mini-frac is in
progress. - PMP38148 Ngatoro - exploration: Drilling of the Tabla-1 exploration well in the Ngatoro mining permit is planned for first
quarter 2002. Tabla-1 will be drilled to approximately 1500m, to intersect Mt Messenger sandstones that have seismic character
similar to that associated with known hydrocarbon pools in Ngatoro. The objectives here are Miocene-age turbidite sandstones which
hold the oil in the nearby Ngatoro, Goldie and Kaimiro fields. Seismic shows 2 potential pools, one above the other, each extending
over 0.3 square km. The mid case potential of Tabla is modest at 1.5m barrels of oil. The well should take around 7 days to reach total
depth. A discovery could be developed cheaply and achieve payback in less than 6 months. While interests of joint venture
participants are not yet finalised, current equities in the Ngatoro permit are NZOG (operator) 35.4%, Shell 59.6% and Indo-Pacific 5%.
- PEP38728 - Makino: NZ Oil & Gas has taken a position in licence PEP38728, ahead of drilling the Makino prospect in 11/2002.
Makino is some 20km north of the Rimu oil field. Makino-1 will be drilled to a depth of 4500m to intersect Tariki Sandstones below the
overthrust older rocks. Mapping of the seismic indicates a trap extending over some 15 square km with mid-case potential of some
31m barrels of recoverable oil. In addition to the Tariki Sandstone, there are additional targets in the Tikorangi Limestone and Kapuni
Group that will also be tested by the well. The well should reach the Tariki Sandstones target by mid December. NZOG’s equity in
Makino-1 will be 5%. Other parties in the venture are Bligh, Origin Energy, Shell and Springfield. - PEP38460 - Tui Prospect:
Expectations of a consortium bringing a semi-submersible drilling unit into NZ have not materialised with some companies pulling out
and others delaying their plans. Tui is planned for drilling in 2002 but timing remains uncertain. - Pike River Coal Company Limited:
The process of selecting a contractor under a design, build and operate (DBO) alliance contract continues, as the company's Pike
River coalfield moves towards a development decision. The key element at this point is to obtain access to the mine through a small
area of conservation land.
                                                                                                                               Page 1775
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SOUTHERN CAPITAL LIMITED
Southern Capital provided a copy of its Annual Report for the year ended 30/06/2001.
TASMAN AGRICULTURE LIMITED
Tasman Agriculture (TasAg) advised the Market that the Directors, empowered by a Shareholders’ Resolution dated 24/10/2001 intend
to appoint Sydney Thomas Dobbs, Chartered Accountant of Dunedin, as Liquidator of the Company, thereby placing TasAg in
voluntary liquidation with effect from 4.00pm on Wednesday, 31/10/2001. Consequently, shares in TasAg will cease trading after the
NZ Stock Exchange (NZSE) closes business at 4.00pm on 31/10/2001. Outstanding transactions are to be settled with the Share
Registry by the cob on Friday, 02/11/2001. The Liquidator appointment was approved by TasAg shareholders at the Company’s AGM
held on 24/10/2001. As a result of the NZ Farm Sales Process approved by shareholders in 06/2000, the Company holds significant
surplus funds which are most effectively distributed by voluntary liquidation of the Company. Directors Colin Armer and Alan Pye
resigned from TasAg as at 5.00pm on 30/10/2001. Registered holders of TasAg shares after the cob on 31/10/2001 will be entitled to
any distributions made by the Liquidator during the liquidation process. These distributions will include an interim cash distribution of
$1.20 per share and shares in Leander Holdings, TasAg’s NZ based Australian asset holding company. Steps are being taken to
change the name from Leander Holdings to Tasman Farms.
ELDERCARE NEW ZEALAND LIMITED
Eldercare NZ advised that all resolutions were duly passed by show of hands at the AGM held in Auckland today. The resolutions
passed are as follows: 1) That PricewaterhouseCoopers be automatically re-appointed as auditor of the Company pursuant to section
200 of the Companies Act 1993 and that the directors be authorised to fix the auditor’s remuneration. 2) That the issue by the
Company of 12,121,212 ordinary shares in the Company to Alliance Capital Management NZ for consideration of 16.5cps, on the
terms and conditions described in the explanatory notes accompanying the notice of meeting, be authorised and approved. 3) That
the issue by the company to Cullen Investments or its wholly owned subsidiary of convertible notes with a principal amount of $5m and
the conversion of such capital convertible notes into ordinary shares, on the terms and conditions described in the explanatory notes
accompanying the notice of meeting be authorised and approved. 4) That the issue by the Company of convertible notes with a
maximum principal amount of $3.5m in the Company at any time during the period of 6 months from the date of the passing of this
resolution, to the vendors of a business proposed to be acquired by the Company on the terms and conditions described in the
explanatory notes accompanying the notice of meeting, be authorised and approved. 5) That the board be authorised to issue to
senior executives of the Company up to 3m convertible notes, at any time during the period of 6 months from the date of the passing of
this resolution on the terms and conditions described in the explanatory notes accompanying the notice of meeting.
LAKES OIL NO LIABILITY
Lakes Oil has provided a copy of its Quarterly Activities Report and Mining Exploration Entity Quarterly Report for the quarter ended
30/09/2001. Extract from Reports. GIPPSLAND BASIN: - PEP 155 (formerly PEP 135) - Onshore, Victoria. (Lakes Oil Group,
Operator: 100% interest). There was no activity undertaken on this permit during the 09/2001 quarter. - PEP 156 (formerly PEP 136)
- Onshore, Victoria. (Lakes Oil Group, Operator: 100% interest) Geological studies are continuing, focusing on the petroleum
potential of the Golden Beach Formation. In addition Lakes is examining the nature of gas shows in water bores in the vicinity of
Bairnsdale in an attempt to evaluate their potential economic significance. - PEP 157 (formerly PEP 137) - Onshore, Victoria. (Lakes
Oil Group, Operator: 100% interest; 5% royalty applicable). Reprocessing and mapping of seismic is continuing. In August Lakes
drilled the Boundary Creek-1 corehole to a depth of 364m. Boundary Creek-1 was located approximately 11km south-east of Sale, in
the vicinity of the town of Longford, and was designed to provide information regarding reservoir quality within the Strzelecki
Formation. The results were both surprising and encouraging. Several Strzelecki Formation. The results were both surprising and
encouraging. PEP 158 (formerly PEP 138) - Onshore, Victoria. (Lakes Oil Group, Operator: 100% interest; 5% royalty applicable).
York Prospect: Within the onshore permit PEP 158, Lakes has firmed up a robust 4 way dip structural trap at Latrobe Formation Level,
in relatively close proximity to an interpreted offshore generative ‘kitchen’. Oil shows were encountered in the nearby Woodside wells
in the early 1960’s, but later follow up wells to the north and east of York proved disappointing. Lakes believes these wells failed
wither because they were too remote from the migration path, or were subject to leakage as a results of faulting. OTWAY BASIN: -
PEL 57 - Onshore, South Australia. (Lakes Oil Group: 40% interest; Operator: Origin Energy Resources ). The Summer Hill seismic
Survey acquired approximately 50km of seismic in the south-eastern corner of the permit during May. Processing of the data is now
completed and a preliminary interpretation of seismic and gravity data suggests the presence of a Waarre Formation lead within the
southern portion of the survey. Unfortunately surface conditions in this vicinity have restricted the quality of the data, and additional
seismic would seem to be required if the prospect is to be matured to drillable prospect category. PEP 72 - Onshore, Victoria: (Lakes
Oil Group: 7.5% interest; Operator: Origin Energy Resources ): Lakes earned a 7.5% interest in this permit by contributing to the cost
of the McNamara Park-1 well. The well was located approximately 10km west of Mount Gambier, and was drilled in May to a total
depth of 2,062m KB.. Two drill stem tests were run, one over a Flaxmans Formation sand, the other over the primary target Waarre
Formation. Both tests recovered salt water, and the well was subsequently plugged and abandoned. The operator is undertaking a
review of the remaining prospectivity of PEL 72, for presentation to the joint venture partners later this year. - PEP 152 - Onshore,
Victoria. (Lakes Oil Group: 11.5% interest; Operator: Origin Energy Resources ). Taurus/Tower Hitt Prospectus: Tower Hill and
Taurus prospects each have the potential to host several hundred BCF of gas, whilst several subsidiary culminations present follow up
                                                                                                                                Page 1776
                                                                                                                                25/06/2012
potential in the event of success. Port Fairy Prospect: Following interpretation of the 2000 Spring Creek Seismic Survey the Port Fairy
prospect, targeting Waarre Formation sands, is now considered as mature for drilling. Preliminary estimates of potential size suggest
the structure could contain up to 30bcf of gas, or 12m barrels of oil. - EPPSA 24 - Offshore, South Australia: (Lakes Oil Group: 100%
interest; Operator: Lakes Oil Group). Review of the Troas structure is continuing. Meantime Lakes is actively seeking a farminee for
the permit, and has commenced initial planning for the drilling of Troas-2. Meantime Lakes is actively seeking a farminee for the
permit, and has commenced initial planning for the drilling of Troas-2. EROMANGA BASIN: - ATP 560P - McIVER BLOCK -
Onshore, Queensland. (Lakes Oil Group: 50% interest; Operator: Victoria PetroleumNL). There was no activity undertaken on this
permit during the 03/2001 quarter. - ATP 560P - UELEVEN BLOCK - Onshore, Queensland (Lakes Oil Group: 25% interest;
Operator: Icon Oil NL). There was no activity undertaken on this permit during the 03/2001 quarter. SAN JOAQUIN BASIN: - EAGLE
PROSPECT - Onshore, California, USA. (Lakes Oil Group: 15% working interest; Operator: Victoria Petroleum). The Eagle Prospect
is located within the San Joaquin Basin of California. Following a workover designed to clean out the original Mary Bellochi-1 well, the
Eagle-1 re-entry commenced 21/05. The well opened a ‘window’ in the casing then drilled deviated hole to a depth of 4,323m.
Significant oil shows were encountered in the primary Lower Gatchell Sand, as well as the Upper Gatchell, but attempts to drill a
horizontal bore through the Lower Gatchell were plagued by mechanical problems, related primarily to ‘sticky’ formation above the
target zone. After being struck in the hole several items it became necessary to case and suspend the well at 3,940m, 238m above
the Gatchell oil zone, with the intent of re-entering the well and completing in the pay zone with coiled tubing. - KINGFISHER
PROSPECT - Onshore, California, USA. (Lakes Oil Group: 10% working interest; Operator: Victoria Petroleum). The Kingfisher
prospect was a multiple target structural-stratigraphic trap defined by seismic and nearby well control. The well spudded 26/08, and
drilled a total of 6 target zones before reaching total depth of 4,275m. Analysis of shows and electric logs indicated that only of these,
the Upper Monterey Formation, has the potential for commercial production, with an indicated 86m gross hydrocarbon column.
Adjacent wells have achieved commercial production rates from the Upper Monterey following horizontal drilling and fracture
stimulation. CORPORATE MATTERS: On 18/10/2001 Directors issued a Prospectus for a non-renounceable 1 for 4 rights issue of
approximately 160m shares at 3cps. The cash at end of quarter is A$686,931.
SUN RESOURCES NO LIABILITY
Sun Resources advised shareholders that the Company has farmed into Apex Energy's Wooloongong Coal Seam Methane Project in
the Sydney Basin. Apex is an unlisted public company. Its CEO and founder, John Carmody is ex-joint MD of successful junior
explorer Mosaic Oil. The Wollongong CSM Project presently comprises Petroleum Exploration License Application PELA 58 and Coal
Concession Lease CCL 745. Within the project area the cliff face behind Wollongong (the Illawarra Escarpment) that eventually
becomes the coastline north of Woolongong has coal seams which outcrop at or near the escarpment base. Historically the Bulli seam
has been extensively mined westwards and north westwards from this location by a number of companies, but the underlying seams,
specifically the Balgownie, Wongawilli, Woonona and Tongarra seams have not been extracted because their seam methane gas
content is greater than the Bulli. Apex is looking at production opportunities of coal seam methane gas (CSM) from these coal seams
in the project area. In the immediate environs CSM is currently being drained for safety reasons prior to mining via long horizontal
holes within the Bulli seam at Appin, Tower and Westcliff colleries owned by BHP-Billiton. The CSM from this drainage supplies 2
nearby commercial power stations owned by ASX listed Energy Developments Group. These stations have a total 96.8mw of
generating capacity. Some 20m cubic feet of gas per day is required for generating capacity. Sun has reached an agreement with
Apex whereby it will earn a 20% interest in PELA 58 by the expenditure of $300,000 over 2 years on technical investigations in the
license. Sun also has the right to participate at its 20% interest in other CSM licenses and contracts acquired by Apex in the
Woolongong/Illawarra area. On this point Apex has recently negotiated an agreement with Allied Coal Pty to investigate CSM in
Allied’s license CCL 745 which northerly abuts portion of PEL 58. CCL 745 is also located immediately to the south of BHP-Billiton’s
Appin mine. Apex and Sun will investigate the economic potential of CSM in CCL 745 for power generation. The Bulli, Balgownie and
Wongawilli seams will be targeted by both within seam long horizontal bore holes and fan deviated horizontal bore holes with particular
reference to de-grassing ahead of long wall mining. Potential resource of CSM in CCL 745 has been estimated at 80b cubic feet of
gas. Estimated gas potential targeted for the overall project is 300b cubic feet of gas. Sun considers the project to have excellent
potential for production in the near future. It has the 2 main attributes for success; the presence of ‘real gas’ and an instant doorstep
market of a large local population base (Wollongong – Port Kembla). The gas market in NSW is also growing at 3.8%pa. CSM gas on
the doorstep of a large market should be highly competitive with interstate gas from Victoria or South Australia and as an alternative
gas source strengthens new South Wales’ security of supply.
SUN RESOURCES NO LIABILITY
Sun Resources provided their Quarterly Report for the period ending 30/09/01. Cash at end of Quarter: A$0.451m. A full copy of the
report is available from the NZSE on request.
WILSON & HORTON HOLDINGS LIMITED
Wilson & Horton Holdings ("W&H") announced earlier today a restructuring and sale transaction of Wilson & Horton, its subsidiaries
and Wilson & Horton Finance Pty to APN News & Media. APN has lodged an Explanatory Memorandum regarding the transaction
with the Australian Securities and Investments Commission. This document is available for purchase on the ASIC website
www.asic.gov.au.
                                                                                                                               Page 1777
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INDEPENDENT NEWSPAPERS LIMITED
Independent Newspapers advised that on 31/10/2001, 310,906 fully paid shares were purchased on market at an average price of
$3.50 per share. The shares were acquired under the specific authority of a resolution of the Board of Independent Newspapers on
14/06/2001 and cancelled on acquisition. Number of shares on issue before acquisition: 426,065,027. Number of shares on issue
after acquisition: 425,754,557.
AMITY OIL LIMITED
Amity Oil provided its report for the quarter ended 30/09/2001. Highlights: The 18.6km, 8 inch Gocerler-Misinli pipeline was
completed and pressure tested by the end of August. Construction of the Gocerler gas processing plant, including condensate storage
vessels, was completed by mid October. The plant is undergoing standard gas industry pre-commissioning and commissioning
procedures prior to start of commercial gas delivery. The delayed gas measurement station for the first gas customer, an independent
electric power producer, has now been installed at the customer’s power station. Two Gocerler appraisal/production wells and one
exploration well are programmed to commence drilling in 11/2001. Cash at the end of quarter: A$5.125m.
FLETCHER BUILDING LIMITED
Fletcher Building advised that it has purchased the 10/2001 which roll into 10/2006 Capital Notes from the Noteholders who had
elected to take shares on the Election date. The details of the acquisition, as per LR 7.12.1 are: - Class of Security and ISIN:
FBU030 (NZFBUD0001S2) which roll into FBU150 (NZFBUD0009S5) Capital Notes. - Number Acquired: 20,444,000, - Nominal
Value and Acquisition Price: 20,444,000, - Payment method: Cash, - Percentage of the total Class of Securities Acquired: 57.5%, -
Reason for the Acquisition: As part of the rollover of the Fletcher Building 10/2001 Notes, - Specific authority for the Acquisition:
Conditions of the Capital Notes as set out in the Trust Deed, - Total number of Securities of the Class in existence after the
acquisition: 35,522,500, - Acquisition Date: 31/10/2001.
FORCE CORPORATION LIMITED
The Market Surveillance Panel has granted Force Corporation a waiver from LR 10.5.1. LR 10.5.1 requires FOR to issue an Annual
Report to the NZSE and to its Quoted Security Holders within 4 months after the end of each financial year of FOR. Force
Corporation’s Annual Report is required to be issued to the Exchange and to shareholders by Wednesday, 31/10/2001. Background:
Force Corporation has informed the Panel it is not in a position to issue its Annual Report by 31/10/2001. Force has requested a
waiver from LR 10.5.1 to the extent that Force be permitted to provide a copy of its Annual Report to the Exchange on or by
12/11/2001 instead, in order that it may incorporate into the Annual Report information relating to its proposed capital restructuring
announced on 29/10/2001 (‘the information’). Footnote 2 of LR 5.4.2 provides that the Exchange will suspend the quotation of an
Issuer’s securities, if after 5 Business Days following the due date the Issuer has not complied with LR 10.5.1. Panel Decision on
Waiver: The Panel has granted Force a waiver from LR 10.5.1 to issue its Annual Report on or by 12/11/2001. In its consideration of
the waiver application, the Panel did not accept that the Annual Report should have been withheld to allow for the incorporation of the
information, as FOR may have communicated the information to shareholders by other means. However, the Panel has granted a
waiver from LR 10.5.1 because: -The Panel does not consider the interruption of trading in FOR’s quoted securities to be justified; -
The directors of Force have certified that a waiver from LR 10.5.1 would not be detrimental to Force’s shareholders; -Force provided
financial information to the market by way of its full year preliminary announcement on 21/08/2001; and -Force provided information to
the market as to its capital restructuring by way of its announcement on 29/10/2001.
Philippe Leloir
Secretary, Market Surveillance Panel
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at cob 31/10/2001 was $1.67654. The number of shares on
issue is 416,167,382.
HERITAGE GOLD NZ LIMITED
Heritage Gold NZ provided its report for the quarter ended 30/09/2001.
GOLD PROJECTS (NZ): The Company’s attention during the quarter was focused on the Waihi North permit, which lies between the
Martha gold mine at Waihi and the former Golden Cross gold mine to the northwest. The prospectivity of this district has recently
been enhanced by the discovery of a high grade gold deposit by the Normandy/Otter Gold joint venture adjacent to their existing
treatment plant at Waihi. The Favona deposit trends in a northeast to north-northeast direction with little surface indication of its
presence. High grade gold intersections have been reported, including one of 16m at 27.8 g/t gold and 36.7 g/t silver. The joint
venture expects the project to be developed as an underground mine with decline access. On current indications it could contribute
80,000-100,000oz to annual gold production from Waihi. The Waihi North property held by Heritage is adjacent to the Martha open pit
and contains structures believed favourable to precious metal mineralisation. The Company is currently reviewing its existing data and
other available information to focus on the most favourable structures for further exploration. After properties held by the Waihi joint
venture, Heritage has the next most substantial holdings in the Waihi-Karangahake District. Routine exploration work continued on the
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                                                                                                                               25/06/2012
Company’s other properties at Karangahake near Waihi. Heritage relinquished the Oturehua permit in the South Island during the
quarter, when initial work did not indicate sufficient strike length of mineralisation to warrant further expenditure. COBALT PROJECT
(AUSTRALIA): Alternative processing methods for the Thackaringa deposit are being reviewed and talks have continued with other
parties to consider further development of the project. Broken Hill Cobalt (BHC) owns the Thackaringa cobalt project and Heritage has
33% equity in BHC. The main deposit has a resource of 10.6 Mt at 0.10% cobalt to 100m depth, including 5.0 Mt at 0.14% cobalt, with
the mineralisation open in 2 directions. Another deposit nearby has a resource of 3.0-4.5 Mt at 0.09% cobalt to 100m depth.
COMPENSATION: Heritage is seeking a declaration from the High Court of NZ that the Crown is liable to reimburse Heritage for
expenditure incurred on projects that were sterilized by a 1997 amendment to the Crown Minerals Act. The Company spent around
NZ$8m on the projects. The Company’s legal advisors are formulating further steps in the process of getting the matter to a hearing in
the High Court. CURRENT INVESTMENTS: Heritage holds a 16.5% interest in Cadmus Technology (NZSE:CTL). CTL has a
significant market share in payment system technology and data management in NZ and is developing a strategy for overseas
expansion. Heritage has a 20.5% equity in E-Cademy Holdings (NZSE:ECH), which has an interactive learning management system
that is being marketed for corporate and educational training in Australasia. Heritage has a representative on the Board of each
company. OTHER PROJECTS: Heritage is continuing to examine business opportunities outside the minerals industry. Possible
restructuring of the Company to better recognize the underlying value of Heritage’s assets has been deferred, pending an
improvement in the investment climate. AGM: The Company’s AGM was held on 06/09 and all resolutions were carried by
substantial majorities. Disclosure: Relevant sections in the above statement are based on information compiled by a corporate
member of The Australasian Institute of Mining and Metallurgy with over 5 years relevant experience. Cash at end of quarter:
$246,222.

