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Page 818 Market Announcements FRIDAY, 30 APRIL 2004 NEW ZEALAND EXCHANGE LIMITED NZX considering options in registry business in New Zealand. 30 April 2004 - In response to speculation in the market, New Zealand Exchange Limited (NZX) wishes to announce that it is assessing the feasibility of entering the commercial registry landscape in New Zealand and competing on an equal footing with other registry providers. "We believe there are clear opportunities to improve competitive tension in the registry business in New Zealand by providing a modern, cost efficient alternative that will benefit listed companies both domestically and offshore," said Carl Daucher, NZX Head of Strategy. "There are two providers in the current market, Computershare Limited and BK Registries Limited, and we think there is a great deal of scope for improving customer outcomes through real competitive pressure," said Daucher. "As would be expected, we are rigorously assessing our options in this space and at this time are focusing on an organic build," said Daucher. It is envisaged that, if developed, the registry business will be a stand alone business unit or possibly a subsidiary, separated entirely from NZX's duties as market operator and regulator. It would be treated in exactly the same manner as other registry businesses in the New Zealand market, and will stand alone as a commercial entity. NZX will provide further details as required under its continuous disclosure obligations. MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC The unaudited net asset value for Merrill Lynch European Investment Trust plc at close of business on 28 April 2004 was: 158.90p (undiluted), 151.82p (diluted), Notes: 1. Revenue items, disclosed in the most recent monthly announcement, are included in net asset value, with dividends deducted on the ex-dividend date. 2. Purchases on or before 26 April 2004 of 312.6 million ordinary shares have been reflected in these calculations. 3. Purchases on or before 10 April 2003 of 73.0 million warrants have been reflected in these calculations. SANTOS LIMITED Week Ending 29th April 2004. Wildcat Exploration Wells. Torres 1A: Type: Gas Exploration. Location: Texas, USA, West Mercedes Prospect, Hidalgo County. Status at 0600hrs 28/04/04 (Houston Time): Drilling ahead. The current depth is 2228m with 1459m progress for the week. Planned Total Depth: 4175m. Interest Santos Group: 25.0% WI. Operator: Suemaur E & P. THE BANKERS INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. As at close of business on 28 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 302.9p. THE CITY OF LONDON INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. As at close of business on 28 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 217.4p. HENDERSON FAR EAST INCOME TRUST PLC HENDERSON GLOBAL INVESTORS. As at close of business on 28 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 185.8p. HENDERSON TR PACIFIC INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. As at close of business on 28 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 92.6p ANGLO & OVERSEAS TRUST PLC The NTA of Anglo and Overseas Trust as at close of business on 28/04/2004 was 236.34p. F&C EMERGING MARKETS INVESTMENT TRUST PLC The NTA for F&C Emerging Markets Investment Trust Plc as at 28/04/2004 is 86.88p. FOREIGN & COLONIAL INVESTMENT TRUST PLC The NTA for Foreign & Colonial Investment Trust Plc as at 28/04/2004 is 217.29p. F&C SMALLER COMPANIES PLC The NTA for F&C Smaller Companies PLC as at 28/04/2004 was 279.97p. FOREIGN & COLONIAL EUROTRUST PLC The NTA for Foreign & Colonial Eurotrust Plc as at 28/04/2004 was 485.86p. SKY CITY ENTERTAINMENT GROUP LIMITED (NS) SKYCITY Entertainment Group Limited advises that it has reached agreement with Tainui Group Holdings Limited (TGL) to acquire TGL's 15% equity position in Riverside Casino Limited (RCL), the owner of the SKYCITY Hamilton gaming and entertainment complex. Acquisition of TGL's 15% shareholding will increase SKYCITY's equity position in RCL from 55% to 70%. The other shareholder in RCL is Perry Developments Limited of Hamilton which holds 30%. SKYCITY will pay $10.5 million (plus accrued convertible note interest) for TGL's stake in RCL. The offer is conditional on OIC and Casino Control Authority approvals. The effective date of the transaction will be 30 April 2004. Following the acquisition SKYCITY Entertainment Group will be a 70% shareholder and the operator of SKYCITY Hamilton. The acquisition price will be paid by SKYCITY from its existing financial resources. Page 819 NEW ZEALAND OIL AND GAS LIMITED ACTIVITIES REPORT FOR MARCH 2004 QUARTER , AMENDED. HIGHLIGHTS: - Amokura exploration well discovers oil; - Pukeko exploration well now drilling; - Kupe development engineering under way; - $17.5 million raised from permit sales; - Award of two new permits. PEP38460 - (NZOG 12.5%). Amokura Oil Discovery: Drilling of the Amoukura-1 well commenced on 23 March and reached total depth of 3995 metres on 15 April 2004. A 12 metre oil column was encountered in the top of the Kapuni F Sand with excellent reservoir quality similar to that encountered in the Tui oil field 4 kilometres to the southeast. Integration of the results of Amokura-1 into the mapping of structure, as well as a number of laboratory analyses, are required in order to estimate the size of the discovery. NZOG and its partners in the venture are currently investigating the potential for combined development of the Amokura and Tui oil fields. The Amokura-1 well has been left in a suspended state, so that the Joint Venture has the option to re-enter, sidetrack, and use the well for production. Pukeko Drilling: Drilling of the Pukeko prospect commenced on 28 April 2004 and is expected to reach the first objective, the C Sands, in the third week of May, at 3300 metres. The D Sands at 3500 metres and F Sands at 3700 metres will also be intersected before reaching planned total depth of approximately 4200 metres about the end of May. Each of these sands has potential of more than 80 million barrels. Additional Drilling: Further drilling within PEP38460 is expected with the Ocean Bounty semi-submersible unit, probably in the area close to the Tui and Amokura oil discoveries. Extension to Permit Area: On 14 April 2004 an extension of 958 km2 was granted, bringing the total size of PEP38460 to 4046 km2. The extension is over an area south of Pukeko, and includes a prospect identified updip of the Te Whatu-2 well, which was drilled in 1987 encountering minor oil shows in the Kapuni Group. Kupe Gas and Oil Development (NZOG 15%): Preliminary engineering design of the offshore Kupe development commenced during the quarter. Seabed core samples were obtained to assist detailed design of the foundations of the offshore production platform. Results of this work will be used to fix the development concept for a full engineering design in the June quarter. NZOG and its partners in the Kupe project have set a deadline of June 2005 for formal development approval. NZOG sold a 4% interest in the Kupe permit to Mitsui for $9.2 million during the quarter. Negotiations continued for a long term gas sales contract for the Company's share of gas production and for financing of field development costs. Pike River Coal Field (71%): Conditional approval for land access to the Pike River metallurgical coking coal deposit was granted by the Minister of Conservation on 12 March 2004. Negotiations on detailed terms and conditions of access are proceeding. Pike River Coal Company ("PRCC") is considering alternative methods of financing the development (approximately NZ$50 million cost). International demand for coking coal increased during the quarter, with a tight market pushing up prices substantially. New Licence - Seismic Imminent (NZOG 50%): NZOG was awarded a new licence PEP38484, covering 1682 km2 in the area west of the Kupe Field, on 6 April 2004. OMV New Zealand Limited holds the remaining 50% and is operator. Targets in this permit include Miocene shelfal sands in structural closures and also large stratigraphic traps. Some 400 km of seismic will be obtained and integrated with previous data acquired over the area by NZOG/OMV last year. The objective is to firm up one or more prospects for drilling in 2005. Sale of Ngatoro Field: NZOG's sold its 35.4% minority stake in the Ngatoro project in February 2004 for approximately NZ$8.3 million. The decision to sell was influenced by the Ngatoro entering a secondary recovery phase to restore reservoir pressure, it requiring further investment and because of fundamental differences amongst the joint venturers over the last two years. The sale of Ngatoro realised a profit of NZ$6.5 million for the Company. Cash Position / Investments: Proceeds from sale of permit interests injected cash of $17.5 million by 13 April 2004. On 27 April 2004, NZOG took part in a share issue by Pan Pacific Petroleum NL, for an outlay of NZ$500,000. This increased NZOG's holding to 15.1 million shares. Pan Pacific is a co-venturer with NZOG in the Tui- Amokura discoveries PEP38460. CAPITAL PROPERTIES NEW ZEALAND LIMITED Capital Properties New Zealand Limited announced today that it has agreed a new 12 year lease for 2245 square metres of space with law firm Meredith Connell. After more than eighty years in their existing premises Meredith Connell are relocating to Forsyth Barr Tower, 55 - 65 Shortland Street, Auckland. Since the law firms' establishment in 1921, the Crown Warrant for Auckland has been held by one of its partners, with Chairman of partners Simon Moore being the present Crown Solicitor. Meredith Connell will occupy levels 15,16 and 17 of the 18 level building making it the building's largest tenant. The lease will have a positive impact on net passing income for the building and will extend the weighted average lease term from 4 to 6 years. AUSTRAL PACIFIC ENERGY LTD Notice is hereby given that, on the advice of the Audit Committee of the Company, the Board of Directors of the Company resolved on April 23, 2004 that: BDO Dunwoody LLP, Chartered Accountants, not be proposed to be reappointed as auditor of the Company at the AGM on June 25, 2004, and KPMG, Chartered Accountants, be proposed for appointment as auditor of the Company to be effective June 25, 2004, to hold office until the next annual meeting at a remuneration to be fixed by the directors. PORTS OF AUCKLAND LIMITED (NS) Ports of Auckland has provided a copy of the April 2004 Port Report being sent to shareholders today. PACIFIC EDGE BIOTECHNOLOGY LIMITED CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 31/03/2004: Unaudited (NZ$000), Current Period Previous Corresponding Period OPERATING REVENUE Sales revenue 143 - Other revenue 54 88 Total Operating Revenue 197 88 OPERATING SURPLUS (DEFICIT) BEFORE UNUSUAL ITEMS AND TAX (2,650) (3,067) Unusual items for separate disclosure - - OPERATING SURPLUS (DEFICIT) BEFORE TAX (2,650) (3,067) Less tax on operating surplus - - Operating surplus (deficit) after tax but before minority interest (2,650) (3,067) Less minority interests - - Equity earnings - - OPERATING SURPLUS (DEFICIT) AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER (2,650) (3,067) 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 (2,650) (3,067) 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 (2,650) (3,067) EPS - - SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MEMBERS OF THE HOLDING COMPANY 2,525 5,175 Page 820 No Dividend. Chairman's and Chief Executive's Report: This year has been one of significant development for Pacific Edge Biotechnology Limited. A new Chief Executive, David Darling, was appointed in late November 2003. David is a scientist with a background in genetics and has had a large part of his career in biotechnology business start-ups and development. He joins the company from Rubicon Ltd where he was Director of Biotechnology Business Development and as such he is ideally suited to the role of Chief Executive Officer for Pacific Edge Biotechnology Ltd. New and exciting talent has been added to the lineup of scientists and technologists with the appointment of three new members to the team in genomics, bio-informatics and proteomics. These staff and the array of internationally recognized people in medicine, oncology and informatics places Pacific Edge in a strong position. The technology and product development program has advanced significantly over scientifically challenging territory. Target gene products have been identified, as being significant, in either the initiation, development or progression of targeted cancers and have led us to proteins that are putatively agents in the development of cancer. It is the expression of these proteins by cancer tissue that will provide the company with the opportunity to craft diagnostic kits. The opportunity for the company to create value for the shareholders revolves around the development of highly efficacious tools to aid the early detection of cancer and for monitoring the progression of cancer. If the company is successful with the development of these tools then Pacific Edge will be able to provide the medical profession with opportunities to change the treatment of cancers, thus creating the potential to significantly change the prognosis for the patient. The technology and product development continues on track. Gastric cancer is the company's lead cancer programme with the team at Pacific Edge having elucidated 20 candidate genes from the 30,000 genes that have been screened. Bladder cancer has also yielded a significant number of lead candidates that are under evaluation and development. Recent reviews of the US cancer research scene, indicate that researchers in the US are now recognizing the need to invest significantly in the same research and product development strategy that has been adopted by Pacific Edge; early and effective diagnosis. The development of extensive tissue banks, in the targeted cancers and the accompanying clinical data are key features of Pacific Edge's programme, providing a competitive advantage. The company has recently signed a 'Heads of Agreement' with a large Japanese pharmaceutical company that should lead to the development of diagnostic kits. This is a significant step forward and will have a positive impact on the company's development program. This major Japanese company has a proven track record of developing and taking diagnostic products through clinical trials, registration and into the market. The fact that this company is willing to enter into an agreement with Pacific Edge provides international recognition and strong validation of the quality of the team and their work. Pacific Edge Biotechnology Ltd has continued to perform to expectation both financially and the further development of the technology and products. In summary the company recorded a net loss of $2,650,000 as against a budgeted $2,830,000 for the year ended 31 March 2004 and includes the planned write off of $625,000 of intellectual property acquired on start up. This compares well with a recorded net loss of $3,066,000 for the year ended 31 March 2003. As a matter of policy the company continues to write off all research and development expenditure until the point at which a product or project provides reasonable certainty of a cost recovery. The company has world class people, products in development that have significant interest to major Japanese pharmaceutical companies and sufficient funds to continue the planned programs. NPT CAPITAL LIMITED The quarterly interest payment for the three months ending 31 May 2004 based on the annual rate of 9.5% will be 2.375% per capital note. The record date for the calculation of entitlements will be 14 May 2004 and the payment date will be 31 May 2004. LEND LEASE CORPORATION LIMITED Lend Lease Corporation Limited advises the on market buyback of 102,544 shares for $1,102,379 on Thursday 29 April 2004. The highest price paid was $10.83 and the lowest price paid was $10.65. The total maximum number of shares that may still be bought back under the buyback is 3,393,477 (refer attached Appendix 3E). PROMINA GROUP LIMITED Rule 3.19A.2 - Appendix 3Y. Change of Director's Interest Notice. Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public. Introduced 30/9/2001. Name of entity: PROMINA GROUP LIMITED, ABN 79 000 746 092. We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. Name of Director: MICHAEL J WILKINS, Date of last notice: 19 APRIL 2004. Part 1 - Change of director's relevant interests in securities: In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust. Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part. Direct or indirect interest: INDIRECT. Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevant interest. Shares acquired and held in trust by CPU. Share Plans Pty Ltd as trustee of Promina Group Limited Employee Share Purchase Plan (Deferral 2003). Date of change: 22 April 2004. No. of securities held prior to change: 583,211. Class: ORDINARY. Number acquired: 1,173. Number disposed: -. Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation: $3.79 per share. No. of securities held after change: 584,384. Nature of changeExample: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back Shares acquired through participation in Promina Group Limited's Employee Share Purchase Plan (Deferral 2003). AIR NEW ZEALAND LIMITED (NS) Jane Freeman (director) purchased 20,000 Ordinary Shares on 28/04/04 for NZ$8800. Shares owned in a beneficial and non-beneficial capacity. AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED Australian Foundation Investment Company Limited has provided the following Change of Director's Interest Notices: Name of Director: Terrance Arthur Campbell. No. of securities held after change: - 195,738 Ordinary Shares held in the name of T A Campbell; - 96,000 Ordinary Shares held in the name of TAAP Superannuation P/L. Nature of change: On-market trade. Name of Director: John Paterson. No. of securities held after change: - 69,827 Ordinary Shares held in the name of the J Paterson; - 196,000 Ordinary Shares held in the name of A K Paterson, TAAP Superannuation P/L . Nature of the change: On market trade. LION NATHAN LIMITED Lion Nathan Limited advises that Andrew Maxwell Reeves, Lion Nathan Australia's Managing Director has been appointed an executive Director of Lion Nathan Limited effective 30 April 2004. Lion Nathan Limited has also provided an Appendix 3X - Initial Director's Interest Notice for Andrew Maxwell Reeves. Number and class of securities held: nil. LION NATHAN LIMITED Lion Nathan Limited advises that it will be releasing its half-year results for the six months ending 31 March 2004 on Tuesday 18 May 2004. TELECOM CORPORATION OF NEW ZEALAND LIMITED (NS) Page 821 NOTIFICATION OF ALLOTMENT OF SECURITIES. For the purposes of Listing Rule 7.12.1 of the New Zealand Stock Exchange Listing Rules, Telecom Corporation of New Zealand Limited advises the following securities have been issued pursuant to the Share Option Scheme: a) Class of Security: Ordinary Shares. ISIN NZTELE0001S4. b) Number Issued: 437,032. c) Issue Price: $4.70 -$4.94. d) Payment Terms: Cash. e) Amount paid up: In full. f) Percentage of total class issued: 0.023%. g) Reason for issue: Share Option Scheme. h) Authority for issue: Share Option Scheme. i) Terms of issue: The shares rank pari passu with the existing ordinary shares. j) Number of securities in existence after the issue: 1,931,993,107. l) Date of Issue: 12 March 2004, 16 March 2004, 17 March 2004, 19 March 2004, 22 March 2004, 24 March 2004, 25 March 2004, 29 March 2004, 30 March 2004, 6 April 2004, 16 April 2004, 19 April 2004, 22 April 2004, 27 April 2004. NOTIFICATION OF ALLOTMENT OF SECURITIES. For the purposes of Listing Rule 7.12.1 of the New Zealand Stock Exchange Listing Rules, Telecom Corporation of New Zealand Limited advises the following securities have been issued pursuant to the Share Rights Scheme: a) Class of Security: Ordinary Shares. ISIN NZTELE0001S4. b) Number Issued: 14,040. c) Issue Price: $nil. d) Payment Terms: Cash. e) Amount paid up: In full. f) Percentage of total class issued: 0.007%. g) Reason for issue: Share Rights Scheme. h) Authority for issue: Share Rights Scheme. i) Terms of issue: The shares rank pari passu with the existing ordinary shares. j) Number of securities in existence after the issue: 1,932,007,147. l) Date of Issue: 1 April 2004. COMPUTERSHARE LIMITED Computershare Limited advise the on-market buyback of 255 shares. Total consideration : $26,685.75. Highest price paid: $104.65. Lowest price paid: $104.65. Total number of shares still to be bought back: up to 473,623. THE NATIONAL PROPERTY TRUST The gross distribution for the quarter ended 29 February 2004 will be 2.25 cents per unit. The distribution will be payable to Unit Holders on the Register at the close of trading on 21 May 2004 and will be paid on 4 June 2004. There will be no imputation credits attached to the distribution. INDEPENDENT NEWSPAPERS LIMITED The Executive Chairman of Independent Newspapers Limited ("INL"), Ken Cowley, today announced that Malcolm Colless and Peter Wylie have retired from the Board. "Both Malcolm and Peter have served the INL Board with distinction and the Board thanks them for their efforts in increasing the value of INL," Mr Cowley said. Malcolm Colless joined the INL Board in 1992 and Peter Wylie previously served as INL's chief executive. "The Board now has six directors, which is appropriate for INL's current governance needs," Mr Cowley said. INL holds 78.3% in Sky Network Television Limited (SKY) and has approximately $300 million in cash. DOWNER EDI LIMITED Peter Jollie appointed director of Downer EDI. The Directors of Downer EDI Limited are pleased to announce the appointment of Mr Peter Jollie AM FCA FAICD as a non-executive director of the company. Mr Jollie, a past President of the Institute of Chartered Accountants, has a number of current directorships including Chairman, Heggies Bulkhaul Limited, Chairman, Accountants Superannuation Fund Nominees Pty Ltd (Public Offer Fund) and Syndicate Chairman, CEO Institute. He was previously CEO of P&O Containers, Chairman of the Prospect Water Treatment consortium and was the Chairman of the Defence Housing Authority from 1997 to June 2003. Peter Jollie has also had a long involvement in international trade, particularly in the Asia Pacific region, and has chaired Australia's committees to multilateral trade meetings. He was a member of the Trade Policy Advisory Committee to Ministers for Trade for six years to 2002. He was involved on the Finance Commission and Communications Commission for the Sydney 2000 Bid. Downer EDI Board Chairman, Mr Barry O'Callaghan AO, said: "Peter Jollie's background complements the skills of other directors. His experience and knowledge will enable him to make a significant contribution to the Downer EDI Board." AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Australia and New Zealand Banking Group Limited advises that the following dates will apply for its interim dividend payment in 2004. Ex dividend date - 14 May 2004. Record date - 20 May 2004. Interim dividend payment date - 1 July 2004. Full details of the announcement have been provided to the New Zealand Stock Exchange. AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED Australian Foundation Investment Company Limited has provided a notice of the cancellation of 85,292 ordinary shares. Amount paid: $277,656.38. Date of change: 30/04/2004. FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED Executive Changes: Fisher & Paykel Appliances Holdings Limited is pleased to announce that the Board of Directors has appointed John Bongard to the position of Managing Director and Chief Executive Officer of Fisher & Paykel Appliances Holdings Limited. John continues as Managing Director of Fisher & Paykel Appliances Limited, as well as assuming the additional responsibility for the Holdings Company's entire business, including Fisher & Paykel Finance Limited. Gary Paykel, who relinquishes his position as Executive Chairman of Fisher & Paykel Appliances Holdings Limited, warmly welcomes John's promotion. Gary will continue as Chairman of the Board of Fisher & Paykel Appliances Holdings Limited. Alastair Macfarlane, Managing Director, Fisher & Paykel Finance Limited, which includes the recently acquired Farmers Finance business, will now report directly to John Bongard. In further changes announced today, Mark Richardson is appointed Chief Financial Officer, Fisher & Paykel Appliances Holdings Limited, as well as retaining his duties as Company Secretary. Dennis Churches is appointed to the position as Chief Financial Officer, Fisher & Paykel Finance Limited. ABANO HEALTHCARE GROUP LIMITED ABANO REVISES FORECAST TO 31 MAY 2004: Listed healthcare and medical services provider, Abano Healthcare Group Limited, today provided market guidance for the Group's consolidated results for the year ended 31 May 2004. Following continued soft referral trends into March this year in both the Aged Care and Rehabilitation sectors, operating performance in these businesses is expected to be lower than the previous financial year. The Dental sector is projected to perform slightly below plan, although results will be higher than the previous financial year. The Diagnostic sector is expected to perform to plan. Therefore, the Company advises that Group revenue is forecast to be at the lower end of previous guidance given to the market in January 2004 of $65 to $67 million . Consolidated core EBITDA is now expected to be below last year's core result and this will deliver a small loss for the full year at core NPAT, after a full period of tax expense is incurred. MOSAIC OIL NO LIABILITY MOSAIC MARCH 2004 QUARTERLY REPORT.SUMMARY: Mosaic completed three successful wells during the Quarter. Preparatory work has begun on a large 3- D seismic survey over the Waggamba field to fast track the field development this calendar year. Development includes a 23 km pipeline connecting the field to Mosaic's Silver Springs Treatment plant. The production licence and a pipeline licence to connect the Waggamba Field to Mosaic's existing pipeline grid are currently being considered by the Queensland Government for approval. Quarterly production and sales were low (as predicted) and in line with the last December Quarter. We have been taking advantage of the situation and considerable maintenance has been carried out at the Silver Springs and at the Wallumbilla LPG plants. Official Page 822 auditing of Mosaic's 2P reserves in new fields is to be undertaken to support our gas sales marketing programs with results expected by June/July 2004. In March, we conducted a number of funds managers on an inspection tour of our fields and facilities in the Surat region of south east Queensland to better acquaint them and the market with the company's technology, assets and potential. ACTIVITIES: Churchie Gas Field: The Churchie 4 well was completed as a gas producer and a stabilised flow of 7 million cubic feet a day through a one-inch choke was reported from a short test of the interval 2070-2123 metres. Production testing is planned for the June quarter. The rig was released on 8th January 2004. The well is situated 1.3 km east of the Churchie 3 well. Waggamba Gas Field: After completing some field seismic in 2002, the Waggamba field was reinterpreted as a large Permian gas-field covering approximately 40 sq kms with 3P gas reserves of 90 PJ. The Production and Pipeline Licences were applied for in 2003. The discovery well was drilled in 1981. The drilling results this year are consistent with the earlier interpretation that a large Churchie type gas field is present at Waggamba. Mosaic's first Waggamba well (Waggamba No 2) was drilled in January 2004. The well was drilled 400 metres east of the Waggamba 1 well. The upper section encountered a potential gas pay zone in the Rewan Formation of six metres of net gas bearing sand. In February the Permian section was drilled with nitrogen and encountered a gross oil-gas column of 21 metres within the interval 2,604-2,625 metres. There were strong open hole flows of gas and oil to surface but testing will be conducted in May 2004 after 12 metres of cuttings are cleared out of the well bore. In March the Waggamba No 3 well was drilled 0.9 kilometres west of the Waggamba No 1 well. Only the upper section has been drilled using conventional mud drilling. Logging indicates two gas zones above the primary target. There are 4.5 metres of potential net gas bearing sands in the Showgrounds Formation (2345.5-2350 metres) and 5 metres of potential net gas bearing sands in the Rewan Formation within the zone 2,436-2,448 metres. The Primary Permian sandstones will be drilled under balanced with nitrogen in early June. In order to fully realise the potential for Waggamba, we are presently planning a 3-D seismic survey that should finish in October. The survey will enable us to better site wells and improve payback and deliverability of each well. Tinker Gas Field: There is still much development work to be completed in the Tinker region before its large potential is realised in cash flow. The Tinker 3H well has been completed as a gas producer and connected to Mosaic's gas pipeline grid. This will enable us to contract gas from the region. Production testing resulted in 3.6mmcf per day of gas through 1/2" choke and surface flowing pressure of 599 psi. The gas contains approximately 15 bbls of condensate and 2.5 tonnes of LPG per one million standard cubic feet of raw gas. There are still technical problems to be overcome at Tinker 2H and 4H and Lark. This work has been hampered by the lack of work-over rigs and bad weather also caused delays. Work-over rigs are being contracted for large coal bed methane drilling programs and this problem will be with us for some time. The horizontal drilling done in December opened a number of zones simultaneously and when pressure drops after production from one zone - another zone can flow water and hamper production. Mosaic has proven it is at the forefront of technology and we will get on top of this important area. There is no doubt about the nature of the resource. Lark in particular is a very live oil well but a packer and some equipment still need to be removed from the well-bore before full testing. Processing Plants: Due to the low sales of gas from our fields during the Quarter neither Silver Springs nor Wallumbilla LPG plant are operating at adequate levels. However the low capacity utilisation is allowing for long-term repair and maintenance work to be carried out. At Silver Springs some redundant equipment has been removed from the plant. There has also been repair and maintenance work at Wallumbilla and the long term overhaul of one of the 3 large compressors. OTHER NEWS: Gas Marketing We assure shareholders of our ongoing energies and commitment in this highly confidential area. Our policy of increasing gas reserves in new areas is very deliberate. With large reserves Mosaic is not just dependant on the existing gas market but can negotiate with new projects and grow the market. PNG Chemical Plant Project: On April 29th, subsequent to the Quarter, Oil Search announced the signing of a pre-development agreement for a chemical plant in Papua New Guinea with Itochu Corporation and Mitsubishi Gas Chemical Company. This is designed to facilitate Front End engineering design (FEED) entry in the event agreement can be made about the sourcing and location and the viability of a chemical plant. Studies include gas field suitability, gas quality and location. Apart from the Highland gas fields, foreland gas-fields such as Kimu and Bariekewa are under consideration. Mosaic Directors are pleased that these studies are progressing as at the very least they bring more value back into the Kimu gas field where Mosaic owns 28.6%. Drilling Award: In April at the annual national conference of the Australian oil industry (APPEA) held in Canberra, Mosaic received the award for the "Most Significant Australian Onshore Appraisal Well" for the use of under- balanced horizontal coiled tubing drilling at the Tinker Field. The award was made by the Petroleum Society of Australia (PESA). Failure of Fairymount 7: Subsequent to the Quarter on April 26th, the Fairymount No 7 horizontal well failed to reach target due to an unexpected cave-in above the main target zone. The rig was released on April 29th. Budget for this operation will now be at least $800,000. The Fairymount field is producing oil and is 80 kms from our main operation. The drilling was to improve the flow from this field. Internet site: There has been a revision of the Internet site and there will be further updates of the site during the year. Audited Reserves: We are arranging the external auditing of our 2P gas reserves from new fields. This is necessary for gas marketing. We see this also important for a more informed valuation of our company. We hope to be able to release these results before June 30th. SHAREMARKET TURNOVER and QUARTERLY PRODUCTION: Sharemarket turnover: 179 million shares, (Dec Quarter 156 million) ; Shareholder numbers: 7,067, (Dec Quarter 6,921) ; Oil Production: 11,296 bbls, (Dec Quarter 12,124 bbls); Gas Production: 130,413GJ, (Dec Quarter 142,291 GJ); LPG Production: 428 tonnes, (Dec Quarter 418 tonnes). SUMMIT RESOURCES LIMITED Summit Resources Limited has provided the following Quarterly Report and Appendix 5B, Mining exploration entity quarterly report. A full copy can be requested from firstname.lastname@example.org. Introduction: With the cessation of the summer wet season Summit Resources Limited has resumed field exploration in northwest Queensland. Exploration has included extensive mapping, site sampling, data review, re-establishing exploration tracks and drill site road access in preparation for the Company's 2004 drill program at Mount Isa. Summit has a major drill initiative for 2004 with over 50 RC percussion diamond holes (11,000 metres) and 3,000 metres of RAB drilling planned to test seven targets at Isa North, two at May Downs and one Isa South target. Highlights for the March 2004 Quarter include: - Regrading and establishment of over 250 kilometres of exploration access tracks and drill access roads o Geological mapping, rock chip sampling and data review of all target areas. 