                                                  THURSDAY, 1 NOVEMBER 2001

NZ INVESTMENT TRUST PLC
The NZ Investment Trust plc advised the NTA per ordinary 25p share of the company as at 26/10/2001 was 159.26p (NZ552.90c).
The exchange rate at which this was calculated was P = NZ$3.4716.
THE BANKERS INVESTMENT TRUST PLC
The NTA of The Bankers Investment Trust as at cob 30/10/2001 was 297.7p
THE CITY OF LONDON INVESTMENT TRUST PLC
The NTA of The City of London Investment Trust as at cob 30/10/2001 was 230.7p
HENDERSON FAR EAST INCOME TRUST PLC
The NTA of Henderson Far East Income Trust plc as at cob 30/10/2001 was 129.6p
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
The NTA of Henderson TR Pacific Investment Trust plc as at cob 30/10/2001 was 65.5p
E-CADEMY HOLDINGS LIMITED
E-Cedemy Holdings has provided its Quarterly Report for the quarter ended 30/09/2001. EXTRACT FROM REPORT: OVERVIEW:
The Board has approved a new business plan that is now being implemented. As part of this process the company is enhancing its
support for existing major clients and developing new clients in its main area of business, corporate and educational training. The level
of client contract work increased after the end of September and this trend is projected to continue for the balance of this quarter.
Operational costs have been minimised to enable the Company to maximise its profit from contract revenue. TAKEOVERS PANEL
QUERY: On 03/08/2001, the Company received a positive decision from the Takeovers Panel over the transaction in which MatrixIP
Pty (through its wholly owned subsidiary nominee Matrix Global Training Pty) acquired E-cademy shares and options. The Panel
found that E-cademy and its directors complied with the transitional provision in section 23(b) of the Takeovers Act 1993, and noted
that the Company and its directors had acted consistently with the Companies Act 1993 and E-cademy’s constitution. CHANGES IN
DIRECTORS: On 28/08/2001: Wayne Johnson resigned as a director of the Company, Keith Jackson was appointed as an
independent director. APPOINTMENT OF ADVISER: On 28/08/2001, Margaret Tapper was appointed as an adviser to the Board.
CONSOLIDATED STATEMENT OF CASH FLOWS The consolidated statement of cash flows has been prepared in a manner that
complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report relates and is
based on unaudited accounts.

CASH FLOWS FROM OPERATING ACTIVITIES
                                   September                               Corresponding
                                   Quarter                                 Quarter
                                   2001 ($000)                             2000 ($000)
                                                                                                                         Page 1779
                                                                                                                         25/06/2012

Cash was provided from:
 Customers                                          37                  61
 Interest received                                   3                  25
Cash was disbursed to:
 Staff costs                                     (108)                (312)
 Advertising and marketing                           0                (217)
 Other working capital (                            1)                (131)
 Income tax paid                                   (1)                  (6)
NET CASH FLOWS FROM
OPERATING ACTIVITIES                             (323)                (580)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
 Loans repaid by other entities                      0                   5
 Other                                               9                   1

Cash was disbursed to:
 Purchase of physical
 non-current assets                                  0                 (41)
 Purchase of other
 non-current assets                               (20)                (115)
 Purchase of equity
 investments                                        (8)                  0
NET CASH FLOWS FROM
INVESTING ACTIVITIES                              (19)                (150)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
 Issue of shares options etc                       400                   0
 Borrowings                                          0                  36
Cash was disbursed to:
 Repayment of borrowings                            (1)                   0
 Other                                                0                 (1)
NET CASH FLOWS FROM
FINANCING ACTIVITIES                               399                  35

NET INCREASE/(DECREASE)
IN CASH HELD                                        57                (695)

Cash at beginning
of period                                           32                1861
Exchange rate adjustment                            (1)                (36)
CASH AT END OF PERIOD                               88                1130

RECONCILIATION OF CASH
                                              Current               Corresponding
                                              Quarter               Quarter 2000
                                              (000) $               (000) $
Cash on hand and
at bank                                             39                  39
Deposits                                            49                1091
TOTAL CASH AT END OF PERIOD                         88                1130