250 samples submitted for gold and multielement base metal analyses. - Detailed planning, hole design, budgeting and contract specifications in preparation for drilling. - Mapping and sampling along the Golden Fault extends the gold zone from 7 to 10 kilometres strike at May Downs, - Discovery of the Red Dingo copper prospect. Surface secondary copper mineralisation exposed under shallow cover along the Mount Isa Paroo Fault south of Mount Isa in the Isa South project area. - The market spot price for uranium oxide ("U3O8") has risen from US$7.00 to US$16.00 a pound in early 2004, with most of the price increase in the last six months. This price rise in uranium has sparked renewed interest in Summit's Mount Isa uranium assets. Summit controls over 70 million pounds of indicated and inferred uranium oxide resources in three deposits at Mount Isa. - 2004 Drill funds in place. In April Summit completes an A$800,000 placement of shares to two of the Company's largest shareholders. The placement is made at A$ 8 cents, a substantial 45% premium to the market. PROMINA GROUP LIMITED Promina Group Limited Reset Preference Share Offer: In accordance with the Promina Group Limited Reset Preference Share (RPS) Offer Prospectus dated 31 March 2004, 3 million RPS were allotted to successful applicants earlier today. RPS will commence trading on a deferred settlement basis on 3 May 2004 and accordingly, please find attached: - details of the RPS' dividend rate and Promina's allocation policy in respect of RPS; and - a revised Appendix 3B "New Issue Announcement, Application for Quotation of Additional Securities and Agreement" in relation to the issue of RPS, which replaces the corresponding form lodged with ASX on 26 March 2004. WESTFIELD TRUST WESTFIELD 'LOCKS IN' $140 MILLION INTEREST SAVINGS FOR NEW WESTFIELD GROUP. Westfield today announced it had completed option contracts which will underpin the $140 million interest savings to the new Westfield Group forecast in its presentation to investors last week. Westfield Chairman, Frank Lowy, said the option contracts entered into by Westfield Holdings on behalf of itself, Westfield Trust and Westfield America Trust would hedge the new Group's exposure to movements between the Australian and United States interest rates for the forecast period. "The option contracts, together with yesterday's confirmation by Page 823 Standard & Poor's of a A/A-1 rating for the new Group, highlights the benefits of the merger proposal which will create a stronger platform for Westfield to pursue global growth opportunities," he said. MACQUARIE GOODMAN PROPERTY TRUST MGP announced on 13 April 2004 that it and Macquarie Goodman Industrial Trust ("MGI") had agreed to jointly acquire a substantial development site in Otahuhu for NZ$34.4 million under the co-ownership arrangement between MGP and MGI. A valuation report has been prepared for the Otahuhu property and the independent directors have certified that they have reviewed the valuation report and resolved and certified that in their opinion the transaction is on arm's length, commercial terms and falls within MGP's investment policies. Unitholders may obtain a copy of the valuation report and independent directors' certification free of charge from Macquarie Goodman (NZ) Limited, Level 3, Q&V Building, 203 Queen Street, Auckland. PORTMAN LIMITED Chairman's Address - Portman Ltd, Annual General Meeting. Friday 30 April 2004. As outlined in Portman's recent Annual Report, 2003 was a watershed year for the Company in many respects - but most importantly because the critical issue of obtaining approval to expand the Koolyanobbing Iron Ore Project into our Northern Tenements was finally resolved. The importance of this achievement - and its significance for the future of your Company - can not be overstated. In addition, in early 2003, your Board made the decision to terminate a number of initiatives in the area of downstream processing and regional iron ore exploration in order to focus on the core business of our iron ore operations in Western Australia. The financial write-downs associated with this decision were largely responsible for the lower than expected profit result of $3.2 million for 2002, although I am very pleased to report that this has been reversed with the $16.9 million full year net profit achieved for 2003. As our Managing Director, Barry Eldridge, will outline shortly in his presentation, operations continued at our flagship Koolyanobbing Mine throughout the disruptions and delays caused by the prolonged approval process for access to our Mt Jackson and Windarling tenements. This process has been one of the most rigorous and detailed ever undertaken in the resource industry in Australia, and I am pleased to say that our team has approached every aspect of it with a commitment to excellence and a willingness to go above and beyond normal requirements. These achievements were recently reflected in our excellent March Quarter performance, with record iron ore shipments of 1.5 million tonnes from Esperance Port posted for the 3-month period. While we do not provide specific estimates of profitability going forward, I am pleased to say that we do expect the financial results for 2004 to show a significant improvement over the strong result achieved in 2003. This positive outlook is underpinned by a growing production profile, strong market demand and significantly improved prices for iron ore - driven largely by the rapidly growing Chinese economy. Barry Eldridge will comment further on the market outlook, together with a detailed overview of progress at our Koolyanobbing and Cockatoo Island operations. With our financial outlook extremely positive, I should add that we as a Board expect to continue our established policy of maintaining strong dividend returns to shareholders. A number of Board changes have taken place since our last Annual General Meeting, and you will be voting today on several of these new appointments - including our two new independent, non-executive directors Ms Fiona Harris and Mr Malcolm Macpherson. I believe that these changes will enhance the stewardship of Portman and the progress that I believe can be achieved in 2004, and in the years beyond. As part of our commitment to good corporate governance, we have recently reviewed the position and associations of each of our directors and now have a board structure where five of the six are considered to be independent.In addition, the Board has adopted the 'Principles of Good Corporate Governance and Best Practice Recommendations' established by the ASX Corporate Governance Council and published by the ASX in March last year. We have recently created a corporate governance section on our website which sets out in full detail the various charters, policies and codes of conduct that have been adopted by the Board to ensure compliance with these 'best practice recommendations'. I invite you to review this information. We have recently commenced a program to buy-back 10% of the capital of the company. With our strong balance sheet and expectations of improved profitability in years ahead, I believe that this initiative will provide significant enhancement in value to the shareholders of Portman, without diminishing our ability to pay dividends and continue the growth of the group. In conclusion, I would like to state once again my appreciation for the enormous effort, persistence and focus of my fellow directors, our management team and staff - without whom we could never have negotiated the difficult and trying times of the past 12 months. I am confident that Portman is about to embark on a period of sustained growth, and I believe we can all look to the future with great enthusiasm. NEW ZEALAND EXCHANGE LIMITED NZX clarifies position on CCH Facility and registry initiative. 30 April 2004 - New Zealand Exchange Limited (NZX) would like to confirm that its recent announcement regarding potential development of a commercial registry in New Zealand is entirely unrelated to the Central Clearing House Facility (CCH Facility) that was proposed earlier this year. The CCH Facility is the proposed solution to the technical and market structure issues that have led to market outages over the past year. It is designed to ensure that New Zealand's securities markets maintain their integrity, are immunised from failures and outages in other parts of the securities landscape, and to protect New Zealand's reputation as a destination for international capital. It is also designed to position the securities markets generally for future growth and international participation. The CCH Facility would see NZX extend its clearing and settlement capacity to include a snapshot of each issuer's security holders (and their holdings) which would be uplifted from the relevant registry immediately prior to the opening of trading. All trades in each issuer's securities during trading hours will be recorded in the CCH Facility and a record of the revised security holding data will be downloaded to the relevant register of that issuer at the close of trading. "The proposed CCH Facility would bring New Zealand's capital markets significantly more into line with peer international markets, including Australia, and fit with IOSCO principles," said Elaine Campbell, NZX Head of Regulatory & Public Policy. "Clearly, it's important from a reputational perspective that New Zealand is seen to be meeting international expectations and standards." NZX is currently seeking public submissions on the CCH Facility proposal and will be working with industry participants to develop the best possible solution for its market. Separately from this, NZX is assessing the feasibility of entering the commercial registry business in New Zealand as well. This is a purely commercial decision based on competitive opportunities present in the current environment. "NZX has identified several areas in the registry landscape in this country where competitive tension could be brought to bear to improve customer outcomes," said Carl Daucher, NZX Head of Strategy. "It is just one of the growth initiatives we have been assessing to various degrees over the past 18 months and we see value in pursuing it further." If NZX decides to progress with the registry initiative, it will be run as a subsidiary, separated entirely from NZX's duties as market operator and regulator. The registry business would not be designed together or linked to the CCH Facility, would utilise different technology and would be built as a stand alone commercial entity. Moreover, it would be on a level playing field with the other registry businesses in the New Zealand market and be required to undertake all the obligations of other registry businesses. NZX will provide further details as required under its continuous disclosure obligations or as otherwise required. PROVENCO GROUP LIMITED NOTICE 23181 DETAILS: Submitted Date: 30-Apr-2004 14:43; Status: Accepted. Substantial: N, Director: Y; Add Holder: N; Change Holder: Y; Ceased Holder: N; Change Nature: N; Issuer Code: PVO Provenco Group Limited; Holder: John Evelyn Warren; Address: N/A; Country: New Zealand. Total of Interest: 10560000; Class: PVO; Votes Attached: 1; Beneficial. Total of Interest : 10560000. Non Beneficial: Total of Interest: Description: Name of Listed Issuer: Provenco Group Limited. Name of Director: John Evelyn Warren; Date of Last Disclosure by Director: 29 March 2003; Date of Change: 28 April 2004; Nature of Relevant Interest: JE Warren Family Trust; Class of Security to which Relevant Interest Relates: Ordinary Shares; No. of Securities Held Prior to Change: 10,060,000; Number of Securities Acquired: 500,000; Number of Securities Disposed: N/A; No. of Securities Held after Change: Beneficial: 10,560,000; Non Beneficial: - . Consideration Paid or Received for the Acquisition or Disposition: $ 340,000; Nature of change: On-market trade; Documentation: With Notice: No; Not Filed: No; Been Filed: No; Number of pages: 0; Date of Last Notice : INDEPENDENT NEWS & MEDIA PLC Page 824 News & Media NZ Limited RENAISSANCE CORPORATION LIMITED The Annual Meeting was held on Friday, 30 April. The meeting was addressed by both the Chairman, Richard Ebbett, and Managing Director, Paul Johnston. A full copy of these can be viewed at www.renaissance.co.nz or can be requested from email@example.com. AUSTRALIAN 20 LEADERS INDEX FUND (NS) The NTA of the TORTIS-OZZY fund as at the close of business (Sydney) 29/04/04 was $2.2259 HERITAGE GOLD NZ LIMITED Quarterly Cashflow Report for the quarter ended 31 March 2004. Item Current Quarter $NZ Year to Date (12 Months) $NZ Net operating cash flows (314,592) (1,105,032) Net investing cash flows (3,594) 31,736 Net financing cash flows Nil 586,442 Cash at end of quarter 655,006 655,006 A full copy of this report can be requested from firstname.lastname@example.org. HERITAGE GOLD NZ LIMITED Quarterly Report to 31 March 2004. KARANGAHAKE SAMPLING COMPLETED AND RESULTS AWAITED. HIGHLIGHTS : - Extensive underground sampling/geological mapping programme completed at the Talisman mine (Karangahake Project, NZ). Results, including a JORC compliant resource estimate, are due late May. - Further drilling is planned at Rahu Ridge later this year. Rahu Ridge extends for 2km north north east of the Talisman mine. - Encouraging cobalt extraction test results from biox leaching trials on drill hole samples from Thackaringa (NSW). - NZ High Court trial date of 6 September 2004 for the Company's claim against the Crown for compensation. GOLD PROJECTS (New Zealand); The Company's key gold project in the Waihi gold mining district was advanced at Karangahake, where an extensive underground sampling programme was undertaken. Heritage's objective is to progress from exploration to development in the short to medium term. The Waihi district is the richest gold producing area in New Zealand and the current producer is the Newmont owned Martha Mine. They have recently announced a major exploration programme to extend the life of their operation. Karangahake Project: The project consists of three contiguous exploration permits (Talisman, Rahu, Dominion Knoll) covering a 4 km long north north east trending mineralised zone in an extensive epithermal alteration system about 15 km west of Waihi. The area is well served by infrastructure for new developments and has had very little exploration over the past 15 years, prior to Heritage's involvement. Heritage believes the Karangahake project has potential for substantial gold (? silver) deposits. (a) Talisman: In the previous quarter the Company started an extensive underground sampling and geological mapping programme with a target of establishing a significant gold (?silver) resource at the former Talisman mine. The programme was undertaken predominantly on the number 8 level of the Talisman mine, extending into the 5A level of the Crown mine. Initial work involved clearing rock falls and making the workings safe. The underground programme included 2.7km of geological mapping along the levels, collecting approximately 790 channel samples (generally 5m apart) and several bulk samples of broken rock from material remaining in old stopes. Surveying of the 8 and 5A levels was also completed during the programme. The underground work finished after the end of March quarter and final samples are now being assayed. All new geological, survey and assay data are being added to the extensive database and will be computer modelled to produce a resource estimate in accordance with the JORC code. Results of the programme are expected to be available by late May. (b) Rahu: Further assessment of the geophysical survey results from several programmes was completed during the quarter, including historic data that was re-processed. The Rahu property is north east along strike from the Talisman mine but has had very little previous exploration work. In mid 2003 the Company's programme of 8 RC (reverse circulation) drill holes encountered extensive anomalous gold (? silver) zones, with best results from the lowest intersection in the epithermal system, confirming the Company's prediction that gold values should improve at depth. Further drilling is being planned for the Rahu area later this year. (c) Dominion Knoll: A review of previous data is under way, directed at locating extensions of previously mapped mineralisation in the eastern part of the permit, which adjoins the western side of the Talisman permit. Further detailed exploration, including drilling, is planned for this area. Waihi North Project: Data from two diamond drill holes completed in the June 2003 quarter were reviewed, along with results of ground geophysical surveys, which are assisting delineation of further targets. Other Gold Tenements: Routine exploration work was undertaken on other gold properties held by the Company. COBALT PROJECT (Australia): Heritage has 33% of Broken Hill Cobalt Ltd, owner of the Thackaringa Cobalt Project near Broken Hill in New South Wales. Bacterial oxidation ("biox") leaching trials on drill hole samples are continuing at a Perth laboratory. The testwork is designed to optimise cobalt recovery and lower potential processing and capital costs for the Thackaringa project. The initial phase of the testwork has given encouraging results and a progress report is expected from the laboratory shortly. The cobalt project has been expanded by an application for a 64 sq km exploration licence adjoining, the Thackaringa project tenements to the north and west. The application area is prospective for repetitions of the cobalt mineralisation currently being evaluated. Longer term funding for the cobalt project through a capital raising is under review, in conjunction with the possible stock exchange listing of Broken Hill Cobalt Ltd COMPENSATION: Heritage is pursuing a claim against the Crown for expenditure the company incurred on projects sterilised by a 1997 amendment to the NZ Crown Minerals Act. Heritage had previously spent $8M on the projects. A proposal by the Company that its claim proceed on the basis of a case study of the Coromandel Gold Project has been accepted by the Crown and a trial date of 6 September 2004 has been set down in the High Court in Wellington. DISCLOSURE: Relevant sections in the above statement are based on information compiled by Murray Stevens, a corporate member of The Australasian Institute of Mining and Metallurgy with over five years relevant experience. LAKES OIL NO LIABILITY QUARTERLY ACTIVITIES REPORT FOR THE THREE MONTHS ENDED 31 MARCH 2004. ONSHORE GIPPSLAND BASIN. PEP 155 – Onshore, Victoria (Lakes Oil Group, Operator: 100% interest) The acquisition and processing of gravity data along with aeromagnetic, radiometric and terrain data in the Marlo region was completed in February. Interpretation is underway. It is expected to be followed by stratigraphic drilling later this year. This gravity survey was completed in conjunction with similar recording in the offshore coastal permit in what is now VIC/P40V which has been awarded to Lakes Oil N.L. PEP 156 – Onshore, Victoria: (Lakes Oil Group, Operator: 100% interest). No field activity was undertaken in this permit during the period of this report. The results of wells drilled in the permit are being studied. PEP 157 – Onshore, Victoria: (Lakes Oil Group, Operator: 100% interest): Preparatory work continues to be undertaken for the drilling of the Trifon 2 well which is aimed at obtaining a commercial flow from the extensive gas saturated section within the tight Strzelecki Group sandstones. Drilling of the Wombat 1 well commenced on 2 December 2003. The well is located approximately four kilometres north west of the town of Seaspray. Six Drill Stem Tests of the Wombat 1 discovery well were conducted, two open hole tests and four cased hole tests. These tests gave results respectively of: DST#1A over the interval 1358-1449 metres produced 25,000 cubic feet of gas per day from the Golden Beach sands. • DST#2 over the interval 1740-1834.8 metres produced 250,000 cubic feet of gas per day from the Strzelecki/ Golden Beach Formation. • DST#3 over the interval 1946-1957 metres produced at an estimated 25,000 cubic feet of gas per day on a ¼ inch choke in the Strzelecki. A tight formation is indicated. • DST#4 over the interval 1532-1591 metres produced 100,000 cubic feet of gas per day on a ¼ inch choke from the Golden Beach. Down-hole data indicates a reservoir pressure significantly higher than anticipated and an increasing flowing bottom hole pressure during the main flow. • DST#5 tested the Golden Beach/Strzelecki over the interval 1497-1515 metres at rates up to some 300,000 cubic feet of gas per day on a ¼ inch Page 825 choke. Indications during drilling were positive with high gas readings, a drilling break and crossover of the neutron-density electric logs. • DST#6 over the interval 694-714 m produced gas cut brine. The test was in the Latrobe Formation, the productive formation in the giant Bass Strait oil and gas fields. The water recovered was apparently completion fluid and mud filtrate. The well was completed and suspended for production tests. In March a ‘Stim Gun’ stimulation was conducted over the interval 1489 – 1604 metres. The well flowed gas at an increased rate. Daily ‘clean-up’ tests have been conducted and some light 47° API crude oil/condensate has been recovered. These tests are continuing. A second well Wombat 2 commenced drilling on 31 March 2004. This well is located some two kilometres south west of the Wombat 1 discovery well. This is the first well to appraise the Wombat 1 gas discovery. Very high concentrations of gas were encountered in several intervals of the Golden Beach and Strzelecki Group sections. Four open hole Drill Stem Tests were attempted of which two were successful. The open hole tests were: • DST#1 over the interval 1355 – 1391 metres. Initially, the well flowed gas to surface but the tool plugged shortly after opening with sands from the overlying Latrobe Group, indicating communication, not the desired isolation of the test zone. • DST#1A over the interval 1355 – 1391 metres. As in the first attempt this test was a mis-run. The test recovered an estimated 1300 metres of fresh water from the overlying Latrobe Group section. • DST#2 over the interval 1400 – 1428 metres flowed gas to surface in seven minutes, and the flow stabilised at 217,000 cubic feet per day through a ¼ inch choke. • DST#3 over the interval 1464 – 1497 metres in sandstones of the Strzelecki Group flowed gas to surface in six minutes at a maximum rate of 485,000 cubic feet per day declining to just over 400,000 cubic feet per day. This is believed to be the highest level of gas ever recorded from the Strzelecki Formation onshore. The interval which was not successfully tested by DST’s 1 and 1A will be tested through casing. PEP 158 – Onshore, Victoria: (Lakes Oil Group, Operator: 100% interest). No field activities were undertaken in this permit during the period of reporting. Studies on the potential of the recently discovered large resource contained in the black sands’ of the Latrobe Group have commenced. PEP 166 – Onshore, Victoria: (Lakes Oil Group: 50% interest; Operator: AusAm Resources Limited) No field activities were undertaken in this permit during the period of reporting. Studies involving the “tight gas” potential of the Strzelecki Group sandstones have commenced. OFFSHORE GIPPSLAND BASIN : VIC/P47 – Offshore, Victoria: (Lakes Oil Group: Option to earn 77% interest over a portion of the permit; Operator: Eagle Bay Resources NL) Work has continued on the Gilbert Prospect in the farmin block of this permit along with regional studies in the sparsely explored northern portion of the block. This work is being integrated with similar work being carried out in the newly acquired block VIC/P40V in Victorian territorial waters and the onshore permit PEP 155. VIC/P40V – Offshore, Victoria: (Lakes Oil Group, Operator: 100% interest) . Lakes Oil was awarded this offshore permit VIC/P40V in March 2004. A Falcon airborne gravity survey with ancillary aeromagnetics, radiometrics and terrain data was recorded in this permit in February in concert with that previously mentioned in PEP 155. Interpretation of the data has began and continues and several prospective areas are apparent. ONSHORE OTWAY BASIN: PEL 57 – Onshore, South Australia . (Lakes Oil Group: 40% interest; Operator: Origin Energy Resources Ltd.) Currently the focus of exploration is the southeastern corner of the permit, near the South Australian/Victorian border. A Lower Cretaceous prospect has also been mapped in the northwest corner of the permit and the joint venture is reviewing both options. PEP 152 – Onshore, Victoria: (Lakes Oil Group: 15.59% interest; Operator: Origin Energy Resources Ltd.). A fellow Joint Venture party has began work on the preparation of a drilling proposal for the Killarney Prospect. This work continues. PEP 163 – Onshore, Victoria: (Lakes Oil Group, Operator: 100% interest). Work has continued on the Barwon Prospect. The prospect is located updip of the Hindhaugh Creek-1 well drilled in 1963 without seismic surveying. This well encountered indications of hydrocarbons in several intervals of the well. PEP 164 – Onshore, Victoria: (Lakes Oil Group, Operator: 100% interest). Regional studies are continuing in this permit located on the Colac Plains. An evaluation of the large seismically defined Barangarook Prospect began. Regional work to high grade prospects identified within this block has began. EROMANGA BASIN – Queensland: ATP 560P – McIVER BLOCK - Onshore, Queensland. (Lakes Oil Group: 50% interest; Operator: Victoria Petroleum N.L.). There was no activity undertaken on this permit during the March 2004 quarter. ATP 560P – UELEVEN BLOCK - Onshore, Queensland (Lakes Oil Group: 25% interest; Operator: Icon Oil N.L.). There was no activity undertaken on this permit during the March 2004 quarter. ONSHORE USA – San Joaquin Basin California: EAGLE PROSPECT - Onshore, California, U.S.A. . (Lakes Oil Group: 15% working interest; Operator: Victoria Petroleum N.L.). There was no activity undertaken on this permit during the March 2004 quarter. KINGFISHER PROSPECT - Onshore, California, U.S.A.: (Lakes Oil Group: 10% interest; Operator: Victoria Petroleum N.L.). There was no activity undertaken on this permit during the March 2004 quarter. The Appendix 5B, Mining exploration entity quarterly report has also been provided and can be requested from email@example.com. FERNZ CORPORATION (NZ) LIMITED Pursuant to Rule 10.8.1 of the NZX Listing Rules, notice is hereby given of the resignation of Drydan Thomas Spring as a director of Fernz Corporation (NZ) Limited. His resignation is effective as of 11 December 2003. AXA ASIA PACIFIC HOLDINGS LIMITED AXA APH announces the appointment of its new Group Chief Financial Officer. AXA APH announces the appointment of Geoff Roberts to the position of Group Chief Financial Officer, AXA Asia Pacific Holdings. Geoff Roberts joins AXA from Deloitte where he is the Lead Consulting Partner for the National Financial Services Industry Group, and a member of the National Board of Directors. Group Chief Executive Les Owen said "I am delighted that Geoff is joining AXA's leadership team. During a career of more than 20 years with Deloitte, Geoff has gained specialised experience in a range of areas including technical accounting, strategic financial management and operational improvement, and advising on strategic profit improvement initiatives." Geoff holds a Bachelor of Commerce from the University of Melbourne and an Executive Masters of Business Administration from the Australian Graduate School of Management. He is a Fellow of the Institute of Chartered Accountants, a Fellow of the Institute of Company Directors and has been an Honorary Board Member of Vision Australia for several years. Geoff will report to Les Owen, Group Chief Executive. He takes up his new role at AXA APH on 17 May. Former Group CFO Andrew Penn was recently appointed Chief Executive Officer for the Australian and New Zealand operations. PAN PACIFIC PETROLEUM NL MARCH 2004 QUARTERLY ACTIVITIES REPORT: Highlights: - Amokura-1 discovers oil; - Extension to PEP38460 awarded; - Taunton field extension confirmed; - Muggles-1 to be drilled in May. PEP38460 - (PPP 10%). Amokura Discovery: Amokura-1 spudded on 23 March and reached total depth of 3995m on 15 April. A 12 metre oil column was encountered in the top of the F Sand with excellent reservoir quality as encountered in the Tui oil field 4 km to the southeast. Integration of the results of Amokura-1 into the mapping of structure, as well as a number of laboratory analyses, is required in order to estimate the size of the discovery. The Joint Venture is currently investigating the potential for combined development of the Amokura and Tui oil fields. Amokura-1 has been suspended so that it can be re- entered, sidetracked, and used for production. Pukeko Drilling: Pukeko-1 spudded on 28 April and is expected to reach the first objective, the C Sands, in about 3 weeks, at 3300m. D Sands at 3500m and F Sands at 3700m will also be intersected before reaching planned total depth of approximately 4200m about a week later. Each level has potential of more than 80 million barrels. Additional Drilling: Upon release of the rig from Pukeko, it will be used to drill a third party well, which will take about a month. At that time, about the end of June, it is expected that there will be further drilling by the PEP38460 Joint Venture, probably in the area close to the Tui and Amokura oil discoveries. Extension to Permit: On 14 April an extension of 958 km2 was granted, bringing the total size of PEP38460 to 4046 km2. The extension is over an area south of Pukeko, and includes a prospect identified updip of Te Whatu-2, which was drilled in 1987 encountering minor oil shows in the Kapuni Group.Carnarvon Basin, Western Australia: Taunton Field Extensions: Taunton-4 and Blackthorn-1 were drilled in March to assess possible extensions of the field from TL2 into the adjoining permit TP7. Taunton-4: The Taunton-4 appraisal well was spudded on 23 March 2004 in TP7(3), some 900m to the south of Taunton-1. It was designed to test the southwestern extent of the oil pool within the early Cretaceous Intra-Mardie sandstone, which flowed oil at 3000 barrels per day in a sidetrack of the discovery well, Taunton-2/L1. Formation pressure analysis indicated oil pay within the intra-Mardie sandstone, although formation fluid sampling did not recover oil. The well results confirm an extension of the Taunton Field into TP7. In addition to the Intra Mardie accumulation, there is also an 8 metre gas column in the upper part of the Barrow Group, beneath the Mardie Formation. Taunton-4 reached a total depth of 1410m and after evaluation was plugged an abandoned, as