ISSUED AND QUOTED SECURITIES AT THE END OF THE CURRENT QUARTER: Ordinary shares: Opening balance 01/07:
148,500,000, Issued during current quarter: 200,000,000, Closing balance 30/09: 348,500,000. As a result of the decision by
shareholders on 04/07/2001, the company issued 200m ordinary shares to MatrixIP Pty . These shares rank equally with existing
shares. All issued ordinary shares are quoted on the NZSE. Also as a result of the decision by shareholders on 04/07/2001, the
company granted 100m options to buy ordinary shares to MatrixIP Pty under the following terms: - 50m exercisable at 2c each within
3 years of issue. - 50m exercisable at 4c each within 5 years of issue. These options add to those previously approved by
                                                                                                                                   Page 1780
                                                                                                                                   25/06/2012
shareholders to employees under the employee share option plan terms and conditions. None of the options are listed or tradeable.
Options for ordinary shares: Opening balance 01/07: 2,850,000. Issued to MatrixIP Pty : 100,000,000. Closing balance 30/09:
102,850,000.
EBET LIMITED
eBet (ASX/NZSE: EBT) ("eBet") today released its report for the quarter ended 30/09/2001 showing continued year-on-year growth in
Customer Receipts. Customer Receipts totalled $1,559,000, up more than 60% over the corresponding period last year. Commenting
on the result, eBet MD, Keith Cullen, said, "While Customer Receipts were actually down from the previous quarter ($1,559,000 vs
$1,987,000) we are pleased with the result given that it does not include any receipts from cashless gaming system sales which have
now commenced". eBet commenced sales of its card-based ("cashless") gaming system in September with the first system being
installed in this current quarter. The Company experienced a slowdown in gaming systems division sales in the September quarter as
customers delayed buying decisions in anticipation of cashless gaming becoming available. "Receipts from cashless sales and
continued improving results in the US are having a material positive impact and will reflect in the December quarter results", concluded
Mr Cullen. A full copy of the report is available from the NZSE on request.
BRIERLEY INVESTMENTS LIMITED
Brierley Investments announced that through its wholly owned subsidiary, Yellow Ridge Nominees Pty, it has agreed to subscribe for
the placement of 7.1m shares at an issue price of A$0.80 per share in S.P.C. The Subscription Date under the Agreement is
01/11/2001. After subscription, Brierley Investments will hold approximately 10% of the paid-up capital of S.P.C. S.P.C. is a company
incorporated in Australia and is listed on the ASX. The principal business of the company is the processing and marketing of fruit,
vegetables and other food products.
TRANZ RAIL HOLDINGS LIMITED
Tranz     Rail     Holdings     has     today      placed  its   Annual      Report     on   the    Company’s     website     at;
http://www.tranzrail.co.nz/shareholderinvestorinfo/40company_reports.html. A copy of the Annual Report has been made available to
the NZSE for inspection. Hard copies of the Annual Report will be posted to shareholders on Tuesday 06/11/2001 following the
completion of printing.
FRUCOR BEVERAGES GROUP LIMITED
Frucor Beverages Group advised that on or around 11/10/2001, Frucor Beverages Group sent to its shareholders the notice of meeting
for its AGM to be held on 01/11/2001. Certain of the resolutions to be put to the meeting concerned the approval by shareholders of
the issue to employees of convertible notes under the Frucor Executive Share Savings Plan and the making by Frucor of loans in
connection with that Plan. The details of the resolutions and explanatory material were contained in the notice of meeting.
Subsequent to the release of the notice of meeting, Frucor received on 24/10/2001 a notice of takeover offer from Danone Asia Pte.
The notice of takeover offer received by Frucor indicates that it will be a condition of the takeover offer that no further convertible notes
are issued or agreed to be issued for the period of the takeover offer. Frucor wishes to avoid any potential concern from shareholders
that they are being asked to authorise an action that could frustrate the takeover offer. Frucor is therefore proposing to amend the
resolutions which authorise the issue of the convertible notes, and the making of the related loans, to make it clear that the company
cannot take those actions in circumstances where it would breach the conditions to the takeover offer. The proposed amendments to
resolutions 6 and 7 as set out in the notice of meeting are the addition of the underlined words as follows: 6. The shareholders
approve the issue of convertible notes under the Frucor Executive Share Savings Plan for the benefit of the employees of the
Company and its subsidiaries (including Mark Cowsill, the MD of the Company) before 30/04/2002 on the basis that: (a) the number
of shares into which those convertible notes will initially be convertible is no greater than 2,295,000; and (b) that number may
increase or decrease in accordance with a formula designed to reflect the Company’s share price performance relative to the NZSE 40
Capital Index (as described in the explanatory material accompanying this notice of meeting), provided that where the Company
received a notice of takeover offer proposed to be made for equity securities of the Company under the Takeovers Code, no such
convertible notes may be issued where to do so would breach any express condition to which such takeover offer was subject as at the
date of that offer unless and until such takeover offer lapses, is withdrawn or is otherwise terminated. 7. Subject to the shareholders
approving the issue of further convertible notes under the Frucor Executive Share Savings Plan (the “Plan”) by ordinary resolution
passed at this meeting, the shareholders approve the provision by the Company of loans in connection with the Plan before 30 April
2002 as described in the explanatory material accompanying the notice of this meeting, provided that the convertible notes to which
such loans relate are only issued in the circumstances permitted by the shareholders’ approval for the issue of those convertible notes.
 These amendments will be voted on separately by Frucor’s shareholders at the AGM. The NZSE has granted a waiver to Frucor to
allow it to put the amended resolutions to the shareholders’ meeting notwithstanding that they differ from the terms of the notice of
meeting. Frucor’s AGM will be held at the Hilton Auckland, Princes Wharf, 147 Quay Street, Auckland, NZ at 10.30 am on Thursday,
01/11/2001.
PORT OF TAURANGA LIMITED (NS)
Port of Tauranga provided the NZSE with a copy of its Annual Report for the year-ended 30/06/2001.
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FREIGHTWAYS EXPRESS LIMITED (NS)
Freightways Express advised that the Share Dividend Rate for the Preference Shares has been reset for the 12 months to 31/10/2002.
The new rate applicable from 01/11/2001 is 9.25% p.a., inclusive of any imputation credits.
ANZOIL NO LIABILITY
Anzoil NL provided its report for the quarter ended 30/09/2001. Cash at the end of quarter was A$690,000. SUMMARY: Hanoi Basin
Sale Proceeds on schedule. Lembak LPG Project progressing. Rod hare appointed as Director. Company restructure commences
in second quarter. ACTIVITIES: HANOI BASIN SALE: Proceeds from the sale of the Anzoil's Hanoi Basin interest were received on
schedule. To 30/09/2001 the company received approximately US$700,000 of the total receivable of US$2.211m. The remainder is
due in quarterly instalments with the final payment in 07/2002. LEMBAK PROJECT: Continuing efforts were being focussed on
obtaining final Ministerial approval for the Lembak Project in the September quarter. It is expected that this approval will be
forthcoming in the next few months. CORPORATE: APPOINTMENT: Rod Hare was appointed Director on 10/09/2001. CUE
SHARES: In July the company sold approximately 4.1m shares in Cue Energy Resources for a profit. Anzoil still holds approximately
19.4m Cue shares. RESTRUCTURE: In 10/2001, Anzoil announced a restructuring of the company's operations, Board and focus,
with emphasis on participation on lower risk production or near production assets. As a result of this initiative, agreement in principle
has been reached to divest 80% of Anzoils interest in the Lembak Project. Further, Anzoil has recently entered into an agreement to
acquire a 100% interest in offshore Thailand exploration permit B7/38. A separate agreement has been entered into to divest 90% of
this project. Both agreements for the sale of interests in the Lembak project and the offshore Thailand project were entered into with
Pacific Energy 2000 Pty , a company owned by Frank Jacobs and Jaap Poll. Mr Jacobs and Dr Poll are recognised for their expertise
in managing assets in the South East Asian region. Both have resigned from the Anzoil Board in order to focus on progression of the
said projects. To fill a vacancy as a result of the Board changes, Andrew Dodman has been appointed Director as at 15/10/2001.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at cob 31/10/2001 was $2.3484. The number of shares on issue is 60,287,666.
THE NZ MID-CAP INDEX FUND (NS)
The NZ Mid Cap Index Fund provided an Amended Basket Composition as at 01/11/2001.
FRUCOR BEVERAGES GROUP LIMITED
Frucor Beverages Group advised that 3 independent directors have been appointed to a sub-committee to advise shareholders and
noteholders on a takeover bid for the company by Danone Asia Pte . The chairman of the independent sub-committee is Ian Donald.
The 2 other Frucor directors on that committee are Graham Evans and Peter Bush. To assist in the process, the sub-committee has
appointed the investment-banking firm Credit Suisse First Boston as its financial advisers to help the committee achieve the best
outcome for all shareholders and noteholders. The sub-committee has also commissioned Grant Samuel and Associates to undertake
an independent appraisal of the Danone Asia Pte offer. Under the terms announced by Danone Asia Pte , the earliest date for its
$2.35c a share offer to be dispatched to shareholders is 07/11/2001. Accordingly, and assuming the offer is dispatched on this date,
the earliest date for the offer to close is in the first week of 12/2001. However, Mr Donald said that Grant Samuel’s independent
appraisal was expected to be out sometime around mid November. “We will not be commenting on the merits of the offer until we are
in receipt of the Grant Samuel report,” he said. “Once we have analysed the findings of the report, we will make a recommendation to
shareholders and noteholders.” Mr Donald said that shareholders should refrain from making a decision at least until the independent
sub-committee recommendation was made available. He further added that under the new Takeovers’ Code an offer must remain
open for at least 30 days. The Danone Asia Pte offer is for 100% of Frucor. All shareholders would receive the same price. Mr
Donald said that shareholders would be kept informed of any developments.
SKY CITY ENTERTAINMENT GROUP LIMITED (NS)
Sky City Entertainment Group advised that on 01/11/2001 37,000 new ordinary shares were issued to executives of the Company
pursuant to the exercise of options issued under the Sky City Executive Share Option Plan which was approved by shareholders at the
company’s annual meeting in 10/1999. The exercise price of the relevant options under the Plan (and the issue price of the new
shares) was $7.79 calculated in accordance with the terms of the Plan. The shares were issued fully paid and payment for the shares
was in cash. The total number of shares on issue is now 102,285,068.
FRUCOR BEVERAGES GROUP LIMITED
Extract from the Chairman's address: Firstly I'd like to introduce the board of directors to you. My name is Simon Pillar, and I have
been chairman of Frucor beverages since it was acquired by a consortium of investors, led by pacific equity partners, or pep, of which
I'm a MD, in 1998. Before addressing the business of the meeting I'd like to comment on the offer received on 24/10 from Danone
Asia Pte to buy all the issued shares in Frucor at $2.35 and the tranche a convertible notes at $1.31. While it’s very much business as
usual at Frucor I think it’s appropriate to take this opportunity to tell you what is happening as a result of the offer being received. A
board sub-committee has been established to evaluate Frucor’s position in relation to the offer. The independent directors on that
                                                                                                                                 Page 1782
                                                                                                                                 25/06/2012
committee are Ian Donald, graham Evans and peter bush. Neither Rckard Gardell nor I are on the board committee as we represent
pacific equity partners, which together with Bain capital, has granted Danone an option to buy 19.9% of the company. Mark Cowslip is
an executive director and is therefore not on the independent committee either. At this point i would like to hand over to Ian Donald,
chairman of the independent committee, to advised you on the role and functions they will be undertaking. ADDRESS FROM IAN
DONALD: As the chairman of the independent sub-committee of the board I'd like to tell you about the processes we have instigated
and the matters we will be considering on your behalf prior to making a recommendation on the Danone offer. The overall objective of
the independent board committee is to at all times act in the best interests of all Frucor shareholders and to achieve the best possible
outcome from the Danone offer. Our role is to: - Review the detailed offer, - Prepare a response to the offer; and - Issue a
recommendation to you, the Frucor shareholders. We have appointed: - Credit Suisse first Boston as the financial advisor to the
independent committee - Grant Samuel & Associates as the independent appraiser; and - Bell gully Buddle weir as legal counsel to
the independent committee The independent committee will have ongoing dialogue with Danone. We believe they are a credible
bidder for Frucor and we expect they will be able to add significant value to the company. It is inappropriate for me to make any
comment at this time on the price or the terms of the offer. As part of our obligations and responsibility to achieve the best possible
outcome for all shareholders, the independent committee will be soliciting interest from other potential bidders. We are permitted to do
so under the takeovers code and credit Suisse first Boston will assist us with this process. We believe the onus is on the independent
committee to approach other potential bidders to ensure shareholders receive the best possible offer however at this stage I don’t want
to speculate on the potential for competing bids to be received. The timetable from here is that: - Danone will mail offer documents to
Frucor shareholders on or shortly after 07/11 - The independent committee expects to release a statement, including the independent
appraisal report, around 1311/. - The Danone offer will close, at the earliest, in the first week of December. On behalf of the
independent committee i can assure you we will keep you appraised of developments on a timely basis. As the offer must remain
open until early December we encourage you to defer accepting the offer until closer to the offer closing date in case a higher offer
emerges. Thank you, Simon, for the opportunity to make these comments. As has been recently publicly announced, the receipt of
notice of the takeover offer has resulted in a proposed amendment to the resolutions to be put to the meeting. This will be discussed
further at the relevant part of the meeting. I’d now like to turn to the 2001 financial year, which was a challenging one for Frucor. We
set ourselves some big objectives and while, overall, the company performance was satisfactory, the strong performance of both the
NZ and Australian businesses was overshadowed by the disappointing results in the U.K. Management had a number of investment
priorities last year, the launch of “v” in the U.K., Was a significant step; the start-up of an Australian operation, which now employs
around 80 people, established the company as a truly Australasian business; and the advantageous acquisition of the spring valley
sales and distribution assets in Australia added an important strategic capability. Not surprisingly, the cost of investing in these
opportunities had an adverse impact on short term profitability. However at the same time, these investments have created a platform
for long term future growth. Frucor’s results year to date are slightly ahead of a year ago bouyed by a strong October performance.
The MD will shortly provide a detailed overview in his address. There are numerous measures of success but let me just focus on the
transformation of Frucor for a moment. In 1998, when Frucor was purchased from the apple & pear marketing board, the business
was essentially a small locally focussed juice business. Today it is a $230m broad-based beverage multinational. Employment has
grown from about 200 to over 500 and the enterprise value of the business has grown from $65m to $350m (as defined by the recent
offer for the business). By any measure this is a great achievement, and one about which mark and his team should be justly proud.
It is also pleasing to note that Frucor was recently recognised by Forbes global magazine in its October edition, as one of the top 20
small businesses in the world. This was based (and I quote) on its “strong growth prospects, impressive management and innovative
products”. On behalf of the board I'd like to acknowledge and thank mark and his management team for the single minded focus on
making Frucor what it is today - one of Australia's fastest growing cold beverage companies. In Summary: -The NZ business
achieved pleasing revenue and earnings growth and improved its position in the growth beverage categories of water, sportsdrinks and
energy drinks. “v” continued to grow 4 years down the track, as did fresh-up on the back of the fresh-up vits innovation. The successful
launch of mizone sportswater last October, also contributed. -The Australian business posted strong revenue and earnings growth and
Frucor established a platform for expansion following the acquisition of the spring valley sales and distribution infrastructure in January
this year. This, together with the creation of a Frucor controlled selling system calling on around 11,000 customers will provide further
opportunities for “v’’ and new products, as demonstrated by the recent launch of mizone, in July. -The company developed a foothold
in the U.K. Energy drink market. The significant upfront investment that we needed to make to launch the product in the U.K. Has
been ratified with “v” having now achieved the number 2 position in the fiercely competitive but relatively underdeveloped energy drink
market. -Internationally, the company took a selective approach to opening up further new markets. Besides South Africa, “v’’ is now
available in Dubai and Hong-Kong but the company has taken a low-key approach to these opportunities given its focus on getting the
U.K. Right and driving growth in Australia. Significantly, Frucor’s international revenues grew 67% during 2001 to nearly $62million
and now contribute nearly a third of total company revenues. So overall, 2001 was a year of strong revenue growth, new products,
heavy investment and continued international focus (specifically Australia and the Ku). There’s no denying that Frucor has a strong
Australasian base from which to fund growth, a wealth of cold beverage expertise and a proven track-record of innovation. By
concentrating on selective opportunities, we’re confident of delivering a foundation for growth which will continue to generate attractive
returns to our shareholders. At this point I would like to hand over to mark to present to you the company strategy, a trading update,
and our view on the outlook for the business. It is my pleasure to present a geographic overview of Frucor’s strategic priorities and a
brief update on year to date trading. I’ll then conclude with the outlook for the company going forward. But before I do that, I'd like to
introduce my management team who are here today and ask that they each stand up individually to make themselves known; -Carl
bergstrom is the CEO of the NZ business, -John Rymarz is the newly appointed C.E.O. of the Australian operation, -Ray Nicholls is
                                                                                                                                Page 1783
                                                                                                                                25/06/2012
the general manager of the U.K. business, -Malcolm Tubby is Frucor's chief financial officer, -Andrew Fraser is the international
marketing manager for “v” and -Teva loos is Frucor’s general manager of human resources, They form part of the strong team at
Frucor who are responsible for developing the business strategies and delivering the results. As i mentioned in the annual report,
Frucor's on a mission: To be a world-class innovator, manufacturer and marketer of quality, branded cold beverages, and to achieve
excellence in the fulfilment of customer, shareholder and employee requirements and expectations. Whilst the recent recognition by
Forbes global of Frucor as one of the world’s top 20 small company’s was a great achievement, we believe our mission is far from
complete. The culture of this company is one of restless endeavour in the thirst to become the best “small” beverage company in the
world. Nor will recent market-place events distract us from continuing to pursue the company’s longterm growth strategies which I'd
like to share with you now. Given the keen interest in the company’s performance in the U.K. and Australia, I'll talk to these markets
first. However, before i do, it’s worth emphasising that the NZ business continues to both generate the majority of the company’s
profits and perform strongly. U.K STRATEGY AND UPDATE: In the U.K., our objective is clear. To achieve a profitable number 2
position in the large, yet relatively underdeveloped U.K. energy drink market by focussing on the daytime consumption opportunity.
It's fair to say it’s been a challenging goal for Frucor and in particular, general manager, Ray Nicholls and his team. The market is very
competitive with around 25 or so other energy drink brands launched in the U.K. over the last 2 years. Last summer, the distribution
build took longer than anticipated and this, combined with significant launch marketing investment, impacted on the year-end result.
During 2001, our strategy was to substantially increase “v”’s distribution coverage and the U.K. team did a good job in driving this.
Weighted distribution increased to nearly 50% pre-summer which justified further marketing investment over the U.K. summer. In
terms of recent trading, our continued investment has had the desired effect. “v”’ is now the clear number 2 in the U.K. market with
Nielsen reporting an improvement in market share from the June quarter. In fact, “v” is the only significant brand to have grown its
share in the past 3 months in the U.K., A considerable achievement in light of the 40 or so other competing brands in the market.
Management believe that “v”’s market share is between 8-10%. The market, however, as reported by Nielsen, declined for the first
time ever by 4% over the last quarter. This is a significant contraction on the annual growth rate of 27% reported in the company’s
2001 annual report. The net result of these 2 factors on revenues is that, whilst average weekly sales grew 51% between fourth
quarter 2001 and the first quarter this year, they are below our expectation which was built on the assumption of higher market growth.
 A key factor in the drop off in market growth has been the unexpected fall in media investment in the category. This has fallen from
13.5m pounds last year to 6.2m pounds in 2001, a reduction of 55%. Surprisingly, the market leader reduced its media spend by more
than half over summer which has served to reduce the profile of the energy drink category in the context of the broader cold beverage
market. Our focus for the balance of the year is on broadening “v”’s distribution and broadening the range in selective accounts with
the introduction of “v” bottles and multipacks. This broadened range serves to differentiate “v” from the competition and across the
market. The addition of the bottle has been incremental to sales of “v” cans. While there is still much work to be done, the recent
gains in “v’’s market share gives us confidence that the proposition for the brand is credible in the minds of our customers and a
growing number of u.k consumers. In terms of market potential, consumption per capita of energy drinks in the U.K. remains relatively
low at 0.6 litres per head, when compared with both NZ and Australia. This suggests that there continues to be a substantial
underlying growth opportunity in this market. A rekindling of market growth is dependent on category investment by the major players.
 But even if historical growth levels were to be regained, it has become clear that Frucor's plans in the uk would be better achieved in
conjunction with a strategic partner who could complement our capabilities. This would facilitate the creation of a longterm platform
for the brand and enable sustained investment at an appropriate level. Indeed, as we continue to explore other major international
opportunities for the business, beyond Australasia, the board believes that one, or a series of such strategic partnerships, will be the
best way forward.
TENZ - NZSE 10 INDEX FUND (NS)
The manager of the NZSE10 Index Fund advised the composition of a basket of securities equivalent to 500,000 TeNZ from the close
of trading on 31/10/2001. The new basket composition will apply to applications and withdrawals from 01/11/2001.
DB GROUP LIMITED
CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 30/09/2001
Audited (NZ'000)
                                         Current        Previous
                                          Period   Corresponding
                                                           Period
OPERATING REVENUE
Sales revenue                           278,298          530,172
Other revenue                                 92              107
Total Operating Revenue                 278,390          530,279
OPERATING SURPLUS (DEFICIT)
BEFORE UNUSUAL ITEMS AND TAX             35,580           48,322
Unusual items
for separate disclosure                  34,812           (6,309)
OPERATING SURPLUS (DEFICIT)
BEFORE TAX                               70,392           42,013
                                                                                                                             Page 1784
                                                                                                                             25/06/2012
Less tax on operating surplus                           (11,019)              (17,783)
Operating surplus (deficit)
 after tax but before minority
interest                                                  59,373                24,230
Less minority interests                                  (1,097)               (1,241)
Equity earnings                                                  -                   -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                              58,276                22,989
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                                                59,373                24,230
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                (1,097)               (1,241)
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Members
 of the Listed Issuer                                     58,276                22,989
EPS - Basic                                                115.6                  22.8
EPS – Diluted                                              115.6                  45.6
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                                 128,136               226,913
DB Group announced a fully imputed final dividend of 15.5cps, and a supplementary dividend to non-resident shareholders of 2.74cps,
will be paid on 28/11/2001. This combined with the interim dividend makes a total dividend for the year of 27cps. Brian Blake, MD of
DB Group announced a strong year-end operating performance for the streamlined company. DB Group’s earnings before interest
and tax for the 12 months ended 30/09/2001 were $31.0 m. This result has been achieved following the divestment of non-core assets
(Allied Liquor Merchants, NZ Liquor and Corbans Wines) during the previous financial year. The sale of Corbans to Montana in
10/2000 had resulted in a gain of $34.7m. All proceeds from this sale had been distributed to shareholders in 12/2000. The net profit
after tax and minorities from continuing operations is $20.2m which is a return on equity of 15.8%, up from 10.8% on the then larger
operating group in 2000. DB Group now consists solely of DB Breweries and the liquor franchise, Liquorland. Mr Blake said he was
pleased with the result, which had been achieved in a difficult and challenging market. DB Breweries had achieved a slight increase in
sales, from $276.2m to $278.3m, without the one-off impacts of the initial load into supermarkets, the Millennium celebrations and the
America’s Cup. Whilst the market had been difficult, DB Breweries had continued to achieve success in building its key brands,
particularly in the growing premium segment. Heineken, the leading premium brand in NZ, had further improved its position during the
past year whilst Monteith’s had achieved the distinction of being DB Breweries’ fastest growing brand achieving growth of over 20%.
In the mainstream segment both Tui and Export Gold had experienced growth. Part of Tui’s growth had come from its successful
introduction into the key Auckland market. Mr Blake said that cost increases arising from inflationary pressures and the lower value of
the NZ dollar had impacted unfavourably on margins and operating costs. Progress on the $60m redevelopment of the Waitemata
brewery site, involving a new packaging hall and an administration building, was progressing well with the project scheduled to be
completed in 08/2002. DB staff in Auckland would be relocated from 3 existing sites onto the Waitemata site.
AUCKLAND INTERNATIONAL AIRPORT LIMITED
Auckland International Airport (AIAL) gives notice that on 31/10/2001 it has issued 1,060,000 options to acquire ordinary shares issued
under the AIAL Executive Option Plan approved at the AGM of AIAL on 16/11/1999. The options were issued for no consideration. The
total number of securities of this class in existence after the issue is: 1,060,000.
THE NEWS CORPORATION LIMITED
The News Corporation advised that both News Corporation and Fox Entertainment Group will release its first quarter fiscal 2002
results on 08/11/2001 (Sydney) and 07/11/2001 (NY).
                                                                                                                                  Page 1785
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FRUCOR BEVERAGES GROUP LIMITED
Frucour Beverages Group advised that it was resolved at the AGM held on 01/11/2001 that: - Ian Donald has been re-elected as a
Director. - Peter Bush has been re-elected as a Director. - PricewaterhouseCoopers has been re-appointed as the company's
auditors and that the directors be authorised to fix the auditor's remuneration for the ensuing year. - The shareholders approve the
issue of convertible notes under the Frucor Executive Share Savings Plan for the benefit of employees of the Company and its
subsidiaries (including Mark Cowsill, the MD of the Company) before 30/05/2002 on the basis that: (a) the number of shares into
which those convertible notes will initially be convertible is no greater than 2,295,000; and (b) that number may increase or decrease
in accordance with a formula designed to reflect the Company’s share price performance relative to the NZSE 40 Capital Index (as
described in the explanatory material accompanying this notice of meeting). Provided that where the Company received a notice of
takeover offer proposed to be made for equity securities of the Company under the Takeovers Code, no such convertible notes may be
issued where to do so would breach any express condition to which such takeover notice was subject as at the date of that offer unless
and until such takeover offer lapses, is withdrawn or is otherwise terminated. - Subject to the shareholders approving the issue of
further convertible notes under the Frucor Executive Share Savings Plan (the “Plan”) by ordinary resolution passed at this meeting, the
shareholders approve the provision by the Company of loans in connection with the Plan before 30/05/2002 as described in the
explanatory material accompanying the notice of this meeting, provided that the convertible notes to which such loans relate are only