planned. Blackthorn-1: The Blackthorn-1 exploration/appraisal well commenced drilling on 29 March 2004, some 2.6km southeast of Taunton-3 in Page 826 TP7(3). Blackthorn-1 encountered a gross oil column of approximately 2.5m overlying water in the intra-Mardie sandstone. The underlying Top Barrow reservoir was water-filled. Blackthorn-1 reached a total depth of 1425m and was plugged and abandoned as planned. The rig was released on 28 March 2004. The final results from Taunton-4 and Blackthorn-1 are now being incorporated into the assessment of potential reserves in the Taunton oil field. This work is expected to be completed by mid year. WA254P - PPP 3%: Muggles-1 will be drilled in late May, 10km southeast of the Legendre oil field, to test an intra-Muderong sand play at about 1300m depth. Indicatively, as much as 26 million barrels of oil could be recovered from Muggles in the event of discovery. Tubridgi/Gas Project Production: Production from the Tubridgi Field continued natural decline over January and February down 25% on the previous quarter. During March Tubridgi was evacuated for Cyclone Monty, extensive flooding reduced production to negligible rates with some wells unable to restart production. As a result plans for permanent shutdown of the field are underway. Final production is now expected mid 2004. Resales of Griffin gas averaged 11.5 TJ/day per day, down 43% on the previous quarter due to shut-in as a result of Cyclone Ken in January and Cyclone Monty in March. In addition, compressor difficulties restricted production during April. FINANCIAL: Production and Trading Statistics - PPP Share Mar 2004 Qtr Dec 2003 Qtr Gas production and Griffin gas resales 566TJ 1,012TJ PPP Cash Flow Summary (unaudited) $000's $000's Development expenditure (436) 15 Exploration expenditure (1,399) (1,303) Cash at end of period 3,432 4,945 PPP Sales Information (Profit and Loss) Oil and gas sales 1,188 1,811 Production expenditure (1,070) (1,370) Net operating cash flow 118 441 WASTE MANAGEMENT NZ LIMITED Waste Management NZ Ltd advise the allotment of 19,994 ordinary shares at an average price of $2.95 from 26-30 April 2004. Reason for allotment: exercise of options. Total number of shares on issue: 99,073,953 AMP INVESTMENTS' WORLD INDEX FUND (NS) No. of units on issue as at close 373,173,536, Net Asset Value as at close 30-April-04 $1.18768 KIRKCALDIE & STAINS LIMITED At its meeting on Thursday 29 April 2004 the board of directors of Kirkcaldies & Stains Limited determined the details of the rights issue that was announced in principle on 8 April 2004. The issue will be a renouncable rights issue of one new share for every three existing shares at a price of NZ$2.00 per share. The record date for the issue will be Friday 28 May 2004. Entitlement notices and investment statements will be mailed to shareholders on Monday 31 May 2004 and rights trading will commence on that date. Trading in the rights will cease on Wednesday 23 June 2004 and the offer closes on Friday 25 June 2004. The issue will not be underwritten. The new shares will be allotted on or before Friday 2 July 2004. TRANS TASMAN PROPERTIES LIMITED Trans Tasman's response to the SEA Holdings New Zealand Limited Takeover Offer is attached and will be mailed to all shareholders on Monday, 3 May 2004. Letter to Shareholders: Dear Shareholder, TAKEOVER OFFER BY SEA HOLDINGS NEW ZEALAND LIMITED: Introduction: On 20 April 2004, SEA Holdings New Zealand Limited (SEANZ) mailed to you a takeover offer for all your shares in Trans Tasman Properties Limited (Trans Tasman). SEANZ has offered to pay 40 cents per share for all of the shares in Trans Tasman it does not already own. SEANZ is a subsidiary of Hong Kong based company, S E A Holdings Limited and currently owns 59.97% of Trans Tasman. In response to this offer, as the independent directors of Trans Tasman, we have: - commissioned an independent adviser's report from Ferrier Hodgson & Co, and the conclusion of this report was released on 28 April 2004; and - issued a press release on 28 April 2004 releasing our recommendation in the light of that report. Accompanying this letter is the formal target company statement which contains important information about Trans Tasman, SEANZ and the offer. The target company statement includes: - our recommendation, which begins in paragraph 15 of the target company statement; and - a copy of the full independent report prepared by Ferrier Hodgson & Co. The other directors of Trans Tasman, Messrs Jesse Lu, Don Fletcher and Rodney Hodge are all associated with SEANZ. Accordingly, the Trans Tasman Board has resolved that the preparation, review and authorisation of the target company statement should be left to the independent directors who, acting as the Board of Trans Tasman, have authorised the target company statement. Independent directors' recommendation: The independent directors recommend that you do not accept SEANZ's offer. This recommendation takes into account the following: - the offer is not fair and not reasonable; - the offer is not designed to be a 100% takeover and is targeted only at those shareholders who disagree with Trans Tasman's new strategic direction; - the business strategies of Trans Tasman should support a share price materially above the bid price in the offer; and - restructuring proposals could provide materially greater shareholder value. In all of the above, we have also taken into account that acceptance of the offer may be contemplated by certain shareholders who wish to exit their holding if they fall into any of the following categories and are unable to exit in normal market conditions because of a lack of liquidity in the market: - shareholders who, for reasons unrelated to the offer or Trans Tasman, wish to sell their shareholding at this time; - shareholders who disagree with Trans Tasman's new strategic direction (which is set out below); - shareholders for whom the change in strategic direction means that Trans Tasman no longer fits their investment mandate or risk profile; or - shareholders who would not be comfortable if SEANZ were to materially increase its control of Trans Tasman through the offer. This recommendation is in line with the conclusions of Ferrier Hodgson & Co, which concludes in its report: "On the basis of our valuation range of 50 cps to 57 cps and our discussion of the merits of the offer, we conclude that the offer by SEANZ for all the voting securities of Trans Tasman that it does not hold or control for 40 cents per share is neither fair nor reasonable". You should read paragraph 15 of the target company statement for more detail on this recommendation. Background: We believe it important to all shareholders that we describe the background events which have lead up to this offer and our communications with SEANZ to date. Shareholders will know that, in November 2003, Trans Tasman moved to compulsorily acquire the remaining shares it did not own in Australian Growth Properties Limited (AGP) after a successful takeover offer. This transaction and the preceding sale by AGP of significant properties in George Street, Sydney has placed Trans Tasman in its strongest financial position for many years. The Annual Report for the year to 31 December 2003, shows the strength of the Trans Tasman balance sheet with $377 million of shareholders' equity and $723 million of assets, of which approximately $165 million is unpledged cash. On 31 December 2003 the net asset backing per Trans Tasman share was 63 cents. At the February meeting of the Trans Tasman Board it was agreed by all directors that a new strategy be followed: - to sell investment properties where the company believes acceptable added value cannot be achieved; - to re-invest in Australasian property investment and development markets as counter-cyclical and opportunistic investments arise; - to invest further in what is broadly defined as real estate capital market opportunities including property mortgage financing; and - to invest in Asian/Pacific property markets where counter cyclical property investment or development opportunities exist or where Trans Tasman, through the experience of its executive directors and major shareholder, S E A Holdings Limited, has a commercial competitive advantage. The management team has been working through how to implement this strategy, including the consideration of issues such as: - which assets are to be sold;- which countries are of interest for possible investment; - the type of investment to be chosen; - appropriate investment structures; and - any taxation implications. Management has looked at the provision of tax efficient structures for Trans Tasman if it was to invest a significant portion of its portfolio in offshore jurisdictions and in particular Hong Kong. This has included advice which looked at the re-domicile of Trans Tasman from New Zealand to a Page 827 foreign country. While the Trans Tasman Board is yet to make any decisions in relation to this work, the independent directors support the strategy and look forward to management's proposals. Communications with SEANZ: Shareholders are faced with a takeover offer where there are no viable alternative bidders and, further, a statement from the bidder that an increase in the offer price will not be forthcoming. Consequently, we have concentrated on understanding the motives behind the offer and assessing SEANZ's willingness to discuss alternative solutions which might have a more satisfactory result for minority shareholders. Accordingly, we wrote to SEANZ on three occasions. First, the independent directors wrote requesting that SEANZ make a clear statement on its intentions for Trans Tasman following the offer, including the intended extent of investment into Asia, the preferred structure of Trans Tasman if such an investment strategy were to be followed, and whether SEANZ would seek to migrate Trans Tasman to another jurisdiction. Second, we wrote seeking to ascertain SEANZ's attitude to various alternatives for shareholders which might provide greater value than the 40 cent offer. The alternatives suggested were: - a share buyback at close to Trans Tasman's net asset value in which SEANZ would not participate; - a dividend payment in addition to the offer; - the liquidation of Trans Tasman and a return of capital; - an on-market share buyback by Trans Tasman; - a return of surplus capital by way of a court sanctioned capital reduction; - the purchase by Trans Tasman of SEANZ's shares via a cash and development property settlement, which would leave Trans Tasman as a company owned by the minority shareholders holding primarily New Zealand non-development properties; or - the establishment of a new company to be owned by minority shareholders, which would hold primarily New Zealand non-development properties. SEANZ would own 100% of Trans Tasman, which would consist of cash and development properties. Third, we wrote to SEANZ attaching a report that provided more detail on how the last two alternatives could work. We have received one response from SEANZ, to all three letters, which response is included in a schedule to the target company statement. The summary to the response states: "In summary, we appreciate the suggestions which you have made in your letters of 15th and 16th April, but we do not believe that these suggestions constitute an appropriate alternative to our strategy to maintain TTP as a going concern. The offer provides an exit opportunity for TTP shareholders who may disagree with TTP's strategy and it is not SEANZ's intention to privatise TTP under the offer." The letter states that SEANZ supports Trans Tasman's new investment strategy, that the offer is not intended to achieve privatisation, and that SEANZ does not have any preconceived view of the most appropriate structure for Trans Tasman for the new strategy. Finally on 24 April, we had a meeting with Don Fletcher and Jesse Lu to further ascertain SEANZ's intentions relating to the offer and the company. The independent directors' recommendation is given after consideration of both the written and spoken responses received from SEANZ. Shareholder action: We encourage you to read the target company statement and the accompanying document carefully, and we recommend that you take your own advice from an independent financial adviser who is able to take into account your circumstances and investment objectives. SEANZ's offer is currently scheduled to close on 20 May 2004. If you choose not to accept the offer, you should take no action. In the event that you decide to accept the offer, the SEANZ offer document contains acceptance instructions. If you have any questions about the procedure, please call Computershare Investor Services Limited on 09 488 8777. The Independent Advisers' Report by Ferrier Hodgson, dated 28 April 2004, has also been provided. TRANS TASMAN PROPERTIES LIMITED The independent directors of Trans Tasman Properties (Trans Tasman) today released the target company statement which details the full reasons behind their recommendation to shareholders that they do not accept the SEA Holdings New Zealand Limited (SEANZ) takeover offer. The independent directors' recommendation takes into account their conclusions that: - the offer is not fair and not reasonable; - the offer is not designed to be a 100% takeover and is targeted only at those shareholders who disagree with Trans Tasman's new strategic direction; - the business strategies of the company should support a share price materially above the bid price in the offer; and - restructuring proposals could provide materially greater shareholder value. "We recommend that Trans Tasman shareholders do not accept SEANZ's offer," Independent Directors John Ferner and Carl Peterson said. "This recommendation is in line with the conclusions of the Ferrier Hodgson & Co independent appraisal report which concluded that the offer was neither fair nor reasonable." The SEANZ offer price of 40 cents per share falls significantly below the valuation range provided by Ferrier Hodgson of 50-57 cents per share and its mid point of 53 cents per share. The independent directors wrote to SEANZ on three occasions in order to better understand the motives behind the offer and assess SEANZ's willingness to discuss alternative solutions which may have a more satisfactory result for minority shareholders. "First, we wrote requesting that SEANZ make a clear statement on its intentions for Trans Tasman following the offer, including the intended extent of investment into Asia, the preferred structure of Trans Tasman if such an investment strategy were to be followed, and whether SEANZ would seek to migrate Trans Tasman to another jurisdiction," Messrs Ferner and Peterson said. "Second we wrote seeking to ascertain SEANZ's attitude to various alternatives for shareholders which might provide greater value than the 40 cent offer." The alternatives suggested were: a share buyback at close to Trans Tasman's net asset value in which SEANZ would not participate; a dividend payment in addition to the offer; the liquidation of Trans Tasman and a return of capital; an on-market share buyback by Trans Tasman; a return of surplus capital by way of a court sanctioned capital reduction; the purchase by Trans Tasman of SEANZ's shares via a cash and development property settlement, which would leave Trans Tasman as a company owned by minority shareholders holding primarily New Zealand non-development properties; or the establishment of a new company to be owned by minority shareholders, which would hold primarily New Zealand non-development properties, leaving SEANZ owning 100% of Trans Tasman, which would consist of cash and development properties. "Third, we wrote to SEANZ attaching a report that provided more detail on how the last two alternatives would work. "We have received one response from SEANZ to all three letters, which stated that SEANZ did not believe that the suggestions constituted an appropriate alternative to their strategy of maintaining TTP as a gong concern. The letter also stated that SEANZ supports Trans Tasman's new investment strategy, that the offer is not intended to achieve privatisation and that SEANZ does not have any preconceived view of the most appropriate structure for Trans Tasman for the new strategy," Messrs Ferner and Peterson said. John Ferner and Carl Peterson also met with Don Fletcher and S E A Holdings Limited Managing Director Jesse Lu on 24 April to further ascertain SEANZ's intentions relating to the offer and the company. The independent director's recommendation has been made after consideration of both the written and spoken responses received from SEANZ. The independent directors noted the four business strategies of Trans Tasman which were formulated at the February 2004 Board meeting as a high level conceptual framework, with management instructed to work through the issues surrounding their implementation. The strategies were: to sell investment properties where the company believes acceptable added value cannot be achieved; to re-invest in the Australasian property investment and development markets as counter-cyclical and opportunistic investments arise; to invest further in what is broadly defined as real estate capital market opportunities including property mortgage financing; and to invest in Asian/Pacific property markets where counter-cyclical property investment or development opportunities exist or where Trans Tasman, through the experience of its executive directors and major shareholder, S E A Holdings Limited, has a commercial competitive advantage. "Up to the date of the offer, the Trans Tasman board has not made any decisions in relation to the strategies' implementation", Messrs Ferner and Peterson said. "Of particular importance to us is the question of balance between each of the particular strategies and these matters have yet to be discussed at the Trans Tasman board." The independent directors believe that, although shareholders would normally support the strategic direction of any company in which they invest in, SEANZ's view that dissatisfied shareholders should take a "with Trans Tasman's strategy or against Trans Tasman's strategy" approach to their Trans Tasman investment is hard to justify in the context of the offer. "This is because the value lost in taking an exit opportunity at 40 cents is too great and shareholders can legitimately be 'against Trans Tasman's strategy' and still remain as Trans Tasman shareholders knowing that they can continue to influence the board and management through normal shareholder channels or under the rights provided under the law and NZX Listing Rules. "Additionally, the reality of Trans Tasman's share register - and that of any publicly listed company - is that shareholders can come and go, for their own reasons, and that those reasons can change over time. It is not possible in the long term for a majority shareholder to 'design' a share register with shareholders who always agree on all matters. "Some shareholders may also take the view that, despite objecting to the new strategic direction, considerable value would need to be lost before a net asset value of 40 cents per share is breached," Messrs Ferner and Peterson said. From discussions with SEANZ the independent directors are of the view that SEANZ will support Trans Tasman being involved in development opportunities in the Hong Kong and south China regions. "We also support a strategy encompassing these development or investment opportunities generally, subject to being satisfied that sufficient Trans Tasman management resources are available to successfully complete them, the risk profile remains appropriate for a company of Trans Tasman's size, and any tax inefficiencies for Trans Tasman are satisfactorily addressed," Messrs Ferner and Peterson Page 828 said. Section 8.2 of the Ferrier Hodgson report discusses the affects of a re-domicile of Trans Tasman. In summary, there may be a positive effect for overseas shareholders (including S E A), and smaller New Zealand resident shareholders will generally be unaffected. Larger New Zealand investors may be subject to the Foreign Investment Fund (FIF) regime, which may increase the complexity of their tax calculations and may in certain circumstances lead to tax payments being required to be made on unrealised gains in the market value of their Trans Tasman investment. "While the board has not discussed re-domiciling Trans Tasman, it may be considered as part of any strategy to invest a material level of funds in Asia. Shareholders should note that a decision to re-domicile Trans Tasman would be subject to a special resolution of shareholders. "In the event that SEANZ acquires additional shares through the Offer, SEANZ may be able to promote and pass special resolutions. The absolute threshold for this level of control is 75%, but in reality a number of shareholders do not normally attend shareholder meetings or present proxies. This means that effective control, to pass special resolutions, could be lower than 75%," Messrs Ferner and Peterson said. It was also noted by the independent directors that all the officers of Trans Tasman who own Trans Tasman shares have indicated that it is not their intention to accept the offer in respect of any of the equity securities held or controlled by them. "Following the full takeover of Australian Growth Properties Limited and the preceding sale by AGP of significant properties in George Street, Sydney, Trans Tasman is in its strongest financial position for many years. The annual report for the year to 31 December 2003, shows the strength of the Trans Tasman balance sheet with $377 million of shareholders' funds and $722 million of assets, of which approximately $165 million is unpledged cash. "We encourage you to read the target company statement and the accompanying document carefully, and we recommend that you take your own advice from an independent financial adviser who is able to take into account your circumstances and investment objectives," Messrs Ferner and Peterson said. TRANS TASMAN PROPERTIES LIMITED The Ferrier Hodgson & Co (Ferrier Hodgson) independent adviser's report on the SEA Holdings New Zealand Limited (SEANZ) takeover offer for all the shares in Trans Tasman Properties (Trans Tasman) SEANZ does not already own has concluded that the offer is neither fair nor reasonable. Using a number of valuation methodologies, the report gives a valuation range for Trans Tasman of 50 cps to 57 cps with a mid-point valuation of 53 cps. This range includes valuations on the basis of: - price/NTA ratio giving 57 cps; - P.E. Ratio plus Australian cash giving 55 cps; - orderly realisation of assets (taking into account an assumed cost of capital for Trans Tasman) giving 54 cps; and - P.E. Ratio after assuming the Australian cash is reinvested, giving 50 cps. Therefore, from a valuation perspective Ferrier Hodgson does not believe the offer is fair. Ferrier Hodgson also discussed the merits of the offer which were divided up into a number of scenarios/issues: - liquidity to larger shareholders; - SEANZ securing 90% or more of voting securities; - SEANZ securing between 75% and 90% of voting securities; - SEANZ securing between 60% and 75% of the voting rights; - likelihood of an alternative offer; - conditional aspects of the SEANZ offer; - impact on price after the offer closes; and - the possible future strategy of SEANZ. The single clear merit of the offer, according to Ferrier Hodgson, is that it provides liquidity to all shareholders to exit at 40 cents per share. Ferrier Hodgson also noted that if SEANZ secures between 75% and 90% of the voting securities, it will be able to pass any ordinary or special resolution it sees fit, including major transactions representing acquisitions or asset disposals equivalent to 50% of the Trans Tasman's assets before the proposed transaction. In addition Ferrier Hodgson note that, typically, a large number of shareholders do not vote on these resolutions, and SEANZ may well be able to pass special resolutions from a shareholding level of less than 75%. Because SEANZ already holds or controls 59.97% of the voting securities Ferrier Hodgson believes it is extremely unlikely that any other party will make an offer for the shares of Trans Tasman, unless it reaches a prior agreement with SEANZ that SEANZ will accept any such offer. However, Ferrier Hodgson says that it does not expect, should the takeover offer not be successful in achieving the 90% threshold for compulsory acquisition, to see the retail share price drop significantly below 40 cps as all those shareholders who, for personal circumstances, wish to sell for between 35 cps (the market price prior to the offer) and 40 cps (the offer price) would have accepted the offer. The independent directors and Ferrier Hodgson submitted a number of questions to SEANZ in an attempt to gain a better understanding of SEANZ's intentions for Trans Tasman, including any restructuring of Trans Tasman, after the close of the offer. The questions included: SEANZ's current position on the migration of Trans Tasman to a foreign jurisdiction; if SEANZ obtains a 75% shareholding as a consequence of the current offer, would it seek to pass a special resolution approving the migration of Trans Tasman to a foreign jurisdiction; and confirmation on whether or not SEANZ is currently considering other restructuring options. SEANZ responded by stating its strategy is to maintain Trans Tasman as a going concern, and that the offer provides a "one-time exit opportunity at a price which is higher than the market" for shareholders who may disagree with Trans Tasman's strategy. SEANZ confirmed that it is not its intention to privatise Trans Tasman under the offer. In respect of restructuring proposals, SEANZ advises that it does not have a preconceived view and expects Trans Tasman's board to consider the benefits of the proposals for shareholders as a whole and to make appropriate recommendations to shareholders if a shareholders' meeting is required. Ferrier Hodgson notes that SEANZ controls the board of Trans Tasman and is able to pass any ordinary resolution in respect of any proposed restructuring. If SEANZ is successful in reaching the 75% ownership level, it will be able to pass any special resolutions required to approve any restructuring proposals, so long as the resolutions have no related party transactions. Even if SEANZ owns slightly less than 75% of the voting securities, it is likely to succeed in passing a special resolution as some shareholders won't vote. Ferrier Hodgson concluded its report by stating that: "Regardless of the level of acceptances of this offer and the future potential restructuring of Trans Tasman from an investment and taxation perspective, we believe it likely, based on our commercial experience, that SEANZ/SEA Holdings will at some stage seek to acquire all the shares of Trans Tasman. "The only real merit of this offer is that it provides liquidity to shareholders who, for their own reasons, may seek to take advantage of the offer." INFRATIL LIMITED Notice of Change in Director's Interest:: Name of Director: Kevin O'Connor; Number of Securities Acquired: 175,600 shares & 60,000 Bonds due 2013; Number of Securities Disposed: 181,600 warrants & 46,400 Bonds due 2004;No. of Securities Held After Change: Beneficial - 756,375 shares. Non-Benefical - 1,166,411 shares & 60,000 Bonds due 2013 NEW ZEALAND EXCHANGE LIMITED NZX Discipline Rules & Listing Rules to become effective from 3 May 2004: 30 April 2004 - New Zealand Exchange Limited (NZX) is delighted to announce that the Minister of Commerce, the Hon Margaret Wilson, has advised that the NZX Discipline Rules and the miscellaneous NZSX and NZDX Listing Rule changes have not been disallowed under the Securities Markets Act 1988. These new Rules, along with the NZX Participant Rules and the NZX Futures & Options Rules, will come into force on 3 May 2004. The new NZX Discipline Rules and NZX Listing Rules can be downloaded from the NZX website at www.nzx.com/regulation. MONDAY, 03 MAY 2004 MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC The unaudited net asset value for Merrill Lynch European Investment Trust plc at close of business on 29 April 2004 was: 158.66p (undiluted); 151.61p (diluted). Notes: 1. Revenue items, disclosed in the most recent monthly announcement, are included in net asset value, with dividends deducted on the ex-dividend date. 2. Purchases on or before 26 April 2004 of 312.6 million ordinary shares have been reflected in these calculations. 3. Purchases on or before 10 April 2003 of 73.0 million warrants have been reflected in these calculations. THE BANKERS INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 30 APRIL 2004. As at close of business on 29 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 301.5p. Page 829 HENDERSON FAR EAST INCOME TRUST PLC HENDERSON GLOBAL INVESTORS. 30 APRIL 2004. As at close of business on 29 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 180.1p. GUINNESS PEAT GROUP PLC SCHEDULE 11. NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS. 1. Name of company: Guinness Peat Group plc. 2. Name of director: Trevor Jorgen Nielsen Beyer. 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non- beneficial interest: Director Beneficial. 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified): Trevor Jorgen Nielsen Beyer - New Zealand Register. 5. Please state whether notification relates to a person(s) connected with the director named in 2 above and identify the connected person(s): Director. 6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary: Disposal on New Zealand Market. 7. Number of shares / amount of stock acquired: N/A. 8. Percentage of issued class: N/A. 9. : Number of shares/amount of stock disposed: 82,616. 10. Percentage of issued class: 0.01%. 11. Class of security: Ordinary 5p shares. 12. Price per share: NZ$ 2.17. 13. Date of transaction: 29 April 2004. 14. Date company informed: 30 April 2004. 15. Total holding following this notification: 610,292. 