issued in the circumstances permitted by the shareholders’ approval for the issue of those convertible notes. - That the constitution of
the Company be, and is hereby, amended by adopting the alterations in the form tabled at this meeting and signed by the Chairman
for the purpose of identification.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Australia & NZ Banking Group advised that 143,687 fully paid ordinary shares were issued pursuant to the exercise of options on
31/10/2001. Issue price: 6,925 shares at A$13.70; 11,500 shares at A$14.92; 13,500 shares at A$14.63; 50,000 shares at A$8.97;
50,000 A$10.64; 7,813 A$11.45; 3,949 A8.76. Number of securities now quoted is 1,488,510,957.
AIR NEW ZEALAND LIMITED (NS)
Air NZ have announced the following: Clause 2.2 of the Heads of Agreement entered into between Air NZ and the Crown on
04/10/2001 requires that the period for the Crown’s due diligence is to conclude on 09/11/2001. A clause in the First Schedule to the
Heads of Agreement then states that Air NZ must have complied with its obligations to provide access and information to the Crown in
respect of that due diligence by 31/10/2001. Air NZ has complied with its obligations to provide access and information to the Crown.
To enable the Crown’s due diligence to continue with the benefit of ongoing access and information until 09/11/2001, the date in the
First Schedule (currently 31/10/2001) has been extended by agreement between the parties to 09/11.
GENERAL PROPERTY TRUST
General Property Trust announced it had settled on the sale of the Trust’s 50% interest in Allendale Square and the adjoining CTA
Club Building (Allendale Square) in Perth. The sale, to Cape Bouvard Properties Pty was finalised on 30/10/2001. GPT’s interest in
Allendale Square represented only 2% of its office portfolio and was the Trust’s only office asset located in Perth. The sale price of
A$45.03m was in line with GPT’s current book value for the asset. The funds realised from the sale will be redeployed on existing
projects in GPT’s A$5.6b property portfolio. Current projects in the portfolio include GPT’s proposed A$200m acquisition of the
Homemaker Retail Group, the current Floreat Forum redevelopment and the expansion of Ayers Rock Resort. GPT confirmed the
company is in discussions with relevant parties concerning the acquisition of further units in 2 Park Street Trust, further to an article in
the Australian Financial Review 01/11/2001.
THE NEWS CORPORATION LIMITED
The News Corporation announced the following allotment of securities for the period 26/10/2001 to 29/10/2001. Issue of 92,500
Preferred Voting shares: 50,000 shares at A$4.79 per share, 11,500 shares at A$5.17 per share, 6,000 shares at A$6.09 per share,
25,000 shares at A$8.08 per share. Authority for issue: In accordance with plan rules approved by Special Resolution of Shareholders.
 The number of Preferred Voting Shares on issue is now: 2,940,915,307.
FRUCOR BEVERAGES GROUP LIMITED
Emphasising “business as usual” despite a current take-over offer, Frucor Beverages Group told its AGM in Auckland today
(01/11/2001) it expected continued strong earnings growth in NZ and Australia, and consolidation of its number 2 position in the UK
energy drinks market. Chairman Simon Pillar told the meeting that while the process of preparing an independent report for
shareholders and noteholders on the merits of the offer by Danone Asia Pte continued, there was little the company could say about it.
 But he described the 2001 financial year (to 30/04/2001) as “challenging” for Frucor, saying the strong performance of both the NZ
and Australian businesses was overshadowed by the disappointing result in the UK. In its first full year as a publicly listed company,
Frucor achieved a net profit after tax of $11.7m on operating revenues of $228.4m, up 26.7% on the previous year. The company has
more than doubled its revenues in 2 years, from $112.2m in 1999. Net surplus for the year was down 14% on the normalised net
surplus of $13.6m for 2000, but represented a 21.9% improvement on the previous year’s result of $9.6m. Earlier, the Chairman of the
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independent sub-committee of Frucor’s board, Ian Donald told the meeting that while the committee will have “ongoing dialogue” with
Danone, it would also be soliciting interest from other potential bidders. “We believe the onus is on the independent committee to
approach other potential bidders to ensure shareholders receive the best possible offer, however at this stage I don’t want to speculate
on the potential for competing bids to be received,” he said. Mr Donald said the independent committee expected to release a
statement, including the independent appraisal report, “around 13/11”. The Danone offer will close, at the earliest, in the first week of
December. In commenting further on the 2001 year Mr Pillar said investment in new opportunities to create a future platform for
growth had impacted on the result. “Management had a number of investment priorities last year. The launch of “V” in the Uk was a
significant step. “The start-up of an Australian operation which now employs around 80 people established the company as a truly
Australasian business, and the advantageous acquisition of the Spring Valley sales and distribution assets in Australia added an
important strategic capacity. “Not surprisingly, the cost of investing in these opportunities had an adverse impact on short-term
profitability. However, at the same time, these investments have created a platform for long term future growth.” UK MIXED
RESULTS – “V” GROWING AHEAD OF MARKET: Mr Pillar said that while last year was viewed as an investment in developing a
foothold in the UK, the business’s performance in that market fell well below expectations, with a loss at EBITDA level of $10.2m.
“This was a disappointing result and reflected the upfront marketing investment required to launch "V”. In hindsight, we were perhaps
ambitious to expect an early win in this fiercely competitive but relatively underdeveloped energy drink market. “Progress since June
has been steady however, with good distribution gains and share growth over the UK summer and significantly, “V” has now achieved
the number 2 position in the UK energy drink market,” said Mr Pillar. Frucor MD Mark Cowsill reiterated Mr Pillar’s remarks. “The
market declined for the first time ever by 4% over the last quarter. This is a significant contraction on the annual growth rate of 27%
reported in the company’s 2001 annual report,” he said. “The net result is that, whilst average weekly sales grew 51% between the
fourth quarter of 2001 and the first quarter this year, they are below our expectation which was built on the assumption of higher
market growth.” Mr Cowsill also said that in terms of market potential, consumption per capita of energy drinks in the UK remains
relatively low at 0.6 litres per head, when compared with both NZ and Australia. “This suggests that there continues to be a substantial
underlying growth opportunity in this market,” he said. “A rekindling of market growth is dependent on category investment by the
major players. But even if historical growth levels were to be regained, it has become clear that Frucor’s plans in the UK would be
better achieved in conjunction with a strategic partner who could complement our capabilities. This would facilitate the creation of a
long term platform for the brand and enable sustained investment at an appropriate level.” AUSTRALIA A PRIORITY: Mr Cowsill said
a top priority was continued expansion into Australia, which he described as at “an evolutionary stage of development.” “This presents
the most logical growth step for the company and is Frucor’s primary investment focus. “Australia is a huge, $A6b cold beverage
market with consumption levels, for the most part, far greater than that of NZ. “The bottled water market alone is approximately 10
times the size of its NZ equivalent. The only exception is the energy drink market which lags behind NZ at 1.2 litres per head of
population, illustrating the untapped potential that this category presents. “Australia is our most attractive market and one which we
will manage for growth. This will entail significant marketing investment but we will pick our opportunities carefully to ensure sustained
growth for the long-term and a good level of payback.” NZ THE EPICENTER: Describing the NZ business as “the epicenter” of the
company’s innovative research and development efforts, Mr Cowsill said the international growth program is highly dependent on the
sustained success in NZ and the supportive resourcing it provides. “The NZ business is at the forefront of international beverage
development as demonstrated by the continuing success of “V”, its consumer preferred juice brands and innovative products like
Mizone (a lightly flavoured sportswater with vitamins to assist in rehydration). “The NZ business has strong market positions in all the
significant cold beverage categories, number one in fruit juice/drinks and energy drinks and second in water and softdrinks, with a fast
improving position in sportsdrinks. It is well placed to defend and grow its position in the near term.” OUTLOOK FOR 2002: Mr
Cowsill said that in the first quarter of the 2002 financial year, Frucor’s operating revenues were slightly ahead of the same period in
the previous year, but October sales were up 18% on last year. “Overall, the NZ business is achieving pleasing revenue growth with
gains across all 3 core categories (Juice/Drinks, New Age Beverages and Other Beverages). Significantly Frucor water sales in NZ are
approximately double that of a year ago,” he said. Australia experienced a slow-down in energy drink market growth (from 34% in the
May quarter to just nine% for the August quarter), although “V” market share has grown steadily at just under 50%. However, a
resumption of “V” advertising in August has already resulted in Frucor sales and market indicators starting to accelerate. Total “V”
sales in Australia during October were up around 12% on the previous year. The Australian business continues to expand its customer
base, achieving a record 11,000 outlets in September, with an increase of an additional 25% of outlets targeted by year end. “On top
of this we’re in the final stages of concluding a distribution arrangement with Bundaberg Brewed Drinks, Australia’s leading brewed
ginger beer,” said Mr Cowsill. “The Bundaberg brand complements our Australian portfolio of premium, differentiated brands and is
forecast to generate an additional $5m in operating revenues this financial year, at reasonable margins. “This, together with the recent
gains in our customer base and vigorous “V” investment will assist in lifting the sales run-rate in Australia. We also believe that growth
in the energy drink category will rebound to around 20 percent.” In the UK, “V’s” clear number 2 position has coincided with a market
decline for the first time ever, down 4% against an anticipated growth rate of 20%. “In the face of this downturn, caused in part by a
contraction of media investment in the category, “V” is the only brand of any significance showing growth in the UK market – in fact it is
growing ahead of the market,” said Mr Cowsill. Frucor is seeking to leverage this by selling into new outlets and extending its range
with the introduction of “V” bottles and multipacks. “While there is still much work to be done to broaden distribution, the pick-up in
“V’s” share gives us confidence in the consumer acceptance of the brand, and its long-term prospects,” he added. SUMMARY: Mr
Cowsill said the overall outlook for the company remained promising, with stronger revenue and earnings growth anticipated over the
balance of the year. NZ, Australia and the UK are all anticipated to deliver improved results in 2002. “While market conditions in the
UK are soft we expect to report a smaller loss this year on the back of the gains we’ve made and we will actively seek a strategic
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alliance in this market. “In Australia, our performance has rallied behind renewed investment, product news and an expanded
customer base. Per capita consumption of energy drinks remains low, so this, together with our aggressive sales and marketing
program gives us confidence in the future growth prospects in this market. Last year, profits in Australia doubled to $10.8m despite the
one-off costs associated with the acquisition of the Spring Valley sales infrastructure. This year we’re forecasting further strong
earnings growth.” Mr Cowsill said in NZ last year Frucor achieved an EBITDA result of $30.6m, an increase of 17% on the 2000
reported result. “It’s easy to dismiss NZ as a mature business with upside. The reality for Frucor is that, since 1999, it has growth
EBITDA from a base of $18.8m, an increase of 62% over 2 years. Given that the NZ business is already showing positive gains across
all categories, we’re confident of a further growth in contribution to Frucor’s bottom line for the full year.” Mr Cowsill said Frucor
remained committed to its goals – to innovate, internationalise and be world class in every thing it does. “Values and behaviours which
have been internationally recognised and make Frucor stand out on the world stage,” he said.
NEW ZEALAND OIL AND GAS LIMITED
NZ Oil and Gas provided the NZSE with a copy of its Annual Report for the year ended 30/06/2001.
ELECTRICITY CORPORATION OF NZ LTD
Electricity Corporation of NZ provided its Annual Report for the year ended 30/06/2001.
MOSAIC OIL NO LIABILITY
Mosaic Oil provided a Notice of Disclosures of Interest in respect of Director, Lan Nguyen as at 01/11/2001.
RICHMOND LIMITED
Richmond advised it will release a statement on its financial results for the year ended, 31/09/2001, on Wednesday, 04/11/2001.
There will be a press conference at Richmond’s corporate office at 507 Eastbourne Street, Hastings, at 10.30 am. There will also be
an opportunity for media to visit Richmond Pacific Plant, located between Hasting and Napier. The Company has recently invested
$6.5m in a major re-development of the boning room to enhance its efficiency and competitiveness.
LION NATHAN LIMITED
Lion Nathan Enterprises announced that it has obtained approval under the Foreign Acquisitions and Takeovers Act for its Offer for
Petaluma. Lion Nathan has now declared its Offer unconditional. In addition, Lion Nathan has determined to accelerate payment of
the offer consideration. Shareholders who accept the Offer will receive payment of the offer price of A$7.20 per share (after adjusting
for the dividend) within 3 business days of receipt of their valid acceptance. Shareholders who have already accepted will be paid
within 3 business days of today’s date. Commenting on the announcement, Gordon Cairns CEO of Lion Nathan said “Lion Nathan is
now entitled to over 56% of Petaluma and the Board of Directors of Petaluma has unanimously recommended that Petaluma
shareholders accept the offer as soon as possible. I strongly encourage Petaluma shareholders to accept the offer as soon as
possible to ensure prompt payment to you”.
NEW ZEALAND STOCK EXCHANGE
In terms of the policy set out in footnote (2) of LR 5.4.3, the Panel announces that the following 2 companies have not issued to the
Exchange their audited Annual Reports for the year ended 30/06/2001 due with the Exchange 31/10/2001: - Australasian Property
Holdings, - Pure NZ Footnote (2) of LR 5.4.3 states that if after 5 Business Days following the due date, an Issuer has not complied,
quotation of the Issuer’s securities will be suspended until such time as the issuer has complied. Philippe Leloir Secretary, Market
Surveillance Panel
PORT OF TAURANGA LIMITED (NS)
Further to Port of Tauranga’s announcement dated 25/10/2001 regarding the acquisition of Owens Services B.O.P , Port of Tauranga
confirms in accordance with NZSE LR 10.7.4 that the consideration for the acquisition is $31.5m in cash.
INDEPENDENT NEWSPAPERS LIMITED
Independent Newspapers advised that on 01/11/2001, 105,149 fully paid shares were purchased on market at an average price of
$3.55 per share. The shares were acquired under the specific authority of a resolution of the Board of Independent Newspapers on
14/06/2001 and cancelled on acquisition. Number of shares on issue before acquisition: 425,754,557, Number of shares on issue
after acquisition: 425,649,408.
AMP INVESTMENTS' WORLD INDEX FUND (NS)
The unaudited NTA of WiNZ (AMP Investments World Index Fund) as at cob 01/11/2001 was $1.68278. The number of shares on
issue is 416,167,382.
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                                                    FRIDAY, 2 NOVEMBER 2001

WILSON & HORTON HOLDINGS LIMITED
Wilson & Horton Holdings have released the following information: As previously announced, the Board of Independent News &
Media PLC (“Independent” or the “Company”) has entered into a conditional agreement to sell Wilson & Horton, its subsidiaries and
Wilson & Horton Finance Pty, to APN News & Media (“APN”), a company in which Independent currently has a 40% interest. The
aggregate consideration for the transaction is NZ$1,500m (approximately 690m or A$1,232m), which includes cash and the
assumption of debt by APN.           In view of its size, completion of this transaction is conditional, inter alia, upon the approval of
shareholders in Independent, which is to be sought at an EGM of the Company. A document will be circulated to shareholders
containing further details of the transaction and commencing the requisite Extraordinary General Meeting at which the transaction will
be considered and, if thought fit, approved. In addition, approval of APN shareholders who are not associated with Independent and
its associates is required and will be sought by APN at a general meeting. As part of this process and in compliance with the
applicable Australian regulatory requirements, APN has now publicly filed with the Australian Securities and Investments Commission
an Explanatory Memorandum containing information relevant to the APN shareholders (“APN Explanatory Memorandum”). As this
APN Explanatory Memorandum contains information which could be deemed relevant to Independent shareholders, this notice
contains various exhibits extracted without material adjustment from the Explanatory Memorandum for the information of Independent
shareholders. Independent shareholders can obtain the entire copy of this APN Explanatory Memorandum by accessing the following
website: www.asic.gov.au.
BHP BILLITON LIMITED
BHP Billiton announced that the company together with the other participants in the North West Shelf (NWS) Venture, has signed a
Memorandum of Understanding with Methanex Australia Pty for the supply of gas to a proposed methanol plant on the Burrup
Peninsula, Western Australia. The agreement was signed by the 6 NWS Venture participants and involves the supply of 200
terajoules of gas a day over a 25 year period from 2005. Under the agreement, there is also a provision for the NWS Venture to
supply a further 200 terajoules a day should Methanex proceed with plans to double production. It is intended to convert the
Memorandum of Understanding into a gas sales agreement by the end of this year, subject to approval by the BHP Billiton Board.
The proposed Burrup Peninsula plant will be supplied with Australian Feedstock Gas(TM) from the NWS Venture's existing facilities at
Karratha. Australian Feedstock Gas(TM) is a medium pressure industrial quality natural gas used specifically for projects that require
large quantities of gas for downstream processing. Methanex Australia Pty is a subsidiary of Methanex Corporation of Canada, which
supplies about a quarter of the world's methanol market and more than 30% of the Asia-Pacific market. BHP Billiton's equity in the
North West Shelf Venture is 16.67%. The other participants are Woodside Energy (operator - 16.67%); BP Developments Australia
Pty (16.67%); Chevron Australia Pty (16.67%); Japan Australia LNG (MIMI) Pty (16.67%); and Shell Development (Australia)
Proprietary (16.67%).
BHP BILLITON LIMITED
BHP Billiton announced that it had successfully completed its acquisition of Dia Met Minerals following the purchase of all outstanding
Class A subordinate voting shares and Class B multiple voting shares, for C$21.00 per share. The acquisition of outstanding shares
was completed at the same price as BHP Billiton's previous offers and values Dia Met's equity at C$648m. At the expiry of the offers
on 03/07/2001, BHP Billiton had received acceptances for 98.6% of the Class A shares and 88.7% of the Class B shares. All
conditions of the offers, including a minimum acceptance of 75% of both classes of shares, were met at that time. BHP Billiton
subsequently exercised its statutory right to compulsorily acquire the remaining Class A shares and completed the purchase of these
shares on 20/09/2001. In addition, BHP Billiton proposed the amalgamation of Dia Met with the acquiring entity, Tortilla Acquisition
Inc. The amalgamation was approved by an order of the British Columbia Supreme Court, with an effective date of 30/10/2001, As a
result of the amalgamation, the former holders of Class B shares will receive a cash payment of C$21 per share. BHPb Chief
Development Officer Marcus Randolph said: "The EKATI(Tm) Diamond Mine continues to be a great success for BHP Billiton and the
acquisition of Dia Met ensures we will have ongoing access to the rough diamonds to strengthen our marketing activities through the
EKATI(Tm) and Aurias(Tm) brands. We are currently witnessing strong demand for these branded products." Dia Met is a Canadian
mineral exploration and development company with a primary focus on diamonds. The company's principal asset is a 29% joint venture
interest in the Ekati(Tm) Diamond Mine, Canada's first commercial diamond mine. BHP Billiton is the operator of the Ekati(Tm)
Diamond Mine and the acquisition of Dia Met increases its interest in the joint venture from 51% to 80%. Charles Fipke and Stewart
Blusson own 10% of the joint venture respectively.
AFFCO HOLDINGS LIMITED
Affco Holdings provided 2 appendix 7's in relation to the 1:5 renounceable rights offer. The first is for a Capital change where
ordinary shares will be issued pursuant to LR 7.3.4(e). The maximum number of shares to be issued is 4.75m at 25cps. The purpose
of this non-renounceable offer is to offer shares to existing holders of Ordinary Shares whose total holding, (inclusive of their
entitlement under the Pro Rata Offer) is less than 1,000 shares. The second Appendix 7 is for a 1:5 renounceable rights issues of up
to 45,008,806 Ordinary Shares at 25cps. The record date is 16/11/2001. Letters of Entitlement will be sent on 20/11/2001. The
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application and renunciation date is 14/12/2001. Allotment date will be by 21/12/2001. Dates for both rights issues are the same.
NZ INVESTMENT TRUST PLC
The NZ Investment Trust plc advised the NTA per ordinary 25p share of the company as at 31/10/2001 was 161.79p (NZ569.87c). The
exchange rate at which this was calculated was GBP = NZ$3.5222.
DESIGNER TEXTILES (NZ) LIMITED
Designer Textiles (NZ) provided a copy of its Annual Report for the year ended 30/06/2001. A Notice of Meeting for its AGM to be held
29/11/2001 is included. Special business: 1. Adoption of New Constitution
SAVOY EQUITIES LIMITED
Savoy Equities advised that Kerry Haycock, has resigned as CEO of the Company, effective 01/11/2001. Mr Haycock has been
working with the Board this year on the rationalisation and restructuring of Savoy Equities. This has involved the sell-down of
technology businesses and the realisation of other assets. The process is now effectively completed and Mr Haycock and the Board
deemed it prudent to reduce the cost base of the Company further while other initiatives are researched. Mr Haycock will remain on
the Board and retain responsibility for monitoring of the day-to-day operations of the business. Arrangements have been made for the
outsourcing of necessary functions for the group and these moves mean that salaries and directors’ fees and expenses in total will be
reduced to $53,000 on an annualised basis. The Board will advise shareholders of progress made on the various initiatives, and in
particular in respect of the cash issue signaled in earlier reports at the appropriate time.
BRIERLEY INVESTMENTS LIMITED
Brierley Investments announced that with immediate effect: 1) Hon. Phillip Burdon, a non-executive director since 10/11/1998, has
been appointed Deputy Chairman. 2) The building in which the company’s Singapore Branch Registrar, M & C Services Private , is
located has been renamed as The Corporate Office. Accordingly, the address at which Brierley Investments’ Singapore Branch
Registrar of Members is being kept is now known as: 138 Robinson Road #17-00, The Corporate Office, Singapore 068906
HENDERSON FAR EAST INCOME TRUST PLC
Henderson Far East Income Trust provided its Unaudited Preliminary Results for the year ended 31/08/2001. HIGHLIGHTS: -Total
ordinary dividends of 7.8p net per share have been declared, compared to 7.3p net per share for the previous financial year. -
Forecast dividend for the year to 31/08/2002 is increased to 8.0p net per share. -There was only a small negative total return to
shareholders of 1.9% despite severe setbacks in most Far East stock markets. CHAIRMAN'S STATEMENT: A slowdown in the US
economy was felt in most Far East countries. The company's gross revenues advanced modestly to £7.2m compared to the previous
year's level of £7.0m, a rise of 1.8%. Earnings per share also advanced by 1.8% to 7.9p. PERFORMANCE: The company's
investment policy seeks quality stocks with high yields. Over the past year value-orientated investments proved resilient within
generally weak stock markets. For the year to 31/08/2001 the group suffered a modest decline in net assets per share of 7.0% to
137.2p. Adding back income earned there was only a small negative total return of 1.9% in net assets per share. This may be
compared to substantial negative total returns of 23.1% for the FTSE World Pacific Index excluding Japan and a fall of 30.8% for the
equivalent index including Japan. Over the past ten years your company was the top performing Far East investment trust by a wide
margin, whether Japan is included or excluded. DIVIDENDS: The quarterly dividend rate was raised to 2.0p net per share from the
third interim payment so that the total of the 4 quarterly interim dividends declared in respect of the financial year ended 31/08/2001
amounted to 7.8p net per share compared with 7.3p net per share in the previous year, an increase of 6.8%. Shareholders will recall
that we have never cut a dividend and on 2 occasions over the past ten years have paid additional special dividends. At the end of the
financial year we held more than £3m in our revenue reserve account which is available to support future dividend payments, in line
with our policy of paying high and rising dividends to shareholders. Always subject to stock market conditions, we are confident of at
least maintaining the quarterly dividend rate of 2.0p net per share for the current financial year, for a total payment of at least 8.0p net
per share. SHARE PRICE DISCOUNT AND SHARE REPURCHASES: It is disappointing that the discount at which the shares trade
to the value of assets remained high in common with other Far East investment trusts. Shareholders' approval to buy back shares was
renewed at the last AGM and we will be asking shareholders to approve it again at the forthcoming AGM. This has increasingly
become the industry practice. Our policy is to buy shares back only if we consider value to be substantial. Over the last financial year
we bought back 200,000 shares at a discount of more than 20% and several times we tried to buy back more shares but none were
available in the market. These shares were cancelled and this modestly enhanced the value of assets for remaining shareholders.
OUTLOOK: Conditions in Far East stock markets have been difficult in recent years and this has been reflected in the relative
weakness of these markets. Reforms in all countries have been of a shareholder friendly nature and there are growing opportunities for
the yield-orientated investor throughout the region. Australia and NZ, which account for about half our investments at present, have
begun to perform relatively strongly; and China, which is one of the world's most potentially rewarding and exciting economies, is still
growing by about 8%. The Board considers that your company is positioned to take advantage of recovery given its relatively
conservative portfolio. Our focus on high yields has resulted in a resilient performance in difficult times and the Board expects this to
provide a firm foundation for future growth. The terrorist tragedy in the USA on 11/09 has changed investors' perception of risk. We do
not yet know what further actions or reactions can be expected. The company's focus on income, cash flows and high dividends should
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again stand it in good stead in this uncertain climate. Moreover, Far East stock markets have already suffered significant pain from
their own financial crisis in 1998 and now America's economic and terrorist problems in 2001. Valuations are low and we expect most
of the region's markets to prove resilient. This may now present a good buying opportunity. AGM: This year's AGM will be held on
Wednesday 19/12 at 11.45 am.
AUCKLAND INTERNATIONAL AIRPORT LIMITED
Auckland International Airport provided a copy of the Annual Report for the year ended 30/06/2001.
WILSON & HORTON HOLDINGS LIMITED
Wilson & Horton Holdings provided a printed version of their interim report for the period ended 30/06/2001.
SANTOS LIMITED
Santos provided the NZSE with a weekly drilling report for the week ending 01/11/2001.
LEND LEASE CORPORATION LIMITED
Lend Lease Corporationprovided a copy of the Chairman's and MD's address to the AGM held on 01/11/2001. Copies are available
from the NZSE on request.
SANTOS LIMITED
Santos, as Operator, on behalf of the PPL 118 and 119 Joint Ventures, announced the discovery of a new oil pool in the South
Australian sector of the Cooper Basin. Production testing of the suspended gas well Kudrieke 2 (drilled in 1988) over the Tirrawarra
sandstone produced 55 degree API oil through atest separator at an average rate of 260 barrels of oil per day. Production testing of
the Tirrawarra sandstone in the suspended well Mitchie 1 (drilled in 1982), 3km north of Kudrieke 2 on the northern extension of the
Kudrieke-Mitchie structure, produced 57 degree API oil through a test separator at an average rate of 223 barrels of oil per day.
Santos MD John Ellice-Flint said, "The dedicated focus on optimising and re-evaluating our assets has got off to a good start, with a
success rate to date of 4 out of 4 from previously suspended wells, with 2 further wells currently cleaning up. The nearby suspended
gas well Lake MacMillan 1 was also connected in September and is flowing at an average of 3.5m cubic feet per day." Kudrieke 2 is
located 77km North of the Moomba plant and 10km North of Moorari, the most northerly oil discovery in the Tirrawarra formation prior
to the Kudrieke-Mitchie results. An extended production test will be carried out in Kudrieke 2 to assist in optimising recovery from this
oil pool. Planning will consider the option of a gas flood to optimise recovery, as successfully carried out in the Tirrawarra and Moorari
fields to the south of Kudrieke-Mitchie. In addition to the oil potential in this field, the gas-bearing Toolachee formation in Mitchie 1 will
be tested in order to appraise an extension of the Toolachee gas pool at Kudrieke 2. The interest holders in PPL 119 are: Santos
59.75%, Delhi Petroleum 20.21%, Origin Energy Resources 13.19%, Novus Australia Resources 4.75% and Basin Oil 2.10%
CONTACT ENERGY LIMITED
The Independent Directors of Contact Energy advised that they expect to be making an announcement by early this afternoon in
relation to Mission Energy 5 Star’s proposed offer to acquire the balance of Contact shares not owned by Edison Mission Energy. The
expected announcement from Contact will include new information which shareholders may find useful in their consideration of the
offer.
TOURISM HOLDINGS LIMITED
Tourism Holdings provided its Annual Report for the year ended 30/06/2001.
THE COLONIAL MOTOR COMPANY LIMITED
The Colonial Motor Company provided a copy of its Annual Report for the year ended 30/06/2001. A Notice of Meeting for its AGM to
be held 22/11/2001 is included.
TELSTRA CORPORATION LIMITED
Telstra Corporation provided a copy of the Information Memorandum in respect of the Euro 8,000,000,000 Debt Issuance Program.
Extract from Information Memorandum: Telstra Corporation ("Issuer") may offer from time to time medium term notes and other debt
instruments (together "Notes") under the Debt Issuance Program ("Program") described in this information memorandum. Subject to
applicable laws, regulations and directives, the Issuer may issue Notes under the Program in any country including Australia (but not
the US). The maximum aggregate principal amount of Notes outstanding will not at any time exceed euro 8,000,000,000 (or the
equivalent in other currencies at the date of issue). This limit may be increased from time to time. Application has been made to the
UK Listing Authority for Notes issued under the Program during the period of 12 months from the date of this Information Memorandum
to be admitted to the Official List and to the London Stock Exchange plc for such Notes to be admitted to trading by the London Stock
Exchange's market for listed securities. Admission to the Official List together with admission to the London Stock Exchange's market
for listed securities constitute official listing on the London Stock Exchange. Applications may also be made for Notes issued under the
                                                                                                                          Page 1791
                                                                                                                          25/06/2012
Program to be listed on any other stock exchange (including the ASX) on which Notes may be listed from time to time as specified in
the relevant Pricing Supplement. However, unlisted Notes may also be issued under the Program. The relevant Pricing Supplement in
respect of the issue of any Notes will specify whether or not such Notes will be listed on a stock exchange. A complete copy of the
Information Memorandum is available from the NZSE on request.
AUSTRALIAN 20 LEADERS INDEX FUND (NS)
The NTA of The Australian 20 Leaders Index Fund as at cob 01/11/2001 was $2.3430. The number of shares on issue is 60,287,666.