16. Total percentage holding of issued class following this notification: 0.09%. HENDERSON TR PACIFIC INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 30 APRIL 2004. As at close of business on 29 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 88.7p THE CITY OF LONDON INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 30 APRIL 2004. As at close of business on 29 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 217.3p. CARTER HOLT HARVEY LIMITED Amendment to Employee Remuneration disclosure in 2003 Annual Report: This is to advise that an error has been identified in the 'Employee Remuneration' disclosure, on page 64 of Carter Holt Harvey's 2003 Annual Report. The disclosure relates to the total number of Carter Holt Harvey employees or former employees who received remuneration and other benefits including termination payments in their capacity as employees totalling NZ$100,000 or more during the year. Unfortunately a number of employees at the Kinleith Mill who received redundancy payments in January 2003 (reflecting their accrued entitlements over a period of time extending up to 40 years in some cases), were omitted from the table due to a cross over of payroll systems. The financial impact of these redundancy payments were correctly reflected in the accounts with the error being restricted to the number of employees reported in the table. Below is a table outlining the effect of the omission. Remuneration $NZ Disclosed number of employees (NZ) Additional number of employees (NZ) Revised number of employees (NZ) 100,000 - 110,000 119 24 143 110,001 - 120,000 65 26 91 120,001 - 130,000 50 26 76 130,001 - 140,000 42 21 63 140,001 - 150,000 28 14 42 150,001 - 160,000 23 7 30 160,001 - 170,000 24 3 27 170,001 - 180,000 20 8 28 180,001 - 190,000 14 - 14 190,001 - 200,000 15 2 17 Attached is the revised schedule of the Employee Remuneration disclosure. ANGLO & OVERSEAS TRUST PLC The NTA of Anglo and Overseas Trust as at close of business on 29/04/2004 was 234.78p. F&C EMERGING MARKETS INVESTMENT TRUST PLC The NTA for F&C Emerging Markets Investment Trust Plc as at 29/04/2004 is 84.06p. FOREIGN & COLONIAL INVESTMENT TRUST PLC The NTA for Foreign & Colonial Investment Trust Plc as at 29/04/2004 is 215.82p. GPG FINANCE PLC Partial Offer by GPG for shares in De Vere Group Plc. The following is the text of an announcement made in the UK today by GPG (UK) Holdings plc, a subsidiary of Guinness Peat Group plc in connection with its Partial Officer for shares in De Vere Group Plc Offer Update: GPG (UK) Holdings plc ("GPG") notes the defence document posted yesterday by De Vere Group Plc (“De Vere”) in response to GPG's Offer Document. The document appears to GPG to contain nothing new of real significance to De Vere shareholders considering GPG's offer. Indeed, it is striking that the Board of De Vere continues to avoid the key issue at point, being the market's valuation of the De Vere Hotels Division. Further, it is disappointing to observe that the return on capital in this key division, which was an inadequate 6.75% in the September 2000 year, has in fact fallen in the interim. Blake Nixon, Chairman of GPG said "Once again, De Vere has decided to side step the key issue. It’s time the Board of De Vere made up its mind up one way or the other. Either it accepts that the stock market undervalues its main De Vere Hotels Division, in which case GPG has the only proposal on the table for addressing this in a timely manner, or it believes that the De Vere Hotels Division is not undervalued in which case it should stop bleating about the offer price." Definitions set out in this announcement have the same meanings as in the Offer Document. Strand Partners Limited, which is regulated in the United Kingdom by the Financial Services Authority, has approved the contents of this financial promotion and its communication by GPG for the purposes of Section 21 of the Financial Services and Markets Act 2000. Strand Partners Limited is acting for GPG and no-one else in connection with the Partial Offer and will not be responsible to anyone other than GPG for providing the protections afforded to clients of Strand Partners Limited nor for giving advice in Page 830 relation to the Partial Offer. The directors of GPG accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of GPG (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. The return on capital of 6.75% for the De Vere Hotels Division for the September 2000 year (ended 1 October 2000) is calculated using the stated pre-exceptional operating profit and net assets of the De Vere Hotels Division of £33.144m and £491.02m respectively, which have been sourced from the annual accounts of De Vere for the year ended 30 September 2001. This figure is compared to the return on capital of 6.40% for the De Vere Hotels Division calculated on a moving annual total basis using the pre-exceptional operating profit of the De Vere Hotels Division for the 52 weeks ended 28 March 2004 of £35.828m, calculated by reference to De Vere’s interim accounts for the 6 months ended 28 March 2004 and its annual accounts for the year ended 28 September 2003, and the net assets as at 28 March 2004 of the De Vere Hotels Division of £559.876m, which has been sourced from De Vere’s interim accounts for the 6 months ended 28 March 2004. The Partial Offer is not being, and will not be, made, directly or indirectly, in or into, or by the use of the mails or any means or instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States, Canada, Australia or Japan and the Partial Offer should not be accepted by any such means, instrumentality or facility or from within the United States, Canada, Australia or Japan. Doing so may render invalid any purported acceptance. Accordingly, copies of this announcement are not being, nor may they be, mailed or otherwise forwarded, distributed or sent in, into or from (whether by use of the mails or any means or instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of) the United States, Canada, Australia or Japan. The availability of the Partial Offer to De Vere shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. De Vere shareholders who are not resident in the United Kingdom should inform themselves about and observe any applicable requirements. FOREIGN & COLONIAL EUROTRUST PLC The NTA for Foreign & Colonial Eurotrust Plc as at 29/04/2004 was 483.18p WESTPAC BANKING CORPORATION Issue of shares pursuant to exercise of employee share plan option. The following number of fully paid ordinary shares have been/will be allotted pursuant to the exercise of options under the Westpac's Senior Officers' Share Purchase Scheme, the General Management Share Option Plan and/or Westpac Performance Plan: Number Exercise Price Allotment Date Ranking 41,000 $13.26 6 April 2004 Rank equally 23,000 $13.26 15 April 2004 Rank equally 8,785 $13.26 15 April 2004 Rank equally 2,000 $9.53 23 April 2004 Rank equally 3,000 $13.26 23 April 2004 Rank equally 1,977 N/A 27 April 2004 Rank equally 1,365 N/A 27 April 2004 Rank equally 8,000 $9.53 27 April 2004 Rank equally 23,000 $13.26 27 April 2004 Rank equally 90,910 $13.32 27 April 2004 Rank equally 17,189 N/A 27 April 2004 Rank equally 18,121 N/A 27 April 2004 Rank equally Paid up capital is 1,802,078,164 fully paid ordinary shares. Quoted capital is 1,801,903,164 fully paid ordinary shares. F&C SMALLER COMPANIES PLC The NTA for F&C Smaller Companies PLC as at 29/04/2004 was 278.03p. PORTMAN LIMITED OUTCOME OF AGM RESOLUTIONS. Please be advised that five Ordinary Resolutions put to shareholders at the Annual General Meeting ("AGM") today were carried without amendment on a show of hands. The valid proxy votes received no later than 10.00am on Wednesday, 28 April 2004 in respect of each resolution put to the meeting are detailed below:- Resolution 1: To re-elect as a director George Francis Jones who retires by rotation in accordance with the Company's constitution and, being eligible, offers himself for re-election; Proxy Votes: For 52,565,382. Chairman's Discretion (for) 2,173,828. Against 39,570. Abstain 125,929. Proxy's Discretion: NIL. Resolution 2: To re-elect as a director Fiona Elizabeth Harris who retires in accordance with the Company's constitution and, being eligible, offers herself for re-election; Proxy Votes: For: 52,550,248. Chairman's Discretion (for) 2,177,828. Against: 72,523. Abstain: 104,110. Proxy's Discretion NIL. Resolution 3:To re-elect as a director Malcolm Hugh Macpherson who retires in accordance with the Company's constitution and, being eligible, offers himself for re- election; Proxy Votes: For 52,581,521; Chairman's Discretion (for) 2,173,828; Against 51,250; Abstain 98,110; Proxy's Discretion NIL. Resolution 4: That for the purposes of Clause 10.2 of the Company's constitution and for all other purposes, the maximum aggregate amount of the fees available to pay the Directors (excluding any Executive Directors) in any period of 12 months starting from the end of the financial year of the Company, be increased by $200,000 from $400,000 to $600,000. Proxy Votes: For 50,860,498; Chairman's Discretion (for) 2,136,028; Against 1,531,900; Abstain 376,283; Proxy's Discretion NIL. Resolution 5: That the appointment by the Directors with effect from 7 June 2002 and the reappointment by the Directors on 28 May 2003 of Ernst & Young as the Company's auditor be ratified; and That Ernst & Young be appointed as the Company's auditor. Proxy Votes: For 52,557,571; Chairman's Discretion (for) 2,188,028; Against 22,500; Abstain 136,610; Proxy's Discretion NIL. Details of all resolutions referred to above are set out in the Notice of AGM which was sent to the ASX in April 2004. NZ INVESTMENT TRUST PLC The Company announces that on 30 April 2004 it purchased 8,645 Ordinary 25p shares on the New Zealand Stock Exchange at a price of NZ$5.9174 per share. The shares so purchased will be held in treasury. A total of 32,141 Ordinary shares, inclusive of this purchase, are held in treasury. The number of Ordinary shares in issue will remain as 10,850,000. This figure is inclusive of the 32,141 shares held in treasury. SECURITIES COMMISSION New class authorisations for futures and options dealers in New Zealand come into effect today. The two new class authorisations cover futures and options participants under the New Zealand Stock Exchange (NZX) Futures and Options Rules and participants in the Sydney Futures Exchange (SFE). The authorisation of NZX's futures and options participants follows the approval by the Commission of the NZX Futures and Options Rules. Under these rules NZX will be the frontline regulator of NZX futures and options participants. The Securities Commission will continue to monitor the operation of the rules and their administration by NZX. The new class authorisations, Authorised Futures Dealers Notice (No 2) 2004, which relates to SFE, and Authorised Futures Dealers Notice (No 3) 2004, which relates to NZX, were published in New Zealand Gazette on 29 April 2004. As the statutory regulator of futures dealers, the Securities Commission will continue to authorise Page 831 dealers on an individual basis who do not come into the categories covered by these class authorisations. Existing authorisations for electricity futures dealers and for some funds managers who deal in futures only as part of their funds management business are not affected by the new class authorisations. AMP INVESTMENTS' WORLD INDEX FUND (NS) NOTICE 23200 DETAILS: Submitted Date: 03-May-2004 10:16. Status: Accepted. Substantial: Y, Director: N, Add Holder: N, Change Holder: Y, Ceased Holder: N , Change Nature: N. Issuer Code: WIN AMP Investments' World Index Fund (NS). Holder: AMP Superannuation NZ Ltd. Address: Po Box 1290, Wellington, Country: New Zealand. Contact Name: Philippa Weston. Phone: 04 494 2132. Total of Interest: 80382997. Total Issued: 373173536. Total %: 21.54. Class: WIN. Votes Attached: 1. Beneficial: Total of Interest: 80382997. Current % held: 21.54. Last % held: 20.52. Names: AMP Superannuation NZ Limited. Transaction Dates: 5/01/04 - 30/04/04. Total Votes: 5078455. Considerations: Non Beneficial: Total of Interest: - Description: Listed on the stock exchange.. Documentation: With Notice: No. Not Filed: No, Been Filed: No. Number of pages: 0. Date of Last Notice: 05-Jan-2004. NEW ZEALAND WOOL SERVICES INTERNATIONAL LIMITED NOTICE 23201 DETAILS: Submitted Date: 03-May-2004 10:31. Status: Accepted. Substantial: Y, Director: N, Add Holder: Y, Change Holder: N, Ceased Holder: N , Change Nature: N. Issuer Code: WSI New Zealand Wool Services International Limited, Holder: Michael Brian Francis Dwyer, Address: 40 McDougall Avebue, Christchurch , Country: New Zealand, Contact Name: Mr M Dwyer. Phone: 03 357 8700. Total of Interest: 4232291. Total Issued: 70687402, Total %: 5.98. Class: WSI. Votes Attached: 1. Beneficial. Total of Interest: 4232291. Current % held: 5.98. Names: M.B.F. Dwyer, Transaction Dates: Total Votes: Considerations: Non Beneficial. Documentation, With Notice: Yes, Not Filed: No, Been Filed: No. Number of pages 0. Date of Last Notice: COMPUTERSHARE LIMITED Computershare Limited advise the on-market buyback of 486 shares. Total consideration : $50,932.80. Highest price paid: $104.80. Lowest price paid: $104.80. Total number of shares still to be bought back: up to 473,137. LEND LEASE CORPORATION LIMITED Lend Lease Corporation Limited advises the on market buyback of 119,090 shares for $1,269,333 on Friday 30 April 2004. The highest price paid was $10.70 and the lowest price paid was $10.64. The total maximum number of shares that may still be bought back under the buyback is 3,274,387(refer attached Appendix 3E). MACQUARIE GOODMAN PROPERTY TRUST Further to its announcements on 23 March 2004 and 31 March 2004, Macquarie Goodman (NZ) Limited (MGNZ), the manager of MGP, completed the transaction to sell Unisys House in Wellington to the Kiwi Income Property Trust on Friday, 30th April, 2004. KINGFISH LIMITED As at the time of listing the directors had not determined the balance date for Kingfish Limited. The balance date for Kingfish Limited and its subsidiaries is 31 March. DOWNER EDI LIMITED Works Infrastructure acquires Pavement Technology Limited. Downer EDI Limited (Downer EDI) advises that the Australian arm of its infrastructure division, Works Infrastructure Australia, has entered into a Share Sale Agreement with Adelaide Brighton Limited to acquire Pavement Technology Limited (PTL). Completion of the sale is subject to conditions precedent and will occur as soon as the conditions are satisfied or waived. Based in Perth, PTL provides pavement maintenance and rehabilitation services to the road, rail and mining sectors. Its operations currently cover Western Australia, South Australia, Victoria and Northern Territory. Chief Executive of Works Infrastructure Australia, David Cattell, said the addition of PTL strengthens the capability of Works Infrastructure, particularly in the road stabilisation and profiling business. "It continues our strategy of small 'bolt-on' acquisitions to develop our business through technology, adding to our skill base and national coverage," Mr Cattell said. Works Infrastructure Australia is a leading provider of services for infrastructure asset maintenance, particularly in the road and rail sectors. The company also has a developed civil engineering capacity, built up over 40 years, with a range of skills and services in urban land development, highways, underground utilities, mine site infrastructure and heavy earthworks. Downer EDI Limited (www.downeredi.com) is an Australian top-150 company that provides comprehensive engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand and Asia. BAYCORP ADVANTAGE LIMITED BAYCORP ADVANTAGE APPOINTS INTERIM COMPANY SECRETARY. SYDNEY, 3 May 2004, Baycorp Advantage (BCA) today appointed Mr. Jim Story as its interim Company Secretary, effective immediately. Former Company Secretary, Ms. Katherine Gibson, left the company on 30 April 2004. SPEIRS GROUP LIMITED The following information is provided in terms of Listing Rules 5.2.3 and 7.12.1. Listing Rule 5.2.3 A total of NZ$11,411,500.00 Speirs Bonds have been allotted to 766 investors under the offer made in the Investment Statement dated 30 June 2003. Listing Rule 7.12.1 (a) Class of Security and ISIN: Unsecured Subordinated Perpetual Speirs Bonds - The interest rate from 1 October 2003 to 30 September 2004 will be 10.00% per annum. For each subsequent year the interest rate will be reset annually on 30 September in each year at the greater of 10.00% per annum or a fixed margin of 4.5% per annum above the then one year swap rate. The ISIN is NZFFD0001S7 (b) Number issued: $83,000.00 Speirs Bonds. (c) Nominal value/issue price: NZ$1.00. (d)Payment: cash in respect of $33,000.00 of issues of Speirs Bonds. There have also been transfers from existing holders of debenture stock and subordinated notes in the amount of $50,000.00. (e) Amount paid up: paid in full. (f) Percentage of total class issued: 57.05%. (g) Reason for issue: to provide long term debt funding for the company (h) Specific authority for the issue: prospectus and directors resolutions of Speirs Group Limited. (i) Terms or details of the issue: as set out in the prospectus and the investment statement both dated 30 June 2003. (j) Total number of securities of the class in existence after the issue: $11,411,500.00 Speirs Bonds. (k) Treasury stock: not applicable. (l) Dates of issue: the Speirs Bonds have been allotted on a daily basis since the offer opened on 30 June 2003. The offer remains open at the current date, as it is not yet fully subscribed. TELSTRA CORPORATION LIMITED Telstra Corporation has provided the following amended Change of Director's Interest Notice for Mr Donald McGauchie to include an additional 1,703 shares not previously disclosed. Donald McGauchie. Number of securities held after change: Direct: nil, Indirect: 34,328. FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED FISHER & PAYKEL HEALTHCARE TO ANNOUNCE ITS FISCAL 2004 FULL YEAR RESULTS ON 20 MAY 2004. Auckland, New Zealand, 3 May 2004 - Fisher & Paykel Healthcare Corporation Limited (NZX:FPH ASX:FPH) announced today that it intends to release on Thursday 20 May 2004 its fiscal 2004 full year results for the period ended 31 March 2004. The results release will be issued shortly after 9am NZST, 7am AEST (5pm, Wednesday 19 May 2004 USEDT). Fisher & Paykel Page 832 Healthcare will host a conference call to review the results and to discuss the outlook for fiscal year 2005. The conference call will be broadcast simultaneously over the Internet. To listen to the webcast, to be held at 10am NZST, 8am AEST on Thursday 20 May (6pm US EDT, Wednesday 19 May), access the company's website at www.fphcare.com. Please allow extra time prior to the webcast to visit the site and download the streaming media software required. An online archive of the event will be available approximately two hours after the webcast and will remain onsite for approximately two weeks. For those people unable to access the call via the Internet, an audio replay of the conference call will be available. This will be accessible from approximately 1.00pm NZT for two weeks. ial +61 3 9221 4752 to listen to the replay. The passcode to access the recording is 006655. About Fisher & Paykel Healthcare. Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of heated humidification products and systems for use in respiratory care and the treatment of obstructive sleep apnea. It also offers an innovative range of patient warming devices and neonatal care products. The company's products are sold in over 90 countries worldwide. NEW ZEALAND WOOL SERVICES INTERNATIONAL LIMITED New Zealand's largest wool scourer and exporter, New Zealand Wool Services International Ltd, will be quoted on the NZAX Market from Monday 3 May 2004. Managing Director Michael Dwyer says the listing comes at a positive time when the company has capacity to expand trade further into offshore markets such as China and Europe. "Listing on the NZAX is a natural progression for the company. It will encourage and improve the ability of new investors and existing shareholders to trade shares in NZ Wool Services," he said. The company currently has a 50 per cent shareholding in Whakatu Wool Scour Limited in the Hawke's Bay, which will increase to 65 per cent when a new scour is commissioned. In addition, NZ Wool Services has 85 per cent ownership of a scour at Kaputone, in Belfast, north of Christchurch. Both scours are jointly owned with Dalewool Ltd. "Whakatu recently committed in excess of $9 million to upgrade its scouring plant. This project will bring the company's North Island plant into line with our South Island scour, making it the most modern, efficient and technologically advanced facility of its type in the world. It is a strategic move that, along with our acquisition last year of a 50 per cent shareholding in wool purchasing company Rural Wool Link Limited, will enable us to considerably develop our capacity to process and export North Island wool," said Mr Dwyer. The principal business of NZ Wool Services is the acquisition, scouring and export of wool to over 30 countries. By developing innovative procurement systems and employing advanced scouring technology, the company has established itself as one of New Zealand's leading wool exporters. These strategies have supported sophisticated branding initiatives, such as the recently launched Glacial wool product, developed in partnership with Canesis Ltd for the premium end of the international carpet market. In the financial year to 30 June 2003, NZ Wool Services achieved revenues of $130 million and posted a tax paid return of 11.8 per cent per annum on average shareholders' funds. On 24 April the Company concluded a successful buyback from holders of less than 1,000 shares. The total number of shares on issue is now 70,687,402. Currently the major shareholders in NZ Wool Services are Forresters (New Zealand) Limited, which holds 44.50 per cent, Hellaby Holdings Limited (20.61 per cent) and directors and staff of the company (12.32 per cent). The balance of 22.57 per cent is held by approximately 8,600 other shareholders. As required by the Takeovers Code, Forresters and Hellaby will be required, within six months, to reduce their shareholding to the same percentage held prior to the share buyback. NZ Wool Services shares have traded on the Unlisted Securities Market in recent times in a range of 62 cents to 65 cents. PROVENCO GROUP LIMITED NOTICE 23220 DETAILS; Submitted Date: 03-May-2004 13:57, Status: Accepted, Substantial: Y , Director: N, Add Holder: N, Change Holder: Y, Ceased Holder: N, Change Nature: N, Issuer Code: PVO Provenco Group Limited, Holder: Evan Russell Christian, Address: 214 Pomona Road, RD2, Kumeu , Country New Zealand. Contact Name: Brynn Gilbertson, Phone: 09 916 8948, Total of Interest: 7004816, Total Issued 91428440. Total %: 7.661, Class: PVO, Votes Attached: 1, Beneficial, Total of Interest: Non Beneficial. Total of Interest: 7004816. Current % held: 7.661. Last % held: 8.755. Names: Nicholas Corporate Trustees Limited as to 6,364,816. shares & Paul John Christian as to 640,000 shares. Provisions 5(1)(f), Transaction dates: 28 April 2004. Total Votes: 1000000. Considerations: 680000. Description: On market sales. Extension of 'Details of Relevant Interest': Nicholas Corporate Trustees Limited as to 6,364,816 shares held for the Evan Christian Family Trust. Evan Russell Christian and Paul John Christian (jointly) as to 640,000 shares as trustees of Equinox Trust. Documentation With Notice: No Not Filed: Yes Been Filed: No, Number of pages: 0 Date of Last Notice: 06-Apr-2004, NEW ZEALAND WOOL SERVICES INTERNATIONAL LIMITED NOTICE 23221 DETAILS. Submitted Date: 03-May-2004 14:06. Status: Accepted. Substantial: Y. Director: N. Add Holder: Y Change Holder: N, Ceased Holder: N, Change Nature: N. Issuer Code: WSI New Zealand Wool Services International Limited. Holder: Forresters New Zealand Limited. Address: c/o 39 George Street, Timaru , Country New Zealand. Contact Name: Mr A J Hubbard, Phone: 03 684 8015, Total of Interest 31455000. Total Issued: 70687402, Total %: 44.5. Class: WSI. Votes Attached: 1. Beneficial. Total of Interest 31455000. Current % held: 44.5. Names: Forresters New Zealand Limited. Considerations: Non Beneficial. Total of Interest: Documentation With Notice: Yes. Not Filed: No. Been Filed: No. Number of pages: 0. Date of Last Notice WRIGHTSON LIMITED Wrightson has today sent the following letter to all its shareholders: 3 May 2004 . Dear Shareholder. Proposed partial takeover offer from Rural Portfolio Investments Limited. Rural Portfolio Investments Limited (RPI) intends to make a partial takeover offer to purchase sufficient shares in Wrightson Limited to take its shareholding in Wrightson to 50.01 per cent. The proposed offer price is $1.50 per share. RPI currently owns 12.9 per cent of the Company's shares. The Wrightson Board is considering RPI's Takeover Notice. In this context, the Board notes that all Wrightson directors are independent directors, in as much as none has any association with RPI or with Wrightson's largest shareholder, RD1 Limited (wholly owned by Fonterra). In accordance with the Takeovers Code, the Board has also appointed an Independent Adviser, Grant Samuel and Associates Limited, to prepare a report on the merits of RPI's proposed offer. The next key steps are likely to be as follows: 4 May 2004 (or shortly thereafter) RPI will send its offer to shareholders. The Board recommends that you do not accept this offer until you receive Wrightson's Target Company Statement (see below). No more than 14 days later. Wrightson will send shareholders the Target Company Statement required by the Takeovers Code. This will contain important information likely to be highly relevant to your decision in relation to the offer, including any recommendation the Board decides to make. The Target Company Statement will be accompanied by a copy of the Independent Adviser's report on the merits of RPI's offer. The offer is complicated and subject to numerous conditions. In our opinion, shareholders will be best able to properly assess RPI's offer only after they have received and considered the Target Company Statement and Independent Adviser's Report. The offer must remain open for at least 30 days and will not be made on a "first come first served" basis, so there is no need to respond prematurely. We strongly advise that you do not accept RPI's offer until you have received Wrightson's Target Company Statement and the Independent Adviser's report. Yours sincerely John Palmer, Chairman KINGFISH LIMITED The un-audited net asset value per ordinary share of the Company as at 30 April 2004 was $0.9818. The diluted net asset value per ordinary share as at 30 April 2004 was $0.9818. The diluted net asset value describes the effect of all option holders exercising their options when the share price is over the strike price of $1.00. PROVENCO GROUP LIMITED NOTICE 23222 DETAILS. Submitted Date 03-May-2004 16:09. Status: Accepted. Substantial: N Director: Y Add Holder: N Change Holder: Y Ceased Holder: N Change Nature: N, Issuer Code: PVO Provenco Group Limited, Holder Evan Russell Christian, Address: 214 Pomona Road, RD2. Kumeu. Country: New Zealand. Total of Interes: 7004816. Class: PVO. Votes Attached: 1. Beneficial. Total of Interest Non Beneficial. Total of Interest : 7004816, Description: Name of Listed Issuer: Provenco Group Limited (PVO). Name of Director: Evan Christian: disclosure of trading within 6 months of resigning as director Date of Last Disclosure by Page 833 Director: 6 April 2004. Date of Change: 28 April 2004. Nature of Relevant Interest: Non beneficial relevant interest. Appointer, trustee and beneficiary of: Equinox Trust 640,000. Evan Christian Family Trust 6,364,816. with power to control acquisitions/ dispositions and exercise voting rights. Class of Security to which Relevant Interest Relates: Ordinary fully paid shares No. of Securities Held Prior to Change: Beneficial: nil Non Beneficial: 8,004,816. Number of Securities Acquired: Number of Securities Disposed: 1,000,000. No. of Securities Held after Change: Beneficial: nil Non Beneficial: 7,004,816. Consideration Paid or Received for the Acquisition or Disposition: $680,000. Nature of change: On market sales. Documentation: With Notice: No, Not Filed : No. Been Filed: No, Number of pages 0 NATIONAL AUSTRALIA BANK LIMITED The National's Chairman, Mr Graham Kraehe, today announced that Mr Malcolm Williamson, formerly VISA International President and CEO, will join the Principal Board of National Australia Bank. Before moving to the United States to take up the role at VISA he was Group Chief Executive of Standard Chartered Bank for five years and prior to this was Managing Director of Girobank. His early career included a number of senior roles at Barclays Bank. "Malcolm's experience in both the United Kingdom and the United States leading major financial services organisations makes him a valuable addition to the National's Board," National Chairman, Mr Graham Kraehe said. Subject to UK regulatory approval, Mr Williamson will also join the National Australia Group Europe, Clydesdale Bank and Yorkshire Bank Boards. "When I was appointed Chairman in February, I committed to a program of Board renewal including the acceleration of appointments of non-executive Directors with banking experience to the Board," he said. "Mr Williamson's appointment is an important step in that process. The next step will be the appointment of an Australian-based non-executive Director with banking experience which I expect to be able to announce soon." AMP INVESTMENTS' WORLD INDEX FUND (NS) No. of units on issue as at close 373,173,536 Net Asset Value as at close 03-May-04: $1.17921 AUSTRAL PACIFIC ENERGY LTD Cheal Drilling Progress From Oil and Gas Explorer Austral Pacific. Wellington, New Zealand - May 3, 2004 -- /PRNewswire/--Austral Pacific Energy Ltd. (TSXV and NZSX: APX; OTCBB: APXYF). Austral Pacific Energy Ltd advises that the Cheal-A3X well was at a depth along hole of 1820m (5,900 ft) at 0600 NZST, 3rd May. The well has intersected the Mt Messenger sandstones which are the deeper exploration target of the well. Oil and gas shows have been encountered in sandstones below 1750m (5,700 ft). These compare favourably with those originally observed, (but never flow-tested), in the Cheal-1 well which is approximately 500m to the south. The significance of these shows cannot be assessed until electric logs are run in the well, after it reaches its target depth at 1900m (6,200 feet) along hole. It is expected that this depth will be reached in the next 24 hours. Any decision as to whether or not to case Cheal-A3X and flow-test these sandstones or the previously reported Cheal Sands encountered higher in the well, will await completion of the electric logging programme and the analysis of that information.This release includes certain statements that may be deemed "forward-looking statements". All statements in this release that address future production, reserve potential or exploration drilling, are forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. COMMSOFT GROUP LIMITED Commsoft Group Limited has provided its Half Year information, given to the ASX under listing rule 4.2A. The company does not intend to pay an interim dividend for the half year ended 31 December 2003. A copy of the Half Year results can be requested from firstname.lastname@example.org. COMMSOFT GROUP LIMITED Commsoft Group has provided its 31/03/2004 Quarterly report in the ASX Appendix 4C format. Item Current Quarter $A'000 Year to Date (nine months) $A'000 Net Operating Cashflows (30) (219) Net Investing Cash Flows (20) 305 Net Financing Cash Flows - - Cash at end of Quarter 169 169 A copy of the full Quarterly Report can be requested from email@example.com. INFRATIL LIMITED Issue of Securities: The following information is provided in accordance with Section 7.12 of the Listing Rules; Class of security: Ordinary Shares. ISIN: NZIFTE0003S3. Number of ordinary shares issued: 147,718. Issue Price: $1.40. Payment: In cash . Amount paid up: Ordinary shares issued as fully paid up. Percentage of the total class of securities issued (after the issue): 0.065%. Reason for the issue: Warrants exercised.. Specific authority for the issue: Terms and conditions of the issue of the Warrants. Terms or conditions of the issue: Warrantholders have the right to subscribe for ordinary shares, credited as fully paid, at an exercise price of $1.40. Total number of ordinary shares in existence after the issue: 226,958,824. Total number of warrants on issue after the above warrants exercised Nil (70,107 lapsed). NATIONAL AUSTRALIA BANK LIMITED Prior to the release on 12 May 2004 of the National's Half Year Results Announcement, the Company wishes to advise the market of format and presentational changes to its Results Announcement. Most of the changes are minor. The overall results format remains the same as the Full Year Results 2003. The changes do not affect Group profit. Attached is a Proforma Half Year Results Announcement template containing all reclassified comparative disclosures. This can be requested from firstname.lastname@example.org. AUSTRAL PACIFIC ENERGY LTD The Board of Directors of Austral Pacific Energy Ltd. have fixed 14 May 2004 as the record date for shareholders entitled to vote at the company's AGM. The AGM will be held at 2pm on 25 June 2004 in Wellington, New Zealand. NEW ZEALAND EXCHANGE LIMITED A summary of the disclosure notices received today, 3 May 2004, for the Disclosure of Directors' and Officers' Relevant Interests under Section 19T, Securities Markets Act 1988, can be found at the following URL: http://www.nzx.com/market/market_announcements under the heading Disclosure of Directors' and Officers' Relevant Interests. For further information please contact Geoff Brown, Market Development & Customer Relations Manager. Email: email@example.com. TUESDAY, 04 MAY 2004 Page 834 PORTMAN LIMITED Rule 3.8A Appendix 3E Daily share buy-back notice. (except minimum holding buy-back and selective buy-back) Information and documents given to ASX become ASX's property and may be made public. ntroduced 1/9/99. Origin: rule 3.6, Appendix 7C. Amended 30/9/2001. Name of entity ABN PORTMAN LIMITED 22 007 871 892. We (the entity) give ASX the following information. Information about buy-back. 1. Type of buy-back: ON-MARKET. .2. Date Appendix 3C was given to ASX: 15 MARCH 2004. Total of all shares bought back, or in relation to which acceptances have been received, before, and on, previous day (3 MAY 2004) 3. Number of shares bought back or if buy-back is an equal access scheme, in relation to which acceptances have been received: Before previous day 3,326,677; Previous day 43,648. 4. Total consideration paid or payable for the shares, Before previous day $4,976,584.45; Previous day $65,472. 5. If buy-back is an on- market buy-back highest price paid: Before previous day $1.51 date: 7 April 2004, lowest price paid: $1.46 date: 15 April 2004. Previous day highest price paid: $1.50, lowest price paid: $1.50, highest price allowed under rule 7.33: $1.58. Participation by directors 6. Deleted 30/9/2001. NIL, How many shares may still be bought back? 7. If the company has disclosed an intention to buy back a maximum number of shares - the remaining number of shares to be bought back 14,072,246. Compliance statement. 1. The company is in compliance with all Corporations Act requirements relevant to this buy-back. 2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form. NEW ZEALAND EXCHANGE LIMITED / SHOTOVER JET LIMITED NZX advises that at the request of Shotover Jet Limited ("SJL"), NZX has approved the delisting of SJL ordinary shares from the NZSX Market effective from the close of trading on Friday, 7 May 2004. SHOTOVER JET LIMITED Following the completion of the compulsory acquisition of 100 percent of the shares in Shotover Jet Limited by Ngai Tahu Holdings Corporation Limited, Shotover Jet Limited has requested, in accordance with listing rule 5.4.1, that it cease to be listed, and that its ordinary shares cease to be quoted, on the NZSX. As a result of this request, NZX has agreed to cancel Shotover Jet's listing and quotation from the close of trading on Friday, 7 May 2004. SKY NETWORK TELEVISION LIMITED Sky Network Television Limited has provided a copy of its Interim Report for the period ended 31/12/2003. Sky City Leisure Limited. NOTICE 23240 DETAILS. Submitted Date: 04-May-2004 09:42. Status: Accepted, Substantial: Y Director: N, Add Holder: N Change Holder: Y, Ceased Holder: N Change Nature: N, Issuer Code: SLL Sky City Leisure Limited. Holder: Kamerley International Limited. Address: 944 Beach Road. Torbay, Auckland 1311. Country: New Zealand. Contact Name: Charles Kim, Phone: 09 473 5827. Total of Interest: 450107. Total Issued: 6193861. Total %: 7.27. Class: SLL. Votes Attached: 1. Beneficial. Total of Interest: 450107. Current % held: 7.27. Last % held: 5.36. Names: Kamerley International Limited. Transaction Dates: 12 Dec 2003. Total Votes: 419562. Considerations: 556730.33. Non Beneficial. Total of Interest Names: Wang and Lee Engineering Ltd. Transaction dates 12 Nov 2003. Total Votes : 30545. Considerations: 32909.65. Purchase of Shares. Documentation With Notice: No. Not Filed: No. .Been Filed No. Number of pages: 0. Date of Last Notice: 14-Apr- 2003 INFRATIL LIMITED Infratil have provided Appendix 7's in respect of interest payments on IFT030 (ISIN: NZIFTD0003S5) and IFT040 (ISIN: NZIFTD0004S3). Record date: 30/04/2004. Payment date: 15/05/2004. COMPUTERSHARE LIMITED Computershare Limited advise the on-market buyback of 720 shares. Total consideration : $75,636.00. Highest price paid: $105.05. Lowest price paid: $105.05. Total number of shares still to be bought back: up to 472,417. SANTOS LIMITED Appendix 3B lodged with the Australian Stock Exchange for the listing of 3,818 fully paid ordinary shares issued on 22 December 2003 under the Senior Executive Santos Employee Share Purchase Plan at the issue price of $6.38 per share. The number and class of all securities quoted on ASX is 584,478,767 fully paid ordinary shares and 3,500,000 reset convertible preference shares. NEW ZEALAND OIL AND GAS LIMITED PUKEKO-1 PROGRESS REPORT. Drilling of Pukeko-1 is on schedule. As of 6:00am NZ time on 4 May the well was at a depth of 1505 metres, and preparing to run 13 3/8" casing. Over the next week it is planned to run the casing and drill to the next casing point at approximately 3250 metres. It is expected that the target zones will be drilled in the third week of May. New Zealand Oil & Gas Limited holds a 12.5% interest in PEP38460 through subsidiary Stewart Petroleum Company Limited. Other participants in the venture are New Zealand Overseas Petroleum Limited (operator) 45%; WM Petroleum Limited (a wholly owned subsidiary of Pan Pacific Petroleum N.L.)10%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New Zealand Limited 12.5%. PAN PACIFIC PETROLEUM NL PUKEKO-1 PROGRESS REPORT. Drilling of Pukeko-1 is on schedule. As of 6:00am NZ time on 4 May the well was at a depth of 1505 metres, and preparing to run 13 3/8" casing. Over the next week it is planned to run the casing and drill to the next casing point at approximately 3250 metres. It is expected that the target zones will be drilled in the third week of May. Pan Pacific Petroleum NL through WM Petroleum Limited (a wholly owned subsidiary of Pan Pacific Petroleum N.L.) has a 10% interest in PEP38460. Other participants in the venture are New Zealand Overseas Petroleum Limited (operator) 45%; Stewart Petroleum Company Limited (a subsidiary of New Zealand Oil & Gas Ltd) 12.5%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New Zealand Limited 12.5%. NEWCALL GROUP LIMITED Newcall Chief Executive, Jim Bracknell, told shareholders at the group's recent Annual General Meeting that several transactions were being 'aggressively examined' which would, if completed, secure the future of the company. He sad that unless the group was acquired, or completed a merger or acquisition, it would not be profitable in the current year following the sale of all of its revenue generating assets. At the same time, he confirmed that Newcall was now free of all debt and had cash in the bank. Also at the AGM, held on 29 April 2004, Newcall shareholders unanimously approved the election of David Sun as director. The automatic reappointment of BDO Spicers as auditors was also approved, with two shareholders voting by proxy against the automatic reappointment. Responding to questions from the floor on the spin-offs from Newcall, Mr Bracknell explained that all information regarding the spin-offs was posted on the Newcall web site. He said the company did not intend creating a market in the shares of the spin-offs, but will provide confirmation of shareholdings on request. LEND LEASE CORPORATION LIMITED Page 835 Lend Lease Corporation Limited advises the on market buyback of 137,637 shares for $1,463,384 on Monday 3 May 2004. The highest price paid was $10.68 and the lowest price paid was $10.60. The total maximum number of shares that may still be bought back under the buyback is 3,136,750 (refer attached Appendix 3E). AUCKLAND INTERNATIONAL AIRPORT LIMITED a) Class of Security and ISIN. Ordinary shares upon the conversion of options to acquire ordinary shares issued under the AIAL Executive Option Plan (17 November 1999) as approved at the Annual Meeting of AIAL on 16 November 1999. (b) Number of Securities issued 132,000 Ordinary shares. (c) Any terms or details of the issue - interest or dividends. Nil. (d) Total number of Securities of the Class that still remain to be converted (i) Total options issued to date: 1999 - 705,600, 2000 - 860,400. 2001 - 763,200. 2002 - 1,260,000. 2003 - 500,000. 2004 - 160,000. Total: 4,249,200. (ii) Total options exercised to date: 1999 - 684,000. 2000 - 429,200. 2001 - - . 2002 - -. 2003 - -. 2004 - -. Total: 1,113,200. (iii) Total options remaining to be converted: 1999 - 21,600. 2000 - 431,200. 2001 - 763,200. 2002 - 1,260,000. 2003 - 500,000. 2004 - 160,000. Total: 3,136,000. (iv) As at the date of this notice - no options convertible into ordinary shares have lapsed. (e) Nominal value (if any) and issue price No nominal value. The options were issued for no consideration. The exercise price (in accordance with the AIAL Executive Option Plan) for the options exercised was as follows: Number of options Exercise price per option (i) 21,600 $4.2813 (ii) 57,600 $4.4627 (iii) 14,400 $4.2761 (iv) 6,000 $4.2825 (v) 32,400 $4.3060 (f) Reason for the issue Conversion of options issued under AIAL's Executive Option Plan implemented on 17 November 1999. (g) Specific authority for the issue (if any) Resolution of shareholders at the Annual Meeting of AIAL on 16 November 1999. (h) Any terms or details of the issue. The issue is subject to the terms and conditions set out in AIAL's Executive Option Plan. (i) Total number of Securities of the Class in existence after the issue. 304,938,619 Ordinary shares (j) Date of issue: (i) 26 April 2004. (ii) 27 April 2004. (iii) 27 April 2004. (iv) 29 April 2004. (v) 29 April 2004. NEW ZEALAND WOOL SERVICES INTERNATIONAL LIMITED Substantial: Y Director: N Add Holder: Y Change Holder: N. Ceased Holder: N Change Nature: N. Issuer Code: WSI New Zealand Wool Services International Limited Holder: Hellaby Holdings Limited. Address: PO Box 1670. Auckland, Country: New Zealand. Contact Name: Trevor Dwerryhouse. Phone: 09 307 6844. Total of Interest: 14568854. Total Issued: 70687402. Total %: 20.61. Class: WSI. Votes Attached: 1. Beneficial. Total of Interest: 14568854. Current % held: 20.61. Names: Hellaby Holdings Limited. Non Beneficial. Documentation With Notice: Yes. Not Filed: No. Been Filed: No. Number of pages: 0. PROPERTY FOR INDUSTRY LIMITED Substantia: Y Director: N, Add Holder: N Change Holder: N, Ceased Holder: Y Change Nature: N. Issuer Code: PFI Property for Industry Limited. Holder AXA Asia Pacific Holdings Ltd Address : 80 The Terrace. PO Box 1692 Wellington. Country: New Zealand. Contact Name: Milena Penca. Phone: 0061 3 9616 3852. Total of Interest: 9621310. Total Issued: 201406103 Total %: 4.78. Class: PFI. Votes Attached : 1. Beneficial. Total of Interest: 4695016. Current % held: 2.33. Last % held: 2.49 Names: NZCSD Limited for The National Mutual Life Association of Australasia Limited (NZ) Non Beneficial. Total of Interest: 4926294. Current % held: 2.45 Last % held : 3.05. Names: Various Nominees. Description: Stock exchange sales and purchases. Documentation. With Notice: Yes Not Filed: No Been Filed: No Number of pages: 2 Date of Last Notice: 26-Sep-2003 KIWI INCOME PROPERTY TRUST Auckland - Kiwi Income Property Trust (KIP) has entered into an unconditional agreement with ARC, extending their lease to 2009 and expanding their premises to 11,000m2. ARC is currently a major tenant in the Trust-owned building, which is a well-known landmark on the edge of Auckland's CBD. Under the new agreement, ARC will increase its leasing commitment from 6,850m2 to 11,000m2, and extend its lease from June 2005 to June 2009. KIP's Commercial Portfolio Manager, Jon Lesquereux, said that this was a very significant lease agreement for both parties. "The Trust is very pleased to secure ARC in the building. Their needs are changing and we have been able to provide them with a solution that benefits both parties." "The agreement is one of the largest leasing deals in recent years, and includes two additional floors which are currently leased to Vodafone. Vodafone are due to vacate the property towards the end of the year." RENAISSANCE CORPORATION LIMITED Renaissance Corporation Limited has provided the following notice of issue of shares: (a) Ordinary shares issued, ISIN: NZTMPE0001S8; (b) Number issued: 32,000; (c) Value: $0.42 per share; (d) Payment in cash; (e) Paid in full; (f) Percentage of the total Class of Securities issued: 0.08% ; (g) Reason for issue: Exercise of unlisted employee options; (h) Specific authority for the issue: As approved by the Shareholders in General Meeting held 19 April 2000; (i) Nil; (j) Total number shares on issue: 37,604,084; (k) Not applicable; (l) Date of issue: 4 May 2004 AUSTRALIAN 20 LEADERS INDEX FUND (NS) The Directors of Tower Managed Funds advise that 300,000 units were redeemed during the week ending 30th April 2004. The total number of units on issue is 47,512,428 The Net Asset Value of the TORTIS-OZZY fund as at the close of business (Sydney) 30th April 2004 was $2.2118 The current basket composition to 7 May is attached. AUSTRALIAN 20 LEADERS INDEX FUND (NS) The NTA of the TORTIS-OZZY fund as at the close of business (Sydney) 3/05/04 was $2.2101 THE NZ MID-CAP INDEX FUND (NS) The Directors of Passive Funds Management Ltd advise that nil units were issued/redeemed in The NZ Mid Cap Index Fund during the week ended 30th April 2004. The total number of units on issue is 17,711,056 The Net Asset Value per unit at market close on 30th April 2004 was $2.16396 SKY CITY ENTERTAINMENT GROUP LIMITED (NS) SKYCITY Entertainment Group Limited hereby notifies that as at 30 April 2004, it issued 714,724 new ordinary shares. The shares were issued to executives of the company pursuant to the exercise of options issued under the SKYCITY Executive Share Option Plan 1999. In accordance with the terms of the Plan, 456,440 shares were issued at $1.8675 and 258,284 shares were issued at $1.80. The shares were issued fully paid and payment for the shares was in cash. The number of new ordinary shares issued represents 0.17% of the number of ordinary shares in the company. The total number of SKYCITY Entertainment Group Limited ordinary shares now on issue is 416,401,490. Page 836 SKY CITY ENTERTAINMENT GROUP LIMITED (NS) Please find attached a Disclosure of Subsequent Director Relevant Interests Notice in relation to the exercise of options, and sale of resultant shares issued, by Evan Welch Davies, Managing Director of SKYCITY Entertainment Group Limited. The majority of options exercised were issued in 1999 for a term of five years. These options were exercised on 30 April, on the last available daily prior to the options lapsing due to the expiry of their five year term. POWERCO LIMITED New Plymouth District Council has provided the following News Release in relation to Powerco Limited: Window of Opportunity Opens on Powerco Shares. The New Plymouth District Council is seeking indicative bids on its shareholding in energy distribution company Powerco, following news of merger discussions between Powerco and NGC. The merger talks have created a window of opportunity for the council to maximise its Powerco investment by selling its shares now. The council would then re-invest the proceeds in a number of alternative investments, spreading risk while at least maintaining current income levels. The council's 38.12% Powerco shareholding, alongside the 11.79% holding of Taranaki Electricity Trust, which is also inviting bids, will put potential buyers in a position to control Powerco. In recent examples of such takeover positions, buyers have paid an average premium of around 25% on the market share price prior to the takeover announcement. The council's expectation is greater than this due to the size and strategic nature of the Powerco business. Recent examples suggest that if the council sold its shares after a merger took place, it could have to accept a discount of around 10% on market value. Mayor Peter Tennent says the proposed merger is likely to be a success based on Powerco's active history of growth through such deals. However, in order to achieve a position of influence in the new entity, the council would need to borrow heavily to purchase the additional shares necessary - and this is not regarded as a financially prudent option. Mayor Tennent says: "Our investment in Powerco has been an unmitigated success and I have no doubt the company will continue to go from strength to strength. It is a fantastic company and if we lived in an ideal world we would stick with them and borrow to achieve a position of influence in the new entity. "But borrowing that amount of money is just not an option. The landscape is changing and things are getting a bit too hot for us. "So it's time to move on, and the window of opportunity is open now. If we sell before the merger we stand to gain a good premium on top of the value of our holding. Selling after a merger could greatly reduce the chances of securing such a premium. In fact, we could well have to sell at a discount. "If we simply retained our existing shareholding in the new entity, our current 38% would be drastically reduced, significantly limiting our influence over the dividend income that is so important to us in keeping a lid on rates. "We have taken a great deal of expert advice on this subject and we believe our best option is to sell at a premium before the merger and re-invest in a range of investments."This will allow us to diversify our investments, taking our eggs out of a single basket and spreading them around. The net result is that we'll have a larger, more diverse and less risky investment that yields at least the same income as at present. "Rest assured that we wouldn't contemplate going down this road if we envisaged it leading to an increase in rates due to a lower level of investment income." The council has instructed Pricewaterhouse Coopers to manage the sale process on its behalf and expects to consider indicative bids in early June. More information is available on the NPDC website at www.newplymouthnz.com. FONTERRA CO-OPERATIVE GROUP LIMITED For the purposes of Listing Rule 7.12.1, Fonterra Co-operative Group Limited advise that, with effect from 30 April 2004, it has surrendered certain co-operative shares and redeemed certain peak notes, in accordance with the requirements of its constitution and the Dairy Industry Restructuring Act 2001 (DIRA), for a total surrender value to be satisfied by the allotment of Treasury Stock of capital notes of $339,332.91. The allotment price for the 318,841 capital notes allotted on 30 April 2004, in satisfaction of that obligation, is $1.06427, which has been determined in accordance with section 102 of DIRA (including adjustments for interest). a Class of security: Capital Notes. ISIN: NZFCGD0001S9. b Number allotted: 318,841. c Nominal value: $1.00 per Capital Note. Allotment price: $1.06427 per Capital Note. d Payment terms: Not applicable. The notes were allotted in satisfaction for the surrender of certain shares and redemption of certain peak notes and supply redemption rights. e Amount paid up: Not applicable. f Percentage of class of securities: 0.082%. g Reason for allotment: Consideration for surrender of certain shares and redemption of certain peak notes and supply redemption rights in accordance with the requirements of Fonterra's constitution and DIRA.. h Authority for allotment: Trust Deed dated 22 March 2001 (as amended and supplemented). I Terms of allotment: The Capital Notes are variable rate, unsecured, subordinated debt securities and have the terms set out in the Trust Deed. j Number of securities in existence after allotment 389,169,005. k Treasury stock: 19,867,982. l Date of allotment: 30 April 2004. RIO TINTO LIMITED Appendix 3Y. Change of Director's Interest Notice. Name of entity: COAL & ALLIED INDUSTRIES LIMITED. Name of Director: Robert Bryan DAVIS. Number acquired: 14 Rio Tinto Limited Ordinary. No. of securities held after change: 1,060 Rio Tinto Limited Ordinary. PACIFIC EDGE BIOTECHNOLOGY LIMITED Jerry Balter, a resident of the United States, has resigned to pursue other overseas interests. AMP INVESTMENTS' WORLD INDEX FUND (NS) No. of units on issue as at close 373,173,536 Net Asset Value as at close 04-May-04 $1.18522. PROMINA GROUP LIMITED The Australian Securities and Investments Commission (ASIC) has granted Promina Group Limited an exemption from compliance with sub-section 259C of the Corporations Act 2001, with effect from 28 April 2004. Sub-section 259C is part of Part 2J.2 of the Act, dealing with the self acquisition and control of shares. Sub- section 259C specifically voids the issue or transfer of shares (or units of shares) of a company to an entity it controls unless certain conditions are met or an exemption is granted by ASIC pursuant to sub-section 259C(2). The exemption granted to Promina applies in the following circumstances: "The issue or transfer of shares or units of shares of Promina to or in trust: (a) for the statutory funds of Asteron Life Limited ACN 001 698 228 which carry on the life insurance business of providing investment linked benefits (see sub-section 31(b) of the Life Insurance Act 1995 (Cth)), including the shareholders retained profits accounts of these statutory funds; (b) for any controlled entity of Promina which is a trustee of a regulated superannuation fund for the purposes of the Superannuation Industry (Supervision) Act 1993; (c) for any managed investment scheme which has a controlled entity of Promina as a trustee or responsible entity; (d) for the statutory funds of any controlled entity of Promina established under the Workers Compensation Act 1987 (NSW); and (e) for the New Zealand statutory funds of Asteron Life Limited (incorporated in New Zealand) which carry on a life insurance business, which if carried on in Australia would be a business of providing investment linked benefits within the meaning of sub-section 31(b) of the Life Insurance Act 1995 (Cth) including the shareholders retained profits accounts of these statutory funds; (f) for any IDPS (investor directed portfolio service). One of the requirements of the exemption granted to Promina is that it announces to ASX for release to the financial market operated by ASX, the aggregated percentage total of the following: (a) Promina voting shares in respect of which Promina controlled entities have the power to control voting or disposal; and (b) Promina voting shares in respect of which Promina or any of its controlled entities have, to their knowledge, an economic exposure arising from derivatives which any of them hold; as a percentage of the total number of Promina voting shares on issue. Further in making any announcement Promina is required to comply with sub-section 671B(3) of the Act as though the announcement was a notice of a change in substantial shareholding. Accordingly, in compliance with this exemption granted by ASIC Promina advises: (a) Name and address Promina Group LimitedABN 79 000 746 092Level 15, 465 Victoria AvenueChatswood NSW 2067. (b) Details of relevant interest in (i) voting shares in the Company(ii)interests in the scheme NilNil (c) Details of any relevant agreement through which they would have a relevant interest in:(i) voting shares in the Company - Nil(ii) interest in the scheme – Nil (d) The name of each associate Page 837 who has a relevant interest in voting shares in the Company or interests in the scheme Nil. (e) Aggregated percentage total of Promina voting shares in respect of which Promina controlled entities have the power to control voting or disposal 0. %. (f) Aggregated percentage total of Promina voting shares in respect of which Promina or any of its controlled entities have, to their knowledge, an economic exposure arising from derivatives which any of them hold 0%. (g) Any other particulars Nil. The exemption expires on 28 April 2005. RIO TINTO LIMITED Rio Tinto will hold an update of its iron ore operations on Tuesday 4 May 2004 at 5.30pm AEST / 8.30am BST. The update will be hosted by Chris Renwick, chief executive of Rio Tinto Iron Ore (RTIO), and can be accessed via Rio Tinto's website at www.riotinto.com. The presentation will cover market dynamics, operational developments and the expansion of RTIO's production capacity. The following key points will be made: - Rio Tinto Iron Ore has been transformed since 1999, with the acquisition of the iron ore assets of North Limited in 2000, the expansion of the Robe River Joint Venture production following commissioning of the West Angelas mine and the current expansion of Hamersley Iron's capacity from 74 to 116 million tonnes a year. Following the completion of current expansion projects Rio Tinto will have a managed capacity of over 180 million tonnes a year. - Rio Tinto Iron Ore continues to see strong demand growth for its products in China, and the Asian market in general. - Rio Tinto Iron Ore is capturing value from closer cooperation between Hamersley Iron and the Robe River Joint Venture. Pilbara Iron has been established to operate and maintain Hamersley Iron and Robe rail, port and power infrastructure and other non-infrastructure assets. Rio Tinto Iron Ore has unrivalled operational flexibility with three ports and nine mines in the Pilbara. - In December 2003 Hamersley Iron announced the expenditure of US$920 million on the expansion of its port and mine capacity, with further expenditure on the rail network and power infrastructure being evaluated. The Robe River Joint Venture partners have now approved just over US$200 million (Rio Tinto share US$110 million) to dual track a significant part of the Hamersley Iron rail line. Hamersley Iron will spend a further US$45 million to upgrade the power infrastructure in the Pilbara. The port and mine expansions are on track for completion by the end of 2005. NEW ZEALAND EXCHANGE LIMITED A summary of the disclosure notices received today, 4 May 2004, for the Disclosure of Directors' and Officers' Relevant Interests under Section 19T, Securities Markets Act 1988, can be found at the following URL: http://www.nzx.com/market/market_announcements, under the heading Disclosure of Directors' and Officers' Relevant Interests. For further information please contact Geoff Brown, Market Development & Customer Relations Manager. Email: firstname.lastname@example.org. WEDNESDAY, 05 MAY 2004 RIO TINTO LIMITED The attached will be presented on 4 May 2004 at 5:30pm (AEST) by Mr Chris Renwick, chief executive of Rio Tinto Iron Ore, to the financial community as part of an update on Rio Tinto Iron Ore. A copy of the presentation slides can be requested from email@example.com. MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC NET ASSET VALUE . The unaudited net asset value for Merrill Lynch European Investment Trust plc at close of business on 30 April 2004 was: 158.42p (undiluted), 151.40p (diluted) . Notes: 1. Revenue items, disclosed in the most recent monthly announcement, are included in net asset value, with dividends deducted on the ex- dividend date. 2. Purchases on or before 26 April 2004 of 312.6 million ordinary shares have been reflected in these calculations. 3. Purchases on or before 10 April 2003 of 73.0 million warrants have been reflected in these calculations. THE BANKERS INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 4 MAY 2004. As at close of business on 30 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 299.3p. PORTMAN LIMITED Rule 3.8A. Appendix 3E. Daily share buy-back notice. (except minimum holding buy-back and selective buy-back). Information and documents given to ASX become ASX's property and may be made public. Introduced 1/9/99. Origin: rule 3.6, Appendix 7C. Amended 30/9/2001. Name of entity ABN. PORTMAN LIMITED We (the entity) give ASX the following information. Information about buy-back. 1 Type of buy-back: ON-MARKET. 2 Date Appendix 3C was given to ASX: 15 MARCH 2004.Total of all shares bought back, or in relation to which acceptances have been received, before, and on, previous day (4 MAY 2004) 3. Number of shares bought back or if buy-back is an equal access scheme, in relation to which acceptances have been received: Before previous day 3,370,325, Previous day 100,000. 4. Total consideration paid or payable for the shares: Before previous day $5,042,056.45. Previous day $151,000. 5. If buy-back is an on-market buy-back: Before previous day: highest price paid: $1.51, date: 7 April 2004; lowest price paid: $1.46 date: 15 April 2004. Previous day: highest price paid: $1.51, lowest price paid: $1.51, highest price allowed under rule 7.33: $1.58. Participation by directors. 6 Deleted 30/9/2001. NIL. How many shares may still be bought back?. 7 If the company has disclosed an intention to buy back a maximum number of shares - the remaining number of shares to be bought back: 13,972,246. THE CITY OF LONDON INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 4 MAY 2004. As at close of business on 30 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 215.9p. PORTMAN LIMITED Cancellation of Shares Bought Back. As part of the On-Market Share Buy Back process, we have today formally cancelled 3,326,677 ordinary shares. An ASIC Form 484-Section C will be lodged with ASIC later today. The number of ordinary shares now on issue is 171,505,369. Further shares bought back will be cancelled at the end of each month. HENDERSON FAR EAST INCOME TRUST PLC HENDERSON GLOBAL INVESTORS. 4 MAY 2004. As at close of business on 30 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 178.3p. HENDERSON TR PACIFIC INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 4 MAY 2004. As at close of business on 30 April 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 87.1p MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC Page 838 Company issued ordinary share capital and warrant return. Title:For Merrill Lynch Investment Managers Group Services Limited Secretary. Telephone number: 020 7743 5153 Number of shares/warrants in issue: Ordinary shares: 267,745,115, Warrants: 36,560,883. As at: 29 April 2004. Explain any change in share capital if appropriate: Purchase for cancellation of ordinary shares of 25p each: Bargain Date 26 April 2004; Settlement Date 29 April 2004 Number 800,000.Purchase for cancellation of warrants: NONE AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Australia and New Zealand Banking Group Limited has advised of the allotment of 306,433 Ordinary Shares between 01/04/04 and 30/04/04. Purpose of the issue: 306,433 shares issued on exercise of options. Number of ordinary shares now quoted: 1,808,554,540. Full details of the announcement have been provided to the New Zealand Stock Exchange. AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Australia and New Zealand Banking Group Limited (ANZ) is required to disclose to the Australian Stock Exchange the percentage of its shares in which it has an interest as a result of put options granted to clients under the ANZ Protected Equity Portfolio and ANZ Protected Equity Portfolio Plus products. As at 30 April 2004, ANZ held a relevant interest in 85,469 fully paid ordinary shares in ANZ, comprising of 0.0047% of the issued share capital of ANZ. Full details of the announcement have been provided to the New Zealand Stock Exchange. AMP LIMITED Change as a result of the Directors' participations in AMP's Dividend Reinvestment Plan (@AUD 5.62 per share): Andrew Mohl: 251 shares acquired in the name of Mohl Invest Pty Ltd ATF Mohl Super Fund. Meredith Hellicar: 327 shares acquired in the name of David Latrobe Foster & Meredith Hellicar Foster ATF Kinnoul Super Fund. Nora Scheinkestel: 38 shares acquired in the name of the Director; 115 shares acquired in the name of Scheinkestel Superannuation Pty Ltd ATF Scheinkestel Superannuation Fund No. 1 A/C; 80 shares acquired in the name of Scheinkestel Superannuation Pty Ltd ATF Scheinkestel Superannuation Fund No. 3 A/C; and 13 shares acquired in the name of NLS Investments Pty Ltd. Peter Mason: 23 shares acquired in the name of Peter E Mason & Catherine A Mason; and 125 shares acquired in the name of Burgoyne Investments Pty Ltd ATF Burgoyne Super Fund A/C. F&C EMERGING MARKETS INVESTMENT TRUST PLC The NTA for F&C Emerging Markets Investment Trust Plc as at 30/04/2004 is 82.35p. FOREIGN & COLONIAL EUROTRUST PLC The NTA for Foreign & Colonial Eurotrust Plc as at 30/04/2004 was 482.67p FOREIGN & COLONIAL INVESTMENT TRUST PLC The NTA for Foreign & Colonial Investment Trust Plc as at 30/04/2004 is 214.42p. F&C SMALLER COMPANIES PLC The NTA for F&C Smaller Companies PLC as at 30/04/2004 was 276.74p. NEW ZEALAND EXCHANGE LIMITED New Zealand Exchange Limited (NZX) releases its operating metrics monthly. They are issued on a preliminary basis and are subject to change. Full NZX operating metrics can be found on our website at www.nzx.com/aboutus/investor/metrics NZX's operating metrics for April 2004 are as follows: Total market capitalisation was $57,819m compared with $43,164m for the same month in the previous year, an increase of 33.95%. Total market capitalisation for the previous month (March 2004) was $53,721m, an increase of 7.63%. Total nominal value of NZDX was $5,925m compared with $5,214m for the same month in the previous year, an increase of 13.64%. Total nominal value of NZDX for the previous month (March 2004) was $6,015m, a decrease of 1.50%. NZSX 50 Index value was 2,631 compared with 2,013 for the same month in the previous year, an increase of 30.70%. NZSX 50 Index value for the previous month (March 2004) was 2,593, an increase of 1.47%. Number of trades on the NZSX Market was 48,042 compared with 40,805 for the same month in the previous year, an increase of 17.74%. The 12 month average is 48,504. The number of NZSX trades in the quarter to April 2004 rose 16.22% to 141,650 on the same quarter in 2003. The number of trades on the new NZAX market was 334. Number of NZDX trades was 2,579 compared with 1,782 for the same month in the previous year, an increase of 44.73%. The 12 month average is 2,344. The number of NZDX trades in the quarter to April 2004 rose 36.78% to 7,467 on the same quarter in 2003. Value traded on the NZSX Market (including rights) was $1,898m compared with $1,258m in the same month in the previous year, an increase of 50.87%. The 12 month average is $1,860m. The value traded on the NZSX in the quarter to April 2004 rose 37.45% to $5,770m on the same quarter in 2003. The value traded in NZAX shares was $1.50m. Value traded in NZDX securities was $185m compared with $155m in the same month last year, an increase of 19.35%. The 12 month average is $166m. The value of NZDX securities traded in the quarter to April 2004 rose 45.45% to $576m on the same quarter in 2003. The number of New Zealand Listed Issuers rose from 152 in April 2003 to 173 in April 2004, an increase of 13.82%. The number of Overseas Listed Issuers fell from 68 to 61 over the same period. There were four new listings in April 2004. The number of ordinary shares quoted on the NZSX remained unchanged at 188 in April 2004 compared with the same month in the previous year. There have been six additions for the year to date and two removals. The number of convertible notes fell to five in April 2004 compared with six in April 2003. The number of bonds quoted on the NZDX rose from 15 in April 2003 to 22 in April 2004, an increase of 46.67%. The number of capital notes also rose from 34 in April 2003 to 35 in April 2004, an increase of 2.94%. The number of full NZX Firms remained unchanged at 16 from the previous month. The number of Indirect NZX Firms remained unchanged on 10 from the previous month. The number of Non Trading NZX Firms remained the same on 9. The number of NZX Brokers decreased from 283 in March 2004 to 279 in April 2004. However, the number of NZX Associate Brokers increased 3 to 180 in April 2004 compared with 177 in March 2004. The number of NZX Sponsors rose from 37 in March 2004 to 38 in April 2004. The number of Data Vendors remained unchanged on 14.Notes - Total Market Capitalisation is the full market capitalisation of all domestic companies listed on the NZSX. -Total Nominal Value NZDX includes all listed debt issues, excluding Government Stock. -NZSX 50 Index value is calculated on last day traded of each month. -Number of trades includes total trades and marriages. -Value traded includes total trades and marriages. -Data Vendors include all companies currently holding a data licence with NZX. -New Capital Market companies, securities and transactions have been included with the NZSX. POWERCO LIMITED PowerCo Limited has provided Appendix 7 in relation to an interest payment on its unsecured, subordinated, non-cumulative Capital Bonds @ 8.4% p.a. PWC030 (ISIN: NZPWCD0003S1). Record Date: 14/05/2004. Payment Date: 24/05/2004. REPCO CORPORATION LIMITED NOTICE 23280 DETAILS. Substantial: Y Director: N, Add Holder: N Change Holder: Y. Ceased Holder: N Change Nature: N. Issuer Code: RCL Repco Corporation Limited Holder: Perpetual Trustees Australia Limited. Address : Level 7, 39 Hunter Street, PO Box 4171, Sydney NSW 2000. Country: Australia. Contact Page 839 Name: Joanne Hawkins Phone: 0061 2 9229 3162. Total of Interest: 14178962. Total Issued: 166785714. Total %: 8.5. Class: RCL. Votes Attached: 1. Beneficial. Total of Interest: Non Beneficial. Total of Interest 14178962. Current % held: 8.5. Last % held 7.5. Names: Refer to annexures. Description: Normal Market Trading Documentation: With Notice: No. Not Filed: No Been Filed: No. Number of pages: 8. Date of Last Notice: 21-Apr-2004 TELECOM CORPORATION OF NEW ZEALAND LIMITED (NS) Substantial: Y Director : N/. Add Holder: N Change Holder: Y. Ceased Holder: N Change Nature: N. Issuer Code: TEL Telecom Corporation of New Zealand Limited (NS) Holder: Delaware International Advisors Ltd. Address: 3rd Floor 80 Cheapside, London EC2V 6EE. Country: United Kingdom. Contact Name: John L Barrett, Phone: +44 0 207 477 7119. Total of Interest: 152220040. Total Issued: 1932007000. Total %: 7.879. Class : TEL. Votes Attached: 1. Beneficial. Total of Interest: - Non Beneficial. Total of Interest : 152220040. Current % held : 7.879. Last % held : 6.696. Names: Various. Description: Delaware International Advisors Limited - Non beneficial interest - capacity as fund manager only. Documentation: With Notice : No. Not Filed : No. Been Filed : No. Number of pages: 0. Date of Last Notice: 15-Dec-2003 TOLL NZ LIMITED From today Tranz Rail Holdings will be known as Toll NZ and name changes will also occur to two restructured key business divisions. The rail operation will be branded Toll Rail and the freight forwarding business will be known as Toll Tranz Link. The name change signals the start of a major rebranding exercise by Toll NZ and at midday today in Auckland the company will unveil its new livery for both Toll Rail freight locomotives and Toll Tranz Link trucks. Toll NZ Chief Executive David Jackson says he is pleased to now have his senior team in place and Group General Managers appointed for key business divisions. Greg Miller will head Toll Tranz Link while Gary Taylor from Virgin Blue in Sydney takes up his position on May 24, and will head Toll Rail. Toll Rail will now concentrate on the line haul operation and bulk freight while Toll Tranz Link will concentrate on the retail end of the market. Mr Jackson says these changes better position the company to service its customer base and focus the business on growing passenger, transport and logistic services across the country. "Today's launch also marks a new company structure in which people will be more accountable throughout the organisation, with improved customer liaison. "We aim to be much easier to deal with and will have more proactive account management. "Toll NZ is committed to improving our service offering and to continue to grow the business. "We will invest substantially over the next few years and are here for the long term," says Mr Jackson. Photographs from today's midday launch showing the new train and truck livery will be available on the Fotopress website. CARTER HOLT HARVEY LIMITED As shareholders, I am sure you will have become accustomed to seeing Sir Wilson Whineray at this microphone over the past 10 years. He is the epitome of sporting and commercial success. While I shall never be able to match Sir Wilson's sporting success, I would like, that as your Chairman, in conjunction with the support of our highly experienced and capable management team, to continue to provide the company with strong business leadership and deliver results for our shareholders. I am pleased to report on a year when Carter Holt Harvey made strong progress in many areas. In recent times we have also delivered some specific gains for shareholders, in the form of a much improved share price, and have been able to announce a return of capital without compromising the future earning potential of the company. Our overall financial result for 2003 was positive. Operating earnings before interest and tax, or EBIT, was $315 million dollars. This was down 5% on 2002, mainly due to industrial action at the Kinleith Mill and lower volumes of sales from our forests in difficult export markets. While this appeared to be a satisfactory result, it was partly due to our strong foreign exchange hedging positions. Looking forward from here, we will certainly need to rely more on our own resources, as this hedging protection decreases over time. Our determination to improve returns saw Carter Holt Harvey make some vital decisions during the year. To highlight an example of this, our Kinleith pulp and paper mill went through a major re-organisation early in the year, including the outsourcing of maintenance to international experts, ABB. While this was a difficult time for all concerned, by the end of the fourth quarter, results were beginning to show, with successive production records achieved on a base of reduced costs. I would like to commend Brice Landman at Kinleith and his senior team who worked through difficult circumstances to make this happen. Rebuilding confidence after this period of change is not easy, but I believe we are making progress and have achieved a result that is working for Kinleith, and for the company. In our forests operations the company reduced harvest levels to achieve a better balance of supply and demand in the marketplace, and reduce costs. In tandem, we are considering higher value uses for forestry land, where this is possible. Changing pressures on the forest industry, reflected by the sale of the Central North Island Forest Partnership and the Fletcher Challenge estates, saw us take a realistic approach, and re-value our own forests downwards by $876 million in the fourth quarter. In our determination to be world class, a decision was made to move out of the volatile international appearance market - a decision that necessitated the closure of the Tokoroa Sawmill. Last month we also announced a process to offer the Rotorua Sawmill for sale. This will allow us to focus on the strong New Zealand and Australian structural timber markets. In November 2003 the company announced it was considering ownership options for our successful Tissue business. While tissue products are an end result of forestry processing, they are far removed from our core strengths in the pulp, paper, packaging and wood processing areas. I know the Carter Holt Harvey management team worked extremely hard on this throughout the process, and I'm delighted with the outcome, which saw the Tissue business being sold for more than $1 billion New Zealand dollars. Given our strong overall financial position, we will distribute approximately half of the sale proceeds to shareholders in the third quarter of this year. The official sale completion date is expected to be mid-May, and I wish our Tissue and Sancella employees every success in the future. Looking ahead to 2004, the company aims to consolidate its position as Australasia's leading wood fibre processing company. Most business people in New Zealand are realistic about the need for closer economic ties between Australia and New Zealand, but in the main, the process has been largely driven from the Australian side. This is a point of difference for Carter Holt Harvey. While others talk about it, we have worked hard to become a successful Trans-Tasman company - headquartered in New Zealand, but operating seamlessly in Australia. In the year ahead it is important that Carter Holt Harvey continues to strike the right balance between driving our businesses assertively and meeting our obligations as a corporate citizen. This sense of responsibility in the company is borne out by the 73% reduction in safety incidents since 1996, with this safety drive extending to our suppliers, contractors and visitors to our sites. It is vital that we continue to reduce our impact on the environment, and build on our role as a trusted member of the communities we operate in. We also need to manage the impacts of new legislation on our business. In New Zealand, proposed changes to the Resource Management Act and Employment Relations Act are of particular concern, and we are making our views on these issues known through the Select Committee process. Security around the supply of energy in New Zealand is probably THE major consideration for us. We are seeking assurances that all these issues will be resolved satisfactorily, so as not to unduly hinder the operations of companies such as our own. Failure to secure these assurances will force us to reconsider significant investment in New Zealand. Governance: In this era of significant corporate failures around the world, the CHH Board strongly supports the robust corporate governance principles, that are evolving on both sides of the Tasman, through the work of the major regulatory bodies, the stock exchanges and shareholder associations. While we might not always agree, I would nevertheless like to acknowledge the hard work and commitment of the New Zealand Shareholder's Association who have contributed to this environment of transparent governance. I would now like to say a few words about the changes that have taken place within the Board. Sir Wilson Whineray was a highly valued board member who left the company last April after ten years as Chairman. Through his long, professional life at Carter Holt Harvey, he left an impressive legacy which sees the company now operating from a strong financial position. The appointment of Helen Nugent, a leading Australia based director, reinforces my earlier point about our Australasian credentials. I'd also like to mention Bob Butler who retired in July 2003. Bob provided exceptional financial skills and wide-ranging business experience to the Board. Finally, as I mentioned earlier, Brian McDonald, President, International Paper Asia, joined the Board in July last year, another valuable addition bringing the skills and acknowledgement of our largest shareholder to the Board table. The relationship with our majority shareholder, International Paper, is working very well for Carter Holt Harvey. We are in the unique position of having two former Chief Executives of Carter Holt Harvey as the current Chief Executive and Chief Financial Officer of International Paper. As such, they know and understand Carter Holt Harvey, our strategy, direction and needs. The interaction between International Paper and Carter Holt Harvey is one of partnership rather Page 840 than parent and subsidiary, and this is borne out in relationships at Board level. During 2004, Carter Holt Harvey will continue to consider sound acquisitions and divestments in line with our areas of expertise. This may include investment in production capacity closer to our customers in key Asian markets. With the strong and committed management and employee team we have on board at Carter Holt Harvey, I have every confidence we will make excellent progress in the year ahead. We're beginning to deliver on our commitment to improve shareholder returns. We are just as determined to continue this improvement. The stronger share price, and capital return later this year, are the initial steps in our plan to improve opportunities for all shareholders to share in the success of the company as we move towards 2005 and beyond. In closing, I would like to pay tribute to the Carter Holt Harvey Board, and senior management team, for what has been an extraordinarily successful year in very challenging circumstances. CARTER HOLT HARVEY LIMITED Good morning. I also am pleased to report on Carter Holt Harvey's performance in my first full year as CEO. It's been a busy and challenging year, and I believe we've made good progress in positioning the company around our core strengths of wood fibre and forest products processing, as well as making headway towards world class levels of productivity in many of our businesses. This morning, I will briefly update you on each of our business segments, and on some of the external issues which will face us this year and beyond. But first, a quick overview of our trading environment. The building markets in both New Zealand and Australia have enjoyed a very buoyant year, with the key indicator of new home starts close to 170,000 in Australia and 30,000 in New Zealand -the highest since 1974. However, for Carter Holt Harvey, the strong domestic markets were offset by soft overseas markets thanks to international economic uncertainty, the rapid strengthening of the New Zealand and Australian dollars, and escalating freight rates. We responded to this by increasing the capacity of a number of our operations to capitalise on local demand. At the same time we took action to minimise the impact of reduced demand and prices on our businesses exposed to international markets. Our ongoing focus on the development and delivery of new products and services is beginning to deliver results. In 2003, 15% of our total sales were from new products and services, up from 7% in 2001. After the first quarter of this year, we are well on the way to achieving our target of 18% for the 2004 financial year. Through the development of new products and services, we are gaining a competitive advantage, challenging ourselves to constantly improve and delivering what our customers want. Now, a brief outline of how each of our major business segments performed. In 2003, our Forests Group contributed earnings before interest and tax, or EBIT, of $92 million, which was down from $133 million in the previous year. Sales were down by $81 million to $592 million. This reduction in sales was a direct result of our decision early in the year to reduce our harvest from 6.5 million tonnes to 4.9 million tonnes per year. This decision was driven by two things: firstly, given the poor New Zealand dollar export prices for logs, we chose to reduce the cut and protect our margins, and secondly, this will enable our estate to further mature until log prices improve, and create value by increasing the age class and wood quality of the estate. Last year we also announced the decision to re-value our forests downward by $876 million dollars. As John mentioned, New Zealand has seen a period of significant change in forest ownership, particularly in the Central North Island. Through all this, Silva, our joint marketing venture with Kaingaroa Timberlands, has provided valuable economies of scale in key international markets, and helped us offset rising freight prices. As we indicated when we announced our annual result, we continue to pursue the best possible ownership model for our forests. We do need to own some, but not all, of our current forest holdings to protect our strategic processing assets. Any new ownership model will be one where we continue to enjoy secure supply to our operations, but at the same time ensure we are delivering the best return on these assets to you, our shareholders. Our Wood Products group delivered EBIT of $87 million during 2003, which was down from $96 million in 2002. Buoyant local markets supported a record 13% increase in timber and plywood production through our Australian mills. This was offset both by very soft markets for appearance grade timber in international markets, and by adverse foreign exchange movements. We have reinforced our commitment to achieving world class scale and cost positions in our core area of wood processing by making some significant investments. For example, at our Oberon Sawmill, and at the panel plant and sawmill at Mount Gambier. During the year we were pleased to record productivity gains of around $45 million in our wood products businesses. This was achieved through an intense focus on managing our mills more efficiently. This led to the decision to finally close the lossmaking Tokoroa sawmill in December last year, and to put the Rotorua sawmill on the market after exhausting all alternatives over a number of years. This year we are taking a very disciplined look at how we can grow our production base through strategic investments, particularly in the Australasian markets for structural timber. Pulp and Paper: You will no doubt recall, that this time last year, we were in week ten of a strike at Kinleith, which was extremely challenging for employees and for management. This year I am happy to report that following the major re-organisation at Kinleith, our Pulp and Paper group went on to achieve record production and make a very positive contribution to the company's performance. Both management and employees continue to work hard to improve industrial relations on this major site. Earnings before interest and tax for the Pulp and Paper segment were $54 million, up from $26 million in the previous year. This was especially gratifying as it was achieved despite sales being $100 million down on the previous year. This reduction in sales was due to lost production during the three month strike, as well as export prices being at, or near, historical lows. Continuing excellent productivity, an improvement in pulp prices and further cost savings by operating Kinleith and Tasman as an integrated business, are all positive signs for a strong result in 2004. Packaging was another big mover for the company in 2003, with EBIT up 25% to $30 million, despite sales being slightly down. The corrugated business of Packaging Australia made a significant improvement, which led to its first ever positive EBIT result since acquiring a number of production facilities in recent years. Innovation has been a key focus of the packaging business over the last few years. Last year, 38% of revenues from Packaging New Zealand came from new products - up from only 8% five years ago - this demonstrates a high level of successful innovation within this business. Tissue: During 2003, our ongoing analysis of our businesses concluded that Tissue, which was our only fast moving consumer goods operation, was no longer a core focus for the company. We went on to explore a number of options to maximise the returns to our shareholders. These included a trade sale, a sale to a financial investor or an Initial Public Offering. In March we agreed to sell the Tissue business and our 50% interest in Sancella, to leading international Swedish tissue company SCA. Strong interest in the Tissue business reflected its market leading positions and high quality assets and people. As our Chairman has mentioned, ownership will be formally transferred later this month. The Tissue Group performed soundly during the year with EBIT of $52 million, up $1 million on the year before, although sales were down by $46 million to $745 million dollars. I extend my thanks to our team that worked extremely hard to achieve such a successful sale outcome, and I wish the Tissue employees all the best as they follow the business in a new direction. I am pleased that we have continued showing improvement in health and safety, with a further 11% reduction in incidents year on year. While more than half of our sites were incident free in 2003, there is room for further improvement, as the name of our company-wide safety programme, Getting 2 Zero, suggests. That a robust production site like our Kinleith Roundwood plant, can go ten years without a lost time injury sets an example for the rest of the company, and shows what can be done. I am also proud of the company's record in once again encouraging healthy, active lifestyles through our annual fitness challenge programme. In 2003 we invested $20 million in a range of projects to improve our environmental and health and safety performance. We continue to build our partnerships in the community through our almost 15-year relationship with Project Crimson to restore the Pohutukawa tree to our coastline, and through a new strategic environmental alliance with Greening Australia - one of Australia's leading not-for-profit organisations. It is with disappointment I report that the Commerce Commission continues to investigate Carter Holt Harvey for claims made under product descriptions of machine stress graded timber. We are co-operating with this investigation and look forward to its resolution. I am absolutely committed to ensuring that Carter Holt Harvey behaves in an open and honest way in every corner of our business, and I will continue to reinforce the need to respect and stand by our company values every day, in all aspects of our work. You will be aware of external factors which affect our profitability. Areas of government policy continue to cause us concern, particularly in relation to energy and employee relations. We are disappointed that Project Aqua will not go ahead, and we expect serious energy shortages in the future. This results from the onerous requirements of the Resource Management Act, and the lack of sensible long term energy planning over the last 20 years. Last week we presented to the select committee studying the Employment Relations Law Reform Bill. We believe that these new provisions, and the issues associated with uncertain energy supply in the future, will make it more difficult for Carter Holt Harvey to justify further major investments in New Zealand. 2004 will be an interesting and decisive year for Carter Holt Harvey. A key theme for the year ahead will be disciplined and structured growth. We will retain around half of the proceeds of the Tissue sale, with a view to acquiring quality assets in expanding segments which are aligned to our strengths. Given our past experience in export markets and our exposure to foreign exchange variables, we will continue to look closely at the potential opportunities from what we call a "multi-domestic processing strategy," that is, operating Page 841 production facilities within the markets we serve. During 2004 we will continue the push to world class levels of productivity, with a strong emphasis on running our operations efficiently. At our Whakatane board mill, we are on track to complete a $62 million upgrade this month, which will enable us to compete in the higher value cosmetic and pharmaceutical packaging markets. Grant Stinson, the Chief Executive at Whakatane Mill has prepared a short montage of photos to give you an insight into operations at the mill and take you through the upgrade. Thanks to Grant and the team for bringing the project in on time - in fact today! The past year has been characterised by some difficult issues, a dramatic 35% strengthening of the Australian and New Zealand dollars, the Kinleith strike, the closure of facilities and the sale of one of our biggest businesses. We have successfully dealt with these challenges to position the company for the future as we continue to build towards the resilient, world class organisation we aim to be. The progress we made during 2003 could not have been achieved without the skills and commitment of all Carter Holt Harvey people. Since taking up the position of CEO in December 2002, I have visited most of our 136 sites in New Zealand and Australia. Through these visits, I have met and spoken with many of our ten and a half thousand employees. I can confidently say we have a strong and capable work force, committed to making Carter Holt Harvey a world class organisation. FELTEX CARPETS LIMITED Feltex Carpets Limited confirmed its intention to list on the New Zealand sharemarket through the launch today of a public offering of its shares, giving the company a market capitalisation of $254 million to $284 million at the indicative price range per share set under the offer. The Feltex offering is New Zealand's largest sharemarket issue in five years. The offer size is expected to place Feltex within the top 30 listed companies. Feltex is one of the two largest manufacturers of carpets in Australasia - producing over 17 million square meters of carpet per annum and forecasting annual sales in excess of $330 million for the financial year. The company's production represents over a quarter of all the carpet volume manufactured in Australasia in 2003. In addition, Feltex is one of the largest wool carpet manufacturers in the world. The company's chairman, Tim Saunders, said that he was pleased to see Feltex returning to New Zealand ownership given its heritage of manufacturing carpets here. "Feltex has been carpeting the homes of New Zealanders for generations," he said. "It is one of the country's iconic brands and we are delighted to bring it back to the sharemarket. "Today, Feltex is a leading manufacturer of carpets in New Zealand and Australia with a strong established portfolio of well known brands, covering premium wool carpets, wool rich blends and man-made fibre carpets both for home and commercial use." Its brands include Feltex Reserve, Feltex Classic, Feltex Commercial, Feltex Woven, Invicta, Kensington, Redbook and Minster. The float of Feltex has arisen out of the decision by the company's shareholder, Credit Suisse First Boston Asian Merchant Partners, L.P. (CSFBAMP) to sell its shareholding. CSFBAMP has been an owner of Feltex for eight years. In conjunction with the sale of shares, Feltex is raising $50 million of new capital to assist with the redemption of the Bonds issued by the company in May 2003. In recognition of the support that Bondholders provided Feltex, Bondholders are being given an opportunity to participate in the offer with priority status and at a discounted price. Important information about Bondholder alternatives are given in the fact sheet attached to this news release. Mr Saunders said that following the Offer, the senior management team will have a meaningful equity interest in Feltex of almost 4.5% of the shares, as well as management option plans, which reflects the commitment that the management team has to Feltex and to driving future growth and earnings. "Our senior executives are among the most experienced in the Australasian carpet industry and have the experience and market knowledge required to continue to grow the Feltex business," he said. Feltex's chief executive officer Sam Magill, who has 36 years experience in the carpet industry, said a major development for the business occurred when Feltex purchased the Australian operations of Shaw Industries Inc ("Shaw"). "Shaw is the world's largest carpet manufacturer and the acquisition of their Australian operation transformed Feltex into an integrated Australasian business of significant scale. "Since the integration of Shaw Industries Australia in 2000, management has successfully implemented a variety of operational initiatives that have realised more than $13 million of annual cost savings and synergy benefits. "We have also recently invested in new production technology which allows us to develop a number of new designs and products, offering consumers additional ranges and styles of carpet to better service customers' needs and meet changing fashions and trends. "As a result of these changes we have positioned Feltex as a responsive manufacturer of high quality carpets with an excellent platform for sustainable growth in earnings." The indicative price range has been set at $1.70 to $1.95 per share with the final price being set upon the completion of a book-build process on Monday 24 May. Based on this indicative price range, Feltex is projecting a gross dividend yield of 8.6% to 9.6% for the 2005 financial year. In addition, shareholders will receive a dividend in October 2004 in respect of the second half of the June 2004 financial year. This dividend is projected to be $9 million. The issue is being jointly managed by leading sharebrokers Forsyth Barr and First New Zealand Capital. Feltex shares are expected to begin trading on 4 June. A combined investment statement and prospectus in relation to the public offer has been signed and is being registered with the Companies Office on 5 May 2004. Feltex Employees: Feltex has a long serving and skilled workforce, with a strong technical base. The long tenure of many of Feltex's employees ensures that there is retention of key skills and that knowledge and experience is shared with younger staff. Feltex's cadetship and graduate development programmes ensure that Feltex is able to attract a steady flow of young talent. In total, Feltex employs more than 900 people throughout New Zealand and 750 people in Australia as detailed in the following tables. Location Products Manufactured Staff as at April 2004 New Zealand Auckland Head Office/Sales 38 Kakariki Wool Scouring 47 Dannevirke Wool Yarn 184 Lower Hutt Wool Yarn 203 Feilding Wool Yarn 79 Foxton Tufted Carpet 140 Christchurch Wool Yarn, Woven Carpet 226 Total New Zealand 917 This excludes the number of employees at the rubber underlay plant at Petone which is to close in May 2004. Location Products Manufactured Staff as at April 2004 Australia Hallam Polypropylene Extrusion 17 Tottenham Yarn Twisting 54 Tufted Carpet 82 Sales - Residential & Administration 134 Braybrook Wool Yarn 168 Tufted Carpet 177 After-sales Services 12 Administration 11 Sales - Commercial 38 Brooklyn Distribution and Samples Centre 53 Total Australia 746 Feltex Carpets Limited has also provided an Initial Public Offer - Fact Sheet. A copy of this may be requested from firstname.lastname@example.org. Page 842 TENON LIMITED Auckland, 5 May, 2004 - Tenon Limited announced today that it had received confirmation from both the New Zealand Exchange and the Australian Stock Exchange that shareholder approval was not required in respect of the NZ$165 million Tarawera forestry right sale to Kiwi Forests Group Limited and Hancock Natural Resource Group, Inc. The sale was announced to the market on 1 April 2004. LEND LEASE CORPORATION LIMITED Lend Lease Corporation Limited advises the on market buyback of 250,000 shares for $2,671,850 on Tuesday 4 May 2004. The highest price paid was $10.72 and the lowest price paid was $10.53. The total maximum number of shares that may still be bought back under the buyback is 2,886,750 (refer attached Appendix 3E). SEALEGS CORPORATION LIMITED Listed marine company, Sealegs Corporation (NZX:SLG) has announced the initial delivery of two Sealegs 5.6m SLD amphibious marine craft to the local market, with another two soon bound for overseas. Earlier this year Sealegs had confirmed the production schedule of 12 of its 5.6m amphibious runabouts for staggered delivery over the first half of the 2004 financial year. Company CEO, David Mckee Wright today said "we are delighted to be in full production having delivered the first two boats, and are now in a position to start scaling." He said the initial batch of 12 boats, represent around NZ$1 million in revenues for Sealegs "and we have deliberately taken our time to ensure we deliver a high quality dependable product the company can be proud of." The first two craft have both been purchased by individuals for local recreational use, with the second one delivered last week to successful entrepreneur, Richard Izard in Taupo. Mr Izard, who made his fortune as the world's No.1 manufacturer of tungsten-tipped circular steel blades, intends to use it for trout fishing around Lake Taupo. "It is ideal for my requirements," he says. " We're not far from the lake so I don't need to worry about a trailer. I can simply drive it down to the lake edge and straight into the water. I couldn't think of anything easier." Sealegs Explorer is a high performance, 5.6m amphibious runabout that can be driven in and out of the water, eliminating the need for a trailer or towing vehicle. At the touch of a button, three wheels can be lowered or raised and tucked away, just like the undercarriage of a plane. But unlike previous amphibious forerunners, the Sealegs 5.6M SLD is first and foremost a safe, highly manoeuvrable marine craft, with no sacrifice to its water performance characteristics to accommodate its ability on land. It has a top speed, on water, of 60kms ideal for water skiing and hi-speed search and rescue work, while on land it can travel, either reverse or forward, at up to 10kms. Sealegs has another four boats currently in production (they are frabricated in East Tamaki and assembled in Albany) two more due for delivery locally later this month and another two destined for Sydney and the USA in June. According to Mr Mckee Wright "the craft is attracting a lot of overseas interest and as a result we will attend the Sydney Boat Show at the end of July." Mr Izard is a great ethusiast for both the Sealegs concept and the company. "From what I've seen they have something that is quite unique," he says. "I've got a lot of faith in what they're doing and see a heck of a future for that type of craft." The Sealegs 5.6M SLD sells for $98,000. Full details are available via the website www.sealegs.com NEW ZEALAND EXCHANGE LIMITED At the request of Macquarie Goodman Property Trust ("Macquarie"), Macquarie units will be placed in a trading halt from the time of this announcement until close of trading today. The trading halt has been granted pending a material announcement that Macquarie expects to make today. MACQUARIE GOODMAN PROPERTY TRUST At the request of Macquarie Goodman Property Trust ("Macquarie"), Macquarie units will be placed in a trading halt from the time of this announcement until close of trading today. The trading halt has been granted pending a material announcement that Macquarie expects to make today. COMPUTERSHARE LIMITED Computershare Limited advise the on-market buyback of 374 shares. Total consideration : $39,429.50. Highest price paid: $105.47. Lowest price paid: $105.10. Total number of shares still to be bought back: up to 472,043. AMP LIMITED AMP Limited's AMP Financial Services (AFS) business has continued to experience improving cash flows in the first quarter of 2004, AFS Managing Director Craig Dunn said today. AFS reported net cash flows for the first quarter of 2004 of $88 million, compared with net outflows of $266 million in the corresponding quarter of 2003. The first quarter is traditionally AMP's slowest for net cash flows. Mr Dunn said that total gross inflows were 22 per cent higher at $2,058 million for the quarter, while outflows were 1 per cent higher at $1,970 million. Net cash flows for Australian contemporary products improved by 73 per cent to $416 million in the first quarter of 2004. Inflows were 29 per cent higher at $1,763 million while outflows were 20 per cent higher at $1,347 million. Net cash flows in the Australian mature/closed book improved by 30 per cent, from a net outflow of $468 million in the first quarter of 2003 to a net outflow of $327 million in the first quarter of 2004. Gross outflows were down 26 per cent from the first quarter of 2003, reflecting a further improvement in persistency. In New Zealand, there was a net outflow of $1 million for the first quarter, an improvement on the outflow in the corresponding quarter of 2003 of $38 million. Mr Dunn said that it was encouraging to see the trends experienced in the first six weeks of the year, announced at the 2004 annual results, continuing throughout the quarter. He said that he expected AFS to report net cash flows of approximately $220 million for the first quarter to ASSIRT (which reports retail products excluding regular premium products and risk products). The net cash flow reported by ASSIRT in the first quarter of 2003 for AMP was a negative $17 million. TRANS TASMAN PROPERTIES LIMITED Trans Tasman Properties Limited ("TTP") announces that its subsidiary, NZGP (810 Great South Road) Limited, has entered into a conditional contract with Macquarie Goodman Nominee (NZ) Limited ("Macquarie Goodman"), acting as nominee and trustee for the Macquarie Goodman Property Trust and the Macquarie Goodman Industrial Trust, for the sale of the Fletcher Complex in Penrose, Auckland. The contract price is a cash offer of $72 million and is above the company's carrying book value. The contract for sale is subject to the following conditions: 1. approval from the Overseas Investment commission; 2. waiver of the first right of refusal in favour of Auckland University of Technology; and 3. waiver of the first right of refusal in favour of Fletcher Building Limited. Should either of the rights of first refusal be exercised, settlement must occur on the same conditions as agreed between TTP and Macquarie Goodman. The conditions must be satisfied by late June 2004 for the agreement to become unconditional, with settlement expected to occur shortly thereafter. MACQUARIE GOODMAN PROPERTY TRUST MGP and Macquarie Goodman Industrial Trust ("MGI") have conditionally agreed to jointly acquire a large integrated office and industrial park for $72.0 million in Penrose, Auckland. The Property: Under their co-ownership arrangement, a nominee for MGP and MGI today entered into a conditional agreement to acquire the property, known as the "Fletcher Site", from a subsidiary of Trans Tasman Properties Limited for a purchase price of $72.0 million. The property has a site area of 8.1 hectares with 48,500 sqm of existing improvements, consisting of five office buildings and 18 warehouse/industrial buildings. With a low site utilisation ratio, the property also offers significant future development prospects. The property is located in Auckland's primary industrial region, benefiting from its central proximity to major motorway access and port and airport facilities. It is also in the vicinity of a number of existing properties held jointly by MGP and MGI such as The Millennium Centre, Central Park Corporate Centre, Penrose Industrial Estate and The Gate Industry Park. Fletcher Building Limited has a head lease over the existing lettable area with five years remaining. Its annual net rental is $6.5 million with market reviews every three years, delivering a yield of 9.0%. MGP and MGI's agreement to Page 843 purchase the property is subject to satisfaction of the following outstanding conditions: 1. approval from the Overseas Investment Commission; 2. waiver of the first right of refusal in favour of Auckland University of Technology; and 3. waiver of the first right of refusal in favour of Fletcher Building Limited. The conditions must be satisfied by late June 2004 for the agreement to become unconditional, with settlement expected to occur shortly thereafter. A valuation report has been prepared for the Fletcher Site and the independent directors have certified that they have reviewed the valuation report and resolved and certified that in their opinion the transaction is on arm's length, commercial terms and falls within MGP's investment policies. Unitholders may obtain a copy of the valuation report and independent directors' certification free of charge from Macquarie Goodman (NZ) Limited ("MGNZ") at the address listed below. Funding: MGP's 50% share of the acquisition will be funded via an institutional placement of units in MGP and the draw down of additional debt. Under the placement, MGP proposes to issue 21.75 million new units at $0.96 per unit, raising $20.9 million. The new units will rank pari passu with existing units on issue from allotment and will be entitled to the distribution for the quarter ended 31 March 2004. The placement was underwritten by Macquarie Equities New Zealand Limited ("Macquarie Equities"). The terms of the Underwriting Agreement are included in Appendix 1. NZX has granted waivers and approvals under the NZX Listing Rules to enable MGP to undertake the placement, which are detailed in Appendix 2. If for any reason the conditions to the contract for purchase of the Fletcher Site are not satisfied and, consequently, the property is not acquired by MGP and MGI, the funds raised under the placement will be used to fund other acquisitions within the scope of MGP's investment policies. To allow the placement to be undertaken in an orderly manner to informed investors, MGNZ has sought and obtained a trading halt in MGP units. This halt will be lifted on completion of the Placement, which is expected to occur overnight this evening. At that time, MGNZ will make a further announcement to the market commenting on the results of the Placement. The placement presentation is included in Appendix 3. Benefits to Unitholders The benefits to MGP's Unitholders of acquiring the property and making an institutional placement include: o enhanced industrial property sector focus; o greater portfolio diversification; o reduced gearing to 35.0%; o increased weighted average lease term to expiry to 3.9 years; o improved occupancy rate to 99%; and o increased index weighting of MGP, creating greater liquidity for Unitholders. MGP remains on target to deliver a projected gross distribution of 9.3 cents per unit for the year ending 30 June 2005. John Dakin, Chief Executive Officer of MGNZ said, "The transaction will increase MGP's position as New Zealand's leading listed industrial specialist and reduce its gearing to 35.0% on completion of the transactions." "Importantly, we are building our property portfolio to ensure we have the products to accommodate the business space requirements of our existing and prospective customers." For further information, please contact MGNZ. Appendix 1 (Underwriting Agreement), Appendix 2 (NZX Listing Rules) and Appendix 3 (Placement Presentation) have also been provided and copies can be requested from email@example.com. LAKES OIL NO LIABILITY TRIFON TIGHT GAS PROJECT: PEP 157, ONSHORE GIPPSLAND BASIN, VICTORIA. Lakes Oil ("LKO") advises that the Trifon 2 well commenced drilling at 8:00 PM last night and at 6:00 AM today was drilling ahead in 311 mm hole at a depth of 124 metres. The Trifon 2 well is located approximately 50 metres from the site of the original Trifon 1 well drilled in December 2000. The Trifon Tight Gas Project is funded Jarden Corporation Australia Pty Ltd to the extent that the first $5 million of expenditure contributed by them will earn a 50% interest in a defined area which covers both the Trifon and Gangell structures. The Trifon 2 well is located in PEP 157. An overriding royalty of 5% of the wellhead value of any hydrocarbon production is payable to Roma Petroleum N.L. a former permit holder. MACQUARIE GOODMAN PROPERTY TRUST Substantial: Y Director : N. Add Holder: Y Change Holder: N. Ceased Holder: N Change Nature: N. Issuer Code: MGP Macquarie Goodman Property Trust. Holder: Macquarie Equities New Zealand Limited. Address : Level 14. Philips Fox Tower, 209 Queen Street, Auckland, Country: New Zealand. Contact Name: Helen Wheatley. Phone: +61 2 8232 8757. Total of Interest: 21750000. Total Issued: 145000000. Total %: 15. Class: MGP. Votes Attached: 1. Beneficial. Total of Interest: - Non Beneficial. Total of Interest: 21750000. Current % held: 15. Names: Macquarie Equities New Zealand Limited. Provisions: 5(1)(f). Transaction dates: 5 May 2004. Total Votes: 21750000. Considerations: 20880000. Description: Entry into an Underwriting Agreement dated 5 May 2004 between Macquarie. Equities New Zealand Limited ("MENZ") and Macquarie Goodman (NZ) Limited ( MGNZ ) under which MENZ agreed to underwrite up to 21.75 million units in Macquarie Goodman Property Trust ("Units") under an institutional placement of up to 21.75 million Units at a subscription price of $0.96 per Unit. Documentation: With Notice: Yes Not Filed: No. Been Filed : No. Number of page: 6 NATIONAL AUSTRALIA BANK LIMITED Mr Malcolm Williamson to Chair the EGMs on 21 May 2004. The National's Chairman, Mr Graham Kraehe, today announced that the new nonexecutive Director, Mr Malcolm Williamson, has agreed to chair the Extraordinary General Meetings on 21 May 2004. Mr Kraehe said he would not chair the Meetings given his personal interest in the resolutions before the Meetings. "Mr Williamson has advised the National that as Chairman of the Meetings he will vote all undirected proxies pro rata with the directed proxies," Mr Kraehe said. SOFTWARE OF EXCELLENCE INTERNATIONAL LIMITED For the purposes of Listing Rules 7.3.6, Software Of Excellence International Limited advises the following securities have been issued: a) Class of security: Employee Option Plan. ISIN: NZSOEE0001S0. b) Number issued: 640,000. c) Nominal value: Not applicable. Issue price$1.55. d) Payment terms: Upon the exercise of the option. e) Amount paid up: Fully Paid. f) Percentage of Class of 2.85% Securities. g) Reason for issue: Allotment to employee share option scheme. h) Authority for issue: Directors resolution dated 4 May 2004 Listing rule 7.3.6 (b) (Issues within 3% limit). i) Terms of issue: The shares rank pari passu with the company's existing 22,452,664 ordinary shares j) Number of securities: 22,452,664 in existence after issue. k) Treasury stock: not applicable l) Date of issue: 5 April 2004 AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED The net asset backing of Australian Foundation Investment Company Limited shares at 30 April 2004 was $3.36 per share. The company is a long term investor and does not intend disposing of its total long term investment portfolio. If estimated tax on gains arising from such disposal were to be deducted, the above figure would be $3.01 per share. The net asset backing figure at 31 May 2004 is expected to be announced by Wednesday 9 June 2004. VTL GROUP LIMITED Auckland, May 05, 2004 - VTL Group Limited (NZX: VTL) announced today that it had appointed Roger Moses as a non-executive Director. VTL Group Limited Chairman, Gary Stevens said, "Roger brings considerable business experience to our Board, particularly in the areas of investment and finance. During his career Roger has been a Director of many companies, both public and private and has developed a sound reputation as an innovative thinker. Roger also serves as a Director for our 100% owned subsidiary Nathans Finance NZ Limited, having being appointed in August 2003." PACIFIC BRANDS LIMITED Acquisition of 1,807 ordinary shares by Mr A Cummins pursuant to the terms of the Pacific Brands Non Executive Director Share Plan for total consideration of A$4,373. Total number of shares held following acquisition 1,807. PACIFIC BRANDS LIMITED Page 844 Acquisition of 2152 ordinary shares by Mr P Handley pursuant to the terms of the Pacific Brands Non Executive Director Share Plan for total consideration of A$5,208. Total number of shares held following acquisition 1,207,153 PACIFIC BRANDS LIMITED Acquisition of 1807 ordinary shares by H Lynch pursuant to the terms of the Pacific Brands Non Executive Director Share Plan for total consideration of A$4,373. Total number of shares held following acquisition 42,807. PACIFIC BRANDS LIMITED Acquisition of 1250 ordinary shares by Mr M Ould pursuant to the terms of the Pacific Brands Non Executive Director Share Plan for total consideration of A$3,025. Total number of shares held following acquisition 42,250. AUSTRALIAN 20 LEADERS INDEX FUND (NS) The NTA of the TORTIS-OZZY fund as at the close of business (Sydney)4/05/04 was $2.2198 ASB CAPITAL LIMITED Pursuant to Listing Rule 7.12.2, please find attached an updated Appendix 7 Notice of Event Affecting Securities relating to the payment of a fully imputed dividend to holders of perpetual preference shares in ASB Capital Limited on 17 May 2004, being the next business day after 15 May 2004. Record Date: 30 April 2004. Supplementary Dividend: $0.002104600. CARTER HOLT HARVEY LIMITED Carter Holt Harvey Limited confirms that shareholders, at the 2004 Annual Meeting held on Wednesday, 5 May 2004: 1. Re-elected Mr A R Lessin and Mr T K McDonald as directors of the company. 2. Elected Mr B N G McDonald and Dr H M Nugent as directors of the company. 3. Authorised the directors to fix the remuneration of the joint auditors Ernst & Young and Deloitte. In compliance with the requirements of NZX listing rule 3.3.1B(a) the following are Independent Directors of Carter Holt Harvey Limited as at 5 May 2004: John H Maasland (Chairman), T Kerry McDonald, Helen M Nugent, Shehnaz Hajati, Manager - Company Secretarial TENON LIMITED / RUBICON LIMITED 5 May 2004 - Rubicon Forests Limited ("Rubicon Forests"), a wholly owned subsidiary of Rubicon Limited, today advised that it will be despatching its Offer Document to Tenon shareholders this Saturday, May 8, 2004. The Rubicon group currently controls 19.998% of the shares on issue in Tenon, and is seeking sufficient shares in the Offer to take its shareholding position in Tenon to 50.01%. On 8 April 2004 Rubicon Forests issued a Takeover Notice to Tenon, indicating its intention to make a partial takeover offer for Tenon, at $1.85 for each preference and ordinary share. The Takeovers Code did not allow Rubicon Forests to formally make its Offer to Tenon shareholders until 22 April - i.e. 14 days following the issuance of the Takeover Notice. Rubicon Forests said today, "Our desire was to despatch our Offer to Tenon shareholders on 22 April, however we have been waiting for a technical exemption (i.e. an exemption from the requirement to mail the Offer to Tenon's 140 shareholders with US mailing addresses, who in total represent only 0.11% of the Tenon shares on issue) from the Takeovers Panel which was only signed yesterday. The effect of the timing of this exemption is that the earliest practical day we could send the Offer to Tenon shareholders (i.e. this Saturday) also happens to be the last day allowable under the Code - i.e. 30 days following the issuance of our Takeover Notice. If we could have sent our Offer out earlier we would have done so." Rubicon Forests went on to say that, "While it would appear that speculation of a competing bid continues to underpin the Tenon share price at current levels, nearly a month had lapsed since we first announced our intention to make a partial offer for Tenon shares at $1.85 per share and we remain the only party that has actually come forward with an Offer. The two parties whom speculation has centred on - Fletcher Building and Carter Holt Harvey - have not emerged as bidders. In fact, Fletcher Building has said it is not interested, and Carter Holt Harvey has reportedly indicated an interest in only the Australasian structural assets of Tenon, which are not even for sale." The Offer is not being, and will not be made, directly or indirectly, in or into, or by use of the mails of or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone or e-mail) of interstate or foreign commerce of, or of any facility of, a national securities exchange of the United States or any other jurisdiction where it would be inconsistent with local legal or regulatory requirements so to do (or would require Rubicon Forests to make any filing under local legal or regulatory requirements) and will not be capable of acceptance by any such use, means, instrumentality or facility or from within any such jurisdiction. Accordingly, this announcement, the Offer Document and any related offering materials are not being mailed, and must not be mailed, or otherwise forwarded, distributed or sent in, into or from any such jurisdiction and persons receiving this announcement or any other such documents (including, without limitation, custodians, nominees and trustees) must not distribute or send any of them in, into or from any such jurisdiction. Doing so may render invalid any purported acceptance of the Offer. FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED NOTIFICATION OF ISSUE OF SECURITIES. Fisher & Paykel Healthcare Corporation Limited advises that 1,666 ordinary shares in the company were issued on 5 May 2004 to employees exercising options issued under the Fisher & Paykel Healthcare 2001 Share Option Plan. The Plan and the issue of options and shares under the Plan were approved by the Board on 7 September 2001. The shares were issued on the exercise of the options at an exercise price of $10.65 per share paid up in cash. The Company has a total of 101,948,797 ordinary shares on issue. This issue of shares takes that total to 101,950,463. 1,666 ordinary shares represent approximately 0.0016% of the shares presently on issue. The shares were issued on the terms of the Plan. This advice is given under Listing Rule 7.12.1. Auckland, New Zealand, 5 May 2004 - Fisher & Paykel Healthcare Corporation Limited (NZX:FPH. ASX:FPH) INFRATIL LIMITED Issue of Securities. The following information is provided in accordance with Section 7.12 of the Listing Rules; Class of security: Ordinary Shares ISIN: NZIFTE0003S3 Number of ordinary shares issued: 1,050. Issue Price: $1.40. Payment: In cash . Amount paid up: Ordinary shares issued as fully paid up. Percentage of the total class of securities issued (after the issue): 0.0% Reason for the issue: Warrants exercised. Specific authority for the issue: Terms and conditions of the issue of the Warrants. Terms or conditions of the issue: Warrantholders have the right to subscribe for ordinary shares, credited as fully paid, at an exercise price of $1.40. Total number of ordinary shares in existence after the issue: 226,959,874. Total number of warrants on issue after the above warrants exercised Nil (69,057 lapsed). AMP INVESTMENTS' WORLD INDEX FUND (NS) No. of units on issue as at close 373,173,536, Net Asset Value as at close 05-May-04: $1.1788 WOOL EQUITIES LIMITED (NS) LAUNCH OF GLOBAL COSMETIC INGREDIENT BASED ON NEW ZEALAND SCIENCE AND WOOL. Wool Equities Limited announces that its subsidiary Keratec Limited has launched a new hair care ingredient, Keratec IFP(TM) into the global cosmetics market at the highly prestigious In-Cosmetics industry event in Milan. Page 845 Keratec IFP(TM) has anti-ageing efficacy in hair care applications. The launch is in collaboration with Keratec's global distribution partner, Croda International Plc. Keratec Ltd produces high value biopolymers and proteins from wool. Keratec's product range is based on a process, which isolates highly purified forms of keratin protein from New Zealand wool for use in high value cosmetic and medical applications. Keratec is 67% owned by Wool Equities and 33% by Canesis Network Limited. Canesis Network Limited provides the core science capability for the development of Keratec products. Croda International Plc, with group revenues exceeding NZ$800 million, is a major supplier to the world's personal care industry. A further update will be provided at a press briefing at 1.00pm on Thursday, 13th May 2004 at the Intercontinental Hotel in Wellington. NEW ZEALAND EXCHANGE LIMITED New Zealand's leading mobile radio communications company TeamTalk today announced its $8 million Initial Public Offering had closed fully subscribed. Neil Paviour-Smith, Managing Director of the lead manager and organising broker to the offer, Forsyth Barr Limited, reported investor demand was substantially in excess of the offer size. "Demand for shares in this offer was very strong reflecting the Company's unique market position, the quality and depth of its client base and its strong cash flow generating ability," said Mr Paviour-Smith. The company will list on the NZSX tomorrow morning. TeamTalk raised a total of $6 million of new equity and existing shareholders sold $2 million of equity. A total of 4,571,428 shares were offered at NZ$1.75 per share. "This is an excellent outcome for TeamTalk and we are very happy to have received such strong investor support for this issue," said TeamTalk's Chairman Joe Pope. "The degree of investor demand is a reflection of the quality of TeamTalk's current business and the company's future potential. We are proud to welcome the new shareholders into our company and look forward to sharing our successes with them." Approximately 820 New Zealand private investors participated in the IPO with institutions also expressing interest. They join TeamTalk's current shareholders, who include Active Equities and TeamTalk management. $4 million of the offer proceeds will be used to repay bank debt with the remainder used for general operational purposes. "TeamTalk has developed a two-pronged growth strategy - enlarging our core business by adding value to existing products and services, and expanding primarily through acquisition into allied business areas. "The successful outcome of the IPO ensures we are well- funded and positioned for the implementation of this strategy," said Mr Pope. ANZ BANKING GROUP (NEW ZEALAND) LIMITED On 3 May 2004, Mr Jeff Todd and Hon. Fran Wilde resigned as non-executive Directors of the Board of ANZ Banking Group (New Zealand) Limited. Sir Dryden Spring and Mr Norman Geary were appointed to the Board as replacement Directors on 3 May 2004. Both Sir Dryden Spring and Mr Geary are independent directors. Mr Geary takes up the position of Chairman of the Audit Committee, which was held by Mr Todd. WESTFIELD TRUST Westfield today gave a presentation in relation to its UK Business. The presentation covered the following points:* A summary of the Westfield UK portfolio; * Westfield in the UK; * UK Organisational Structure; * Growth Opportunities; * The UK Retail Environment * The UK Retail Industry * UK Economy & Retail Sales * Overview of the the individual properties making up the Shopping Centre Portfolio A copy of the presentation (66 slides) has been lodged with the NZX and can be requested from firstname.lastname@example.org. TENON LIMITED Substantial: Y Director : N. Add Holder: Y Change Holder: N. Ceased Holder: N Change Nature: N. Issuer Code : TEN Tenon Limited. Holder: Rubicon Forests Limited. Address: Level 6, Microsoft House. 7-9 Fanshawe Street, Auckland, Country: New Zealand. Contact Name: Bruce Burton. Phone: 09 356 9806. Total of Interest: 55764661. Total Issued : 278852061. Total % : 19.99. Class: TEN. Votes Attached : 1. Beneficial. Total of Interest: Non Beneficial. Total of Interest: 714711. Current % held: 19.99. Names: Rubicon Forests Holdings Limited (7,500,000 ordinary). and Rubicon Forests Investments Limited (214,711 Ordinary Shares) Provisions: 5(1)(f)(l). Transaction dates: 05/05/2004. Total Votes: 7714711. Considerations: 0. Class: TENPA. Votes Attached: 1. Beneficial. Total of Interest: Non Beneficial. Total of Interest : 48049950. Names: Rubicon Forests Holdings Limited (41,714,866. preference) and Rubicon Forests Investments Limited (6,335,084 preference). Provisions : 5(1)(f)(l). Transaction dates: 05/05/2004. Total Votes: 48049950. Considerations: 0. Description: Rubicon Forests Limited entered into separate deeds on 05/05/2004 with Rubicon Forests Holdings Limited and Rubicon Forests Investments Limited. Pursuant to the deeds, both Rubicon Forests Holdings Limited and Rubicon Forests Investments Limited have agreed that Rubicon Forests Limited may exercise on their behalf the voting rights attached to the ordinary and preference shares of Tenon Limited that they each hold. Both Rubicon Forests Holdings Limited and Rubicon Forests Investments Limited remain the registered holders of the concerned securities, in their respective shares. This authority may be terminated at any time by the grantor. Documentation: With Notice: Yes. Not Filed: No. Been Filed: No. Number of pages: 2. Date of Last Notice: Rel. Sec. Holders: Rubicon Forests Holdings Limited NEW ZEALAND EXCHANGE LIMITED A summary of the disclosure notices received today, 5 May 2004, for the Disclosure of Directors' and Officers' Relevant Interests under Section 19T, Securities Markets Act 1988, can be found at the following URL: http://www.nzx.com/market/market_announcements, under the heading Disclosure of Directors' and Officers' Relevant Interests. For further information please contact Geoff Brown, Market Development & Customer Relations Manager. Email: email@example.com. TENON LIMITED Substantial: Y Director: N. Add Holder: N Change Holder : N. Ceased Holder : N Change Nature: Y. Issuer Code: TEN Tenon Limited. Holder: Rubicon Forests Holdings Limited. Address: Level 6, Microsoft House, 7-9 Fanshawe Street, Auckland, Country: New Zealand. Contact Name: Bruce Burton. Phone: 09 356 9806. Total of Interest: 49214866. Total Issued: 278852061. Total %: 17.649. Class : TEN. Votes Attached: 1. Beneficial. Total of Interest: 7500000. Current % held: 17.649. Names : Rubicon Forests Holdings Limited. Transaction Dates: 05/05/2004. Total Votes: 7500000. Considerations: Non Beneficial. Total of Interest: Class : TENPA. Votes Attached : 1. Beneficial. Total of Interest: 41714866. Current % held: 17.649. Names : Rubicon Forests Holdings Limited. Transaction Dates: 05/05/2004. Total Votes: 41714866. Considerations: Non Beneficial. Total of Interest: - Description: Rubicon Forests Holdings Limited entered into a deed n 05/05/2004 with Rubicon Forests Limited. Pursuant to this deed, Rubicon Forests Holdings Limited has agreed that Rubicon Forests Limited may exercise on its behalf the voting rights attached to the ordinary and preference shares of Tenon Limited that it holds. Rubicon Forests Holdings LImited remains the registered holder of the concerned securities. This authority may be terminated at any time by Rubicon Forests Holdings Limited. Documentation: With Notice: Yes. Not Filed: No, Been Filed : No, Number of pages: 1 Date of Last Notice: Rel. Sec. Holders: Rubicon Forests Limited. Submitted By : Bruce Griffith Burton on 05-May-2004 at 18:00 THURSDAY, 06 MAY 2004 MERRILL LYNCH EUROPEAN INVESTMENT TRUST PLC NET ASSET VALUE . MERRILL LYNCH EUROPEAN INVESTMENT TRUST plc. The unaudited net asset value for Merrill Lynch European Investment Trust plc at close of business on 4 May 2004 was: 159.09p (undiluted) 151.99p (diluted) Notes: 1. Revenue items, disclosed in the most recent monthly announcement, are included in net asset value, with dividends deducted on the ex-dividend date. 2. Purchases on or before 26 April 2004 of 312.6 million ordinary shares have been reflected in these calculations. 3. Purchases on or before 10 April 2003 of 73.0 million warrants have been reflected in these calculations. Page 846 THE BANKERS INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 5 MAY 2004. As at close of business on 4 May 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 301.5p. HENDERSON FAR EAST INCOME TRUST PLC HENDERSON GLOBAL INVESTORS. 5 MAY 2004. As at close of business on 4 May 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 177.6p. TEAMTALK LIMITED TeamTalk Limited (TeamTalk) announces under Listing Rule 7.12.1 that on 4 May 2004 it issued 3,428,571 ordinary shares under, and on the terms set out in, its registered prospectus dated 2 April 2004. The ISIN is NZTTKE0001S4. The shares were all issued for $1.75 each which has been paid, in full, in cash. The total number of ordinary shares in issue following this allotment is 20,000,000. This allotment equates to 17.14% of the total number of TeamTalk ordinary shares in issue. In addition, 142,857 shares were transferred by David Brian Ware and 1,000,000 were transferred by Sakahyam Telco Limited under that registered prospectus to investors under the offer. HENDERSON TR PACIFIC INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 5 MAY 2004. As at close of business on 4 May 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 87.6p THE CITY OF LONDON INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 5 MAY 2004. As at close of business on 4 May 2004, the unaudited net asset value per share calculated in accordance with the AITC formula (excluding current financial year revenue items) was 218.5p. TEAMTALK LIMITED The Directors of TeamTalk have authorised an interim dividend (fully imputed) of 7.5 cents per share for the six months ending 31 December 2003. The record date for entitlement to the interim dividend is 5pm 21st May 2004. Payment is to be made on 28 May 2004. ANGLO & OVERSEAS TRUST PLC The NTA of Anglo and Overseas Trust as at close of business on 30/04/2004 was 232.81p. ANGLO & OVERSEAS TRUST PLC The NTA of Anglo and Overseas Trust as at close of business on 04/05/2004 was 233.89p. NATIONAL AUSTRALIA BANK LIMITED The Chairman of National Australia Bank Limited, Mr Graham Kraehe, today announced further details of the Board renewal programme. "As previously foreshadowed, directors are committed to a continuing process of Board renewal on an orderly basis. With the appointment of Mr Malcolm Williamson and the search for Australian based non-executive Directors well advanced, we are now able to bring forward the Board renewal programme," he said. "Ken Moss and Ed Tweddell have decided that they will retire as Directors following the appointment of two new non-executive Directors. This is expected to be within three months. "The interests of the National and its stakeholders have been paramount in our consideration as to the most appropriate Board renewal programme. I would like to commend Messrs Moss and Tweddell for setting aside their own personal interests in an effort to minimise further damage to the National and its shareholders and to tha nk them for their contribution during their term of office. "As previously announced it would be my intention to remain Chairman until the Board reconstruction is complete, and to retire at a time which is consistent with the National's best interest but not later than mid 2005. "Clearly, my principal focus will be on managing my succession and ensuring that the best possible candidate is appointed as the new Chairman, and on ensuring the CEO John Stewart and his management team have a stable, cohesive and effective Board to support their change programme and continued focus on improving financial performance and maximising shareholder returns. "The changes outlined above will in my view ensure that going forward, the management and Board have the full support of shareholders to implement the programme necessary to build shareholder value and restore the National's reputation. "I hope to be able to announce to the market shortly the appointment of two new non-executive Directors." F&C EMERGING MARKETS INVESTMENT TRUST PLC The NTA for F&C Emerging Markets Investment Trust Plc as at 04/05/2004 is 82.44p. THE BANKERS INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS. 5 MAY 2004. In accordance with paragraph 21.20 (l) (ii) of the Listing Rules, The Bankers Investment Trust PLC announces its ten largest investments, including all investments with a value greater than 5% of its gross assets, as at 30 April 2004: BP; HSBC; GlaxosmithKline; Vodafone Group. Shell Transport & Trading, Royal Bank of Scotland, HBOS, Barclays , Lloyds TSB, Astrazeneca. FOREIGN & COLONIAL INVESTMENT TRUST PLC The NTA for Foreign & Colonial Investment Trust Plc as at 04/05/2004 is 215.66p. FOREIGN & COLONIAL EUROTRUST PLC The NTA for Foreign & Colonial Eurotrust Plc as at 04/05/2004 was 483.93p F&C SMALLER COMPANIES PLC The NTA for F&C Smaller Companies PLC as at 04/05/2004 was 276.46p. UTILICO INVESTMENT TRUST PLC Utilico Investment Trust plc announces the allotment of 73,320 ordinary shares of 1p each following the exercise of 73,320 warrants on 30 April 2004. These shares are not eligible for the Open Offer of Convertible Unsecured Loan Stock nor for the Bonus Issue of Zero Dividend Preference Shares ("ZDP Shares"), described in the circular of the Company dated 1 April 2004 (the "Circular"), both of which had a record date of 29 March 2004. However, as set out in the Circular, warrantholders who exercised their warrants on 30 April 2004 will receive (by way of bonus issue) 9 ZDP Shares for every 20 ordinary shares received on exercise Page 847 of the warrants, on the same terms (save as to record date) as the Bonus Issue made to other holders of ordinary shares. Application has been made to the UK Listing Authority and the London Stock Exchange for the admission of these shares to the Official List and to dealings on 6 May 2004 for one day only. They will be consolidated at close of business on that day with the other ordinary shares in the Company. UTILICO INVESTMENT TRUST PLC The Directors announce that all resolutions as set out in the Circular to Shareholders and Warrantholders dated 1 April 2004 were passed at the Separate General Meeting of Warrantholders and the Extraordinary General Meeting held on 5 May 2004. In accordance with the proposals for the reconstruction of the Company as set out in the Circular, inter alia: subscriptions for £20,057,683 convertible unsecured loan stock ("CULS") have been received under the Open Offer and Placing; 45,129,786 Zero Dividend Preference Shares ("ZDP Shares") will be issued by way of bonus issue to shareholders on the register on 29 March 2004, on the basis of 9 ZDP Shares for every 20 Ordinary Shares; a further 32,977 ZDP Shares will be issued by way of bonus issue to those warrantholders who exercised their subscription rights on 30 April 2004; the Ordinary Shares will be consolidated on the basis of 1 New Ordinary Share for every 1.5625 Ordinary Shares, resulting in the issue of 64,231,495 New Ordinary Shares; the terms of the warrants have been amended so that each warrant will entitle the holder to subscribe for 0.64 of a New Ordinary Share and 0.45 of a ZDP Share; a continuation resolution will be proposed by the Directors at the annual general meeting in 2012. Dealings in the New Ordinary Shares, ZDP Shares and CULS will commence on 7 May 2004 on the London Stock Exchange and on 10 May 2004 on the New Zealand Stock Exchange. Certificates will be despatched to shareholders during the week commencing 10 May 2004. Cheques are expected to be sent to those Shareholders who elected to sell ZDP Shares pursuant to the Proposals during the week commencing 10 May 2004. NEW ZEALAND OIL AND GAS LIMITED Issue of securities - exercise of options. Announcement in terms of listing rule 7.12.1. Please be advised of an issue of securities as follows; (a) Class of Security - Ordinary Shares (NOG) (b) Number issued - 6000 (c) The nominal value and issue price - NZ$0.60 (no nominal value.) (d) Payment was in cash. (e) N/a. (f) The percentage of the total class of securities issued - less than 0.01% (g) The reason for issue - option holder exercising options. (h) The specific authority for the issue - Investment statement and prospectus dated 29 May 2002. (i) N/a (j) Total number of listed securities in existence after the issue - 72,171,565 Options (2005) & 128,093,004 Ordinary Shares. (k) N/a (l) Date of issue - 5 May 2004. LEND LEASE CORPORATION LIMITED Attached is a copy of Form 484 lodged with the Australian Securities and Investments Commission today in relation to the cancellation of 2,009,109 ordinary shares pursuant to the Company's on-market share buyback. The current issued capital of Lend Lease Corporation Limited is 403,159,221. NZ INVESTMENT TRUST PLC The New Zealand Investment Trust Plc (the "Company") has provided the following: In accordance with UKLA Listing Rule 21.20(l)(ii), the following list represents the Company's 10 largest investments and where appropriate, any investment with a value greater than 5% of the Company's gross assets at 30 April 2004: In accordance with the Company's long-standing practice of full disclosure, a complete portfolio listing is published monthly, and will be released with the month-end net asset value. Name of company ; Class of share: Auckland International Airport ; NPV Ordinary. Contact Energy ; NPV Ordinary. Fisher & Paykel Appliances ; NPV Ordinary. Fisher & Paykel Healthcare ; NPV Ordinary. Fletcher Building ; NPV Ordinary. Freightways ; NPV Ordinary. SFE Corporation ; NPV Ordinary. Sky City Entertainment Group ; NPV Ordinary. Sky Network Television ; NPV Ordinary. Telecom Corp of New Zealand ; NPV Ordinary. Of the above Fisher & Paykel Appliances, Fletcher Building, Sky City Entertainment, and Telecom Corp of New Zealand have a value greater than 5% of the Company's gross assets. F&C SMALLER COMPANIES PLC As at 30 April 2004, F&C Smaller Companies PLC had the following holding in other UK listed investment companies that do not have a stated policy to invest no more than 15% of their gross assets in other UK listed investment companies: Investment Company ; Holding (% of gross assets): Utilico Investment Trust plc ; 0.94%. FOREIGN & COLONIAL INVESTMENT TRUST PLC As at 30 April 2004, Foreign & Colonial Investment Trust PLC had the following holding in other UK listed investment companies that do not have a stated policy to invest no more than 15% of their gross assets in other UK listed investment companies: Investment Company ; Holding (% of gross assets). Utilico Investment Trust plc ; 0.60% F&C SMALLER COMPANIES PLC F&C Smaller Companies Investment Trust PLC has provided the following: The top ten holdings and all holdings over 5% of gross assets as at 30 April 2004 were: Stock % of gross assets - Cairn Energy ; 1.9, Kirby Corp ; 1.0, Infratil Ltd ; 0.9, Linmark Group ; 0.9, CLS Holdings ; 0.9, Topps Tiles ; 0.8, Graphite Enterprise Trust ; 0.8, SCP Pool ; 0.8, Lambert Howarth Group ; 0.8, Utilico Investment Trust ; 0.7. MACQUARIE GOODMAN PROPERTY TRUST Further to our earlier announcement, we confirm that MGP has completed its institutional placement of units. It has placed 21.75 million new units at $0.96 per unit, which will raise $20.88 million. No units have been or are to be placed with any underwriter or sub-underwriter in any capacity. The new units will rank pari passu with existing units on issue from allotment and will be entitled to the distribution for the quarter ended 31 March 2004. Settlement is due to occur on Monday, 10 May 2004. ALLIED FARMERS LIMITED The Directors of Allied Farmers Limited, having reviewed the accounts to 31 March 2004, and the trading conditions since, signal an upgrade of the forecast profit for the year to 30 June 2004. There does remain uncertainties in the trading for the next two months, however the net profit before tax is expected to be in the range of $3.6 - $4.0 million (2003 $3.5 million). This disclosure is given in terms of the continuous disclosure obligations of the Directors. The Executive Chairman Brian Train said trading and profitability from the Stock and Station business has continued to exceed budget and has been further enhanced by continuing exports of livestock Page 848 to China. This increased profit will also contain as an extraordinary item the sum of $510,000 being the proceeds of the settlement agreement with the previous Manager and Office Manager of the subsidiary Allied Farmers Wools Limited. The High Court had awarded $545,865 and costs of $193,478 to Allied Farmers Wools Ltd. for misappropriation and defalcation of Company funds. All subsidiaries and divisions are expected to continue trading profitably in the year to June, with the exception of Allied Pine Limited. Allied Pine has performed marginally above the startup expectations and is close to providing positive returns. TELECOM CORPORATION OF NEW ZEALAND LIMITED (NS) Telecom Corporation of New Zealand Limited (NS) has provided a copy of its Half Year Review for the period ended 31/12/2003. ENERGY WORLD CORPORATION LIMITED Energy World Corporation Ltd wishes to advise that Ms Kwan Ming Ling has resigned as an Executive Director of the Company with effect from 13 April 2004. For further enquiries, please contact Mr I. W. Jordan or Mr Brian Allen at telephone number (612) 9247 6888. ENERGY WORLD CORPORATION LIMITED Energy World Corporation Ltd wishes to advise that pursuant to the Kvaerner Mediation Conference attended by Australian Gasfields Ltd (AGL) and Kvaerner Process Systems Pty Ltd (KPS) held on 20, 21 and 22 April 2004, the parties have come to a settlement on terms and conditions satisfactory to the Company. For further enquiries, please contact Mr I. W. Jordan or Mr Brian Allen at telephone number (612) 9247 6888. ENERGY WORLD CORPORATION LIMITED Energy World Corporation Ltd wishes to advise that in accordance with the arbitration award granted by the London Court of International Arbitration, Energy Equity India Petroleum Pty Ltd (EEIPL) has transferred its participating interest of 35% in the PY-1 Gasfield project in Tamil Nadu, India to Mosbacher India LLC (MIL) and in consideration of the aforesaid transfer, EEIPL has received payment of US$2,956,096.00 from MIL. For further enquiries, please contact Mr I. W. Jordan or Mr Brian Allen at telephone number (612) 9247 6888. ENERGY WORLD CORPORATION LIMITED Energy World Corporation Ltd wishes to announce that it is currently evaluating and developing plans to expand its LNG activities in Australia. Further details will be advised to shareholders when the various opportunities currently under review have been further progressed. For further enquiries, please contact Mr I. W. Jordan or Mr Brian Allen at telephone number (612) 9247 6888. THE NATIONAL PROPERTY TRUST The National Property Trust Limited, the Manager of The National Property Trust, is pleased to announce the appointment of Richard Coon to the boards of The National Property Trust Limited and NPT Capital Limited. Richard is a Fellow Chartered Accountant (UK), has an MBA from Harvard Business School and extensive financial experience in both the United Kingdom and New Zealand. He was a director of Newmarket Property Management Limited, the manager of the Newmarket Property Trust, which National acquired in 2003. Richard is the Managing Director of Sentinel Limited and Chairman of Meracol Corporation Limited and Oxygen Therapies Limited. He was previously Finance Director of Sovereign Limited. NPT CAPITAL LIMITED The National Property Trust Limited, the Manager of The National Property Trust, is pleased to announce the appointment of Richard Coon to the boards of The National Property Trust Limited and NPT Capital Limited. Richard is a Fellow Chartered Accountant (UK), has an MBA from Harvard Business School and extensive financial experience in both the United Kingdom and New Zealand. He was a director of Newmarket Property Management Limited, the manager of the Newmarket Property Trust, which National acquired in 2003. Richard is the Managing Director of Sentinel Limited and Chairman of Meracol Corporation Limited and Oxygen Therapies Limited. He was previously Finance Director of Sovereign Limited. WESTPAC BANKING CORPORATION Westpac announces off market share buy-back. Westpac Banking Corporation today announced details of its structured off-market buy-back of approximately $500 million of ordinary shares. The buy-back will involve a tender process, under which all eligible shareholders can tender their Westpac shares at specified prices from $14.00 to $18.00 or as a final price tender. Ultimately the buy-back will be at the lowest price in the range that enables Westpac to repurchase the targeted amount of capital. Chief Financial Officer, Philip Chronican, said the buy-back is part of Westpac's ongoing capital management strategy. Following a strong earnings performance in the 2003 financial year and the first half of this year, Westpac's capital ratios are currently above our stated target ranges. Consistent with our strategy of ensuring the group maintains an efficient capital structure, we investigated the most effective way to return this surplus capital to our shareholders. "We believe a structured off-market buy-back is the most appropriate option and in the interests of all shareholders. "It enables us to reduce capital that is surplus to the bank's current requirements, and maximise returns to both participating and non-participating shareholders," Mr Chronican said. The buy-back price will comprise a capital component of $4.00, with the difference between the buy-back price and $4.00 to be treated as a fully franked dividend for tax purposes. Shareholders with a registered holding on 10 June 2004 will receive their interim dividend, even if they tender their shares in the buy-back. The buy-back tender period will run from 31 May to 18 June 2004. An on-market buy-back of an equivalent proportion of our NZ Class Shares (approximately 1 million shares) was also announced today by Westpac (NZ) Investments Limited. The timetable for the buy-back is outlined on the next page. The buy-back's terms and conditions will be set out in a buy-back tender booklet that will be posted to all eligible shareholders by 26 May. TIMETABLE FOR BUY-BACK TENDER: Buy-back announcement: Thursday, 6 May(1); Shares quoted ex-entitlement to participate in the buy-back: Wednesday, 12 May; Determination of shareholders entitled to participate in the buy-back (Record Date): Tuesday, 18 May; Tender Period opens: Monday, 31 May; Tender Period closes. Tenders must be received by the Westpac Share Registry no later than 7.00pm (Sydney time): Friday, 18 June; Announcement of the buy-back price and any scale back : Monday, 21 June; Dispatch/crediting of buy-back proceeds to participating shareholders completed: Wednesday, 30 June. (1) Shares acquired on or after 7 May 2004, will not qualify for franking entitlements under the 45 day rule. Shareholders who have any enquiries in relation to the buy-back should call the Westpac buy-back enquiry line on 1800 804 255 or +612 8280 7070 if calling from outside Australia. WESTPAC BANKING CORPORATION Westpac posts record interim profit. Westpac Banking Corporation today announced a record half-year operating profit after tax of $1,225 million for the half year ended March 2004, up 17% on the same period last year. Cash earnings increased 13% to $1,233 million. Key features of the result include: Cash earnings per share up 11% to 66.7 cents; Fully franked interim dividend 42 cents, up 11%; Expense-income ratio (excluding wealth management) further reduced to 48.7%; Return on equity (cash basis) 20%. All comparisons with 2003 interim results. Westpac also announced today that it would buy back approximately $500 million of its shares, in its first structured off-market buy-back (further details in accompanying statement). It will also conduct an on-market buy-back of an equivalent proportion of its NZ Class Shares (approximately one million shares). Westpac Chief Executive Officer, Dr David Morgan said: "This result delivers emphatically for our shareholders. It continues Westpac's strong earnings momentum. "Our business units have performed strongly. In particular our decision to acquire the BT business Page 849 in August 2002 has proven to be the right one. BT is now a major contributor to our financial performance and places Westpac in a strong position in the funds management industry. "Our customer focussed strategy is delivering profitable growth. Over the last five years our results have been driven by continuing revenue growth while at the same time containing expenses. "It is also very pleasing that growth in our lending portfolio has been achieved without compromising asset quality. The charge for bad and doubtful debts decreased by $7 million or 3% on the prior corresponding period, and was down $64 million or 24% on the previous half year. "A key element of Westpac's growth momentum is to consistently improve customer satisfaction levels, a key driver of our strategy. "While we have made good progress, we believe that we can continue to improve customer experience and satisfaction levels, further improving long term earnings sustainability. "Our ability to build on our competitive and well executed customer strategy means that we are consistently delivering high quality performance for customers, staff, the community and shareholders," he said. "We have established a sound base for the 2004 financial year with first half results above our medium term guidance. We will also continue to benefit from the market share and customer service improvements that we have seen. "We are therefore positive about the outlook for solid earnings growth for the year as a whole," Dr Morgan said. WESTPAC (NZ) INVESTMENTS LIMITED Philip Chronican, Chairman of Westpac (NZ) Investments Limited, today announced that the Directors have authorised a fully imputed interim dividend equivalent to Australian 42c per NZ Class Share, together with a supplementary dividend equivalent to Australian 7.411 per NZ Class Share payable to non-New Zealand resident shareholders. These dividends will be paid on 2 July 2004. WESTPAC (NZ) INVESTMENTS LIMITED Westpac (NZ) Investments Limited gives notice that it intends to commence an on market share buyback of approximately 1 million NZ Class shares in accordance with section 65 of the Companies Act 1993. The buyback will run for a maximum of six months commencing around 17 May 2004. Westpac (NZ) Investments Limited will hold the shares purchased through the buyback as treasury stock in accordance with section 67A of the Companies Act 1993. BLUE STAR PRINT GROUP LIMITED Blue Star Print Group (BSPG) wish to advise that due to continued strong operating performance and senior debt repayments which continue to be ahead of schedule it has completed a refinancing of its existing $87,500,000 Senior Secured Credit Facility Agreement ("Senior Facility"). The renegotiated facility will be for $74,000,000 and will continue to be supported by the existing banking syndicate of Credit Suisse First Boston Australia, BOS International (Australia) Limited and the Bank of New Zealand. The new facility will be drawn down on 6 May 2004 and has an expiry date of 30 June 2008, the existing facility was due to expire in June 2006. $4.494M of senior debt will be repaid with the new facility comprising $47,000,000 senior debt and $27,000,000 working capital facilities. The new facility structure will provide a lower overall funding cost and increased flexibility. The refinancing includes provision for a maiden $10,000,000 dividend to be paid to ordinary shareholders from existing cash reserves. Based on continued strong operating performance BSPG expects to pay regular dividends to ordinary and redeemable preference shareholders. BSPG continue to anticipate a second half-year stronger than the prior comparable period with a full year ahead of the prior comparable period. AIR NEW ZEALAND LIMITED (NS) Air New Zealand has released a new monthly Investor Update. This new disclosure includes airline operating statistics by geographic sectors, YTD yield disclosure and a recap of major company announcements and investor relations activities. For the month of March: Group passenger traffic increased 3.1 percent when compared with March 2003.Group capacity was up 6.0 percent. Short-haul passenger traffic increased 10.2 percent with capacity up 16 percent. The resulting Load Factor fell 3.6 percentage points. Long-haul passenger traffic fell one percent on a 0.4 percent increase in capacity. Long-haul load factor was down one percentage point. For the nine months to March, short-haul yield, adjusted for the effects of foreign exchange fell 10.1 percent. Long-haul yield, adjusted for FX, improved 1.7 percent. AIR NEW ZEALAND LIMITED (NS) Air New Zealand's new monthly Investor Update increases the transparency of its airline operations with the disclosure of operating statistics by geographic sectors. This market disclosure updates the previously released 2004 financial year operating statistics (and comparatives) with this new classification. A copy of this can be requested from firstname.lastname@example.org. AIR NEW ZEALAND LIMITED (NS) Air New Zealand Limited has provided the following Investor Update for April 2004 (full copy of text content): INTRODUCTION - The Board and management of the Air New Zealand Group are always looking at ways of improving transparency through improved disclosure practices. This new Monthly Investor Update replaces the previous operating statistics disclosure. The Monthly Investor Update will include the airline operating statistics (now disclosed by geographical sectors), yield disclosure by long-haul and short-haul flying and a recap of the major company announcements and investor relations activities during the month. MARCH OPERATING STATISTICS COMMENTARY - For the month of March, the Air New Zealand Group flew 1.1 million passengers (Mar 03: one million) across its network. This was an eight percent increase when compared with the previous period and is evidence of our commitment to fly more people to more places, more often. The lower, more affordable fares on our short-haul network have continued to stimulate passenger traffic (as measured by Revenue Passenger Kilometres or "RPKs") with an increase of 10.2 percent on short-haul routes. Short-haul capacity increases of 16 percent were due to the addition of two Boeing 737-300s on the domestic network, increased trans-Tasman frequency and the introduction of a Boeing 747-400 on the Auckland-Brisbane route. Passenger load factor on the short- haul network decreased 3.6 percentage points to 69.2 percent (Mar 03: 72.8 percent). For the nine months to March, short-haul passenger yield (after adjusting for the changes in foreign exchange rates) was down 10.1 percent when compared with the prior comparative period. The nine months to March 2003, reflects a period of pre-Express Class bookings which were higher yielding, albeit at lower load factors. Passenger load factor on our long-haul flying fell one percentage point to 70.1 percent (Mar 03: 71.1 percent). Decline in demand from Asia, in particular Japan, was the primary driver behind the lower long-haul passenger load factor. Across the Asian network, passenger load factor fell by 4.8 percentage points to 62.8 percent (Mar 03: 67.6 percent). The inbound market from Japan remains soft with Japanese travellers cautious on overseas travel. New Zealand's growing attractiveness as a destination continues to pay dividends, with passenger load factor from the United Kingdom and North America increasing by 1.4 percentage points to 74.8 percent (Mar 03: 73.4 percent). Long-haul passenger yield, for the nine months to March, was up 1.7 percent (after adjusting for foreign exchange movements) when compared with the nine month period to March 2003. While the improvement in yield is encouraging, we expect long-haul yield to come under pressure as a result of increased competitive activity. Passenger load factor for the Group decreased 1.9 percentage points to 69.8 percent (Mar 03: 71.7 percent). Group wide passenger yield, for the nine months to March, decreased 2.8 percent (after adjusting for foreign exchange movements) when compared with the prior comparative period. INVESTOR RELATIONS UPDATE - Air New Zealand presented at the ABN Amro New Zealand Day and the UBS Australian Transport Conference, both held in Sydney during March. These presentations are available on our web site at www.airnz.co.nz/aboutus/investorcentre/presentations/default.htm. COMPANY ANNOUNCEMENTS - Pacific Express Reduces Fares: The launch of Pacific Express marked the completion of our short-haul business model renewal, with fares to the Pacific Islands reduced across all categories by up to 50 percent. The lower Pacific Island fares are for travel from the 20th of May 2004 and, have significantly stimulated demand for travel to the Pacific Islands. Trans Tasman Capacity Increase: Air New Zealand announced an extra nine trans-Tasman services per week from July, bringing total services to 125 flights per week. Services will be Page 850 shared between Christchurch - Melbourne/Brisbane and Auckland - Brisbane, resulting in an additional 100,000 seats available per year. Air New Zealand will be the only carrier offering twice daily returns from Christchurch to Melbourne and will offer more flights and flexibility across the Tasman than any other airline. Seventh Airbus Arrives Air New Zealand took delivery of its seventh Airbus A320 in March. The newer more efficient aircraft have replaced three ageing B767-200s and two B737-300 from international flying. No further deliveries are planned until September 2004, with the 15th aircraft scheduled to arrive in early 2006. Hong Kong Tax Assessment: A revised tax assessment of NZ$47 million was received from the Hong Kong Inland Revenue Department, related to subsidiary company New Zealand International Airlines Ltd (NZIA). Estimated potential exposure could total $107 million, although Air New Zealand expects any tax ultimately due will be less than the figure indicated, and can be met from cash reserves. Air New Zealand is using all available avenues to contest the assessment. Freedom Air Capacity Increase: Freedom Air will add a fifth 737-300 aircraft to its fleet. The new aircraft is leased and will commence services in October 2004. The additional aircraft increases Freedom Air's capacity by 25 percent and will enable Freedom Air to expand services on existing routes with new routes also being considered. Freedom Air is a wholly owned subsidiary of Air New Zealand, targeting the leisure traveller who values low cost point-to-point services more than frequency and network connectivity. Freedom is well positioned in this respect, with the lowest cost base of any carrier in this region. Wanaka Services Commence: Daily Christchurch - Wanaka flights commenced March 19th, bringing the total number of domestic destinations to 25. WESTPAC BANKING CORPORATION Information about buy-back 1 Type of buy-back: Selective buy-back on equal access buy-back conditions (as modified) 2 Class of shares which is the subject of the buy-back (eg, ordinary/preference): Ordinary 3 Voting rights (eg, one for one): One for one 4 Fully paid/partly paid (and if partly paid, details of how much has been paid and how much is outstanding): Fully paid 5 Number of shares in the +class on issue: 1,802,429,795 6 Whether shareholder approval is required for buy-back: No 7 Reason for buy-back: To allow the Company to maintain an efficient capital structure 8 Any other information material to a shareholder's decision whether to accept the offer (eg, details of any proposed takeover bid): Nil other than the Booklet to be lodged with ASX prior to despatch to shareholders LEND LEASE CORPORATION LIMITED Lend Lease Corporation Limited advises the on market buyback of 75,712 shares for $809,672 on Wednesday 5 May 2004. The highest price paid was $10.71 and the lowest price paid was $10.63. The total maximum number of shares that may still be bought back under the buyback is 2,811,038 (refer attached Appendix 3E). RESTAURANT BRANDS NEW ZEALAND LIMITED Board Resolution pursuant to exercise of options under the Company's ShareGrowth Plan Class: Ords (fully paid); Total Number Issued: 19,267; Percentage of Total: 0.02%; Payment: Cash. Issue Price $0.94 $1.32 $1.05 $1.50 $1.85 Shares Issued 8,838 0 10,429 0 0 Options Exercised 8,157 0 10,429 0 0 Following the issue: 1) The following options remain outstanding under the plan: Exercise Price $2.20 $0.94 $1.32 $1.05 $1.50 $1.85 No. of Options 546,213 923,420 912,472 1,250,724 969,305 905,128 (An additional 852,271 options with an exercise price of $2.42 remain outstanding over 923,009 ordinary shares under the Senior Executive Option Plan.) 2) There are 96,225,310 shares on issue. TELSTRA CORPORATION LIMITED In light of his appointment as President and Chief Executive Officer of Nortel Networks Corporation, Admiral William Owens has resigned as a director of Telstra with immediate effect. Mr John Ralph, interim Chairman of the Board, said Admiral Owens was a very good director and had made an excellent contribution to the deliberations of the Board. Mr Ralph regretted that Admiral Owens' new responsibilities required him to leave the Board but wished him well in his new role. NZSX 10 FUND (NS) The manager of the NZSX 10 Fund advises that as at close of business on Wednesday 05 May 2004 a total of 500,000 units had been redeemed since Wednesday 28 April 2004. The total number of units on issue on that day was 76,103,927. The asset backing for each NZSX 10 