Substantial Security Holder Notices
Notices in respect of the following companies have been received:

Otter Gold Mines Limited                                            1
AMP Investments World Index Fund Limited (NS)                      1
Pacific Retail Group Limited                                        1
Waste Management NZ Limited                                         2
Scott Technology Limited                                            1
Capital Properties New Zealand Limited                              1
Nuplex Industries Limited                                           4
Frucor Beverages Group Limited                                      1


Substantial Security Holder Notices are published in the New Zealand Stock Exchange Daily Memo. For subscription details contact
04 472 7599.
                                                                                                              Page 1792
                                                                                                              25/06/2012
                               DAILY TRADING STATISTICS – NZSE TOP 10 SECURITIES

STOCK         DATE        QB     BUY     SELL    HIGH    LOW     LAST    MOV'T    %MVT     VOLUME            VALUE
AIA           26-Oct-01           3.25    3.27    3.30    3.26    3.27    -0.01   -0.30      192,138      630,746.85
AIA           29-Oct-01           3.22    3.25    3.30    3.25    3.25    -0.02   -0.61      282,068      921,035.83
AIA           30-Oct-01           3.34    3.35    3.35    3.22    3.35      0.1    3.08      242,153      802,190.65
AIA           31-Oct-01           3.37    3.38    3.37    3.30    3.36     0.01    0.30      178,292      595,628.23
AIA           1-Nov-01            3.48    3.50    3.48    3.37    3.48     0.12    3.57      283,189      974,264.53
AIA Total                                                                                  1,177,840    3,923,866.09
CAH           26-Oct-01           1.46    1.47    1.50    1.45    1.47    -0.02   -1.34    1,236,737    1,829,804.98
CAH           29-Oct-01           1.42    1.44    1.47    1.42    1.42    -0.05   -3.40    1,040,703    1,492,709.48
CAH           30-Oct-01           1.43    1.44    1.44    1.42    1.43     0.01    0.70      907,473    1,298,269.03
CAH           31-Oct-01           1.43    1.44    1.43    1.41    1.43        0    0.00    3,047,709    4,325,116.90
CAH           1-Nov-01            1.43    1.44    1.46    1.42    1.44     0.01    0.70    4,333,779    6,201,578.44
CAH Total                                                                                 10,566,401   15,147,478.83
CEN           26-Oct-01           4.04    4.05    4.09    4.01    4.05    -0.03   -0.74    1,100,331    4,454,346.55
CEN           29-Oct-01           4.16    4.17    4.17    4.07    4.16     0.11    2.72    1,611,804    6,670,815.61
CEN           30-Oct-01           4.12    4.13    4.15    4.11    4.12    -0.04   -0.96    1,658,876    6,859,278.20
CEN           31-Oct-01           4.15    4.16    4.15    4.09    4.15     0.03    0.73      992,206    4,087,912.37
CEN           1-Nov-01            4.12    4.13    4.15    4.10    4.12    -0.03   -0.72    1,242,877    5,134,866.92
CEN Total                                                                                  6,606,094   27,207,219.65
FAP           26-Oct-01          14.15   14.20   14.25   14.10   14.20       0     0.00    1,380,019   19,559,128.75
FAP           29-Oct-01          14.60   14.65   14.66   14.00   14.65    0.45     3.17    1,164,351   16,704,759.57
FAP           30-Oct-01          14.40   14.45   14.62   14.40   14.45    -0.2    -1.37      519,908    7,469,392.34
FAP           31-Oct-01          14.25   14.29   14.45   14.24   14.25    -0.2    -1.38      370,894    5,298,759.10
FAP           1-Nov-01           14.53   14.60   14.59   14.25   14.53    0.28     1.96    1,204,769   17,489,038.45
FAP Total                                                                                  4,639,941   66,521,078.21
FFS           26-Oct-01           0.23    0.24    0.24    0.23    0.23    -0.01   -4.17    1,206,996      287,035.98
FFS           29-Oct-01           0.23    0.24    0.24    0.23    0.23        0    0.00      560,093      132,449.76
FFS           30-Oct-01           0.23    0.24    0.24    0.23    0.23        0    0.00      174,508       41,123.80
FFS           31-Oct-01           0.23    0.24    0.24    0.23    0.24     0.01    4.35      990,472      236,865.58
FFS           1-Nov-01            0.24    0.25    0.25    0.24    0.25     0.01    4.17      859,025      207,563.00
FFS Total                                                                                  3,791,094      905,038.12
FFSPA         26-Oct-01           0.23    0.24    0.24    0.23    0.24     0.01    4.35      763,882      178,010.86
FFSPA         29-Oct-01           0.22    0.23    0.24    0.22    0.23    -0.01   -4.17    3,132,091      721,239.57
FFSPA         30-Oct-01           0.22    0.23    0.23    0.23    0.23        0    0.00      831,190      191,173.70
FFSPA         31-Oct-01           0.23    0.24    0.24    0.23    0.24     0.01    4.35    1,994,501      466,770.58
FFSPA         1-Nov-01            0.24    0.25    0.25    0.23    0.24        0    0.00    1,410,703      339,060.38
FFSPA Total                                                                                8,132,367    1,896,255.09
INL           26-Oct-01   CD      3.55    3.60    3.58    3.53    3.55     0.02    0.57      668,309    2,372,515.93
INL           29-Oct-01   XD      3.50    3.52    3.50    3.48    3.50    -0.05   -1.41      147,536      514,187.18
INL           30-Oct-01   XD      3.50    3.52    3.50    3.50    3.50        0    0.00      416,592    1,458,072.00
INL           31-Oct-01   XD      3.50    3.55    3.55    3.45    3.55     0.05    1.43      530,804    1,862,913.23
INL           1-Nov-01    XD      3.55    3.56    3.56    3.55    3.56     0.01    0.28      281,377      999,258.78
INL Total                                                                                  2,044,618    7,206,947.12
NCH           26-Oct-01           1.23    1.25    1.28    1.21    1.25     0.02    1.63      766,758      965,482.96
NCH           29-Oct-01           1.24    1.25    1.25    1.24    1.24    -0.01   -0.80      313,580      390,317.70
NCH           30-Oct-01           1.26    1.27    1.27    1.24    1.27     0.03    2.42      442,432      553,403.47
NCH           31-Oct-01           1.29    1.30    1.29    1.26    1.29     0.02    1.57      233,693      299,435.73
NCH           1-Nov-01            1.29    1.30    1.30    1.28    1.29        0    0.00      264,874      341,406.14
NCH Total                                                                                  2,021,337    2,550,046.00
SKY           26-Oct-01           3.50    3.60    3.51    3.50    3.50     0.05    1.45       50,300      174,603.48
SKY           29-Oct-01           3.50    3.54    3.55    3.50    3.50        0    0.00       61,843      218,897.30
SKY           30-Oct-01           3.40    3.50    3.50    3.50    3.50        0    0.00        2,100        7,350.00
SKY           31-Oct-01           3.45    3.50    3.46    3.45    3.45    -0.05   -1.43      104,600      360,277.40
SKY           1-Nov-01            3.50    3.55    3.60    3.50    3.50     0.05    1.45      239,904      840,766.00
SKY Total                                                                                    458,747    1,601,894.18
TEL           26-Oct-01   NS      4.40    4.41    4.44    4.35    4.41     0.06    1.38    2,981,395   13,146,168.13
TEL           29-Oct-01   NS      4.61    4.62    4.65    4.38    4.61      0.2    4.54    5,461,469   24,935,587.81
TEL           30-Oct-01   NS      4.47    4.48    4.55    4.45    4.45    -0.16   -3.47    5,384,355   24,549,357.57
TEL           31-Oct-01   NS      4.62    4.63    4.64    4.40    4.63     0.18    4.04    2,325,997   10,615,857.64
TEL           1-Nov-01    NS      4.60    4.61    4.68    4.58    4.60    -0.03   -0.65    3,799,579   17,533,392.75
TEL Total                                                                                 19,952,795   90,780,363.90
WHS           26-Oct-01   CD      6.21    6.30    6.30    6.23    6.25    -0.05   -0.79      218,484    1,364,577.09
WHS           29-Oct-01   CD      6.30    6.36    6.39    6.25    6.31     0.06    0.96      638,613    4,059,197.04
WHS           30-Oct-01   CD      6.35    6.40    6.40    6.28    6.40     0.09    1.43      283,130    1,796,523.08
WHS           31-Oct-01   CD      6.46    6.50    6.50    6.34    6.50      0.1    1.56      212,772    1,370,392.65
WHS           1-Nov-01    CD      6.55    6.59    6.59    6.50    6.55     0.05    0.77      368,791    2,406,311.00
WHS Total                                                                                  1,721,790   10,997,000.86
                                                                                                                                                                                                                                             Page 1793
                                                                                                                                                                                                                                             14/09/2001



                                                                                                         TAKEOVERS
                                                                              Announcements and notices received by the Exchange pursuant to the Takeovers Code

     Target                 Offeror              Notice     Transfer/  Transfer/             Consideration             Partial / Full Offer /                                           Additional/Notes Conditions
   Company                                     received       Offer      Offer                  Per Share                 Compulsory
                                              Pursuant to Commenced/ Completed/
                                                Rule 42     Opened     Closed(s)
Contact Energy   Mission Energy Five Star     12/10/2001 31/10/2001   30/11/2001 $3.85                                Full Offer                Notice of Intention Received (12/10). Offer document Received (12/10)
                 Holdings
Otter Gold Mines Normandy NFM Limited         11/10/2001   TBA          TBA          1.9 Normandy NFM shares for      Full Offer                Notice of Takeover offer received (11/10)
                                                                                     every 100 Otter Gold Mines
                                                                                     Shares
Pacific Retail    Logan Corporation Limited   24/09/2001   15/10/2001   10/11/2001   $1.76                            Full Offer                Notice of Intention Received (24/09). Logan completes purchase of additional 4% of PRG (08/10). Letter sent
Group Limited                                                                                                                                   to shareholders (16/10) Despatch Notice and Offer Document received (15/10)
Frucor            Groupe Danone               24/10/2001   TBA          TBA          $2.35 per ordinary share and     Full Offer                Notice of T/O offer received (24/10). Offer document received (24/10)
Beverages                                                                            $1.31 for each $1.00 principal
                                                                                     value of the Convertible Notes


N/A Not applicable

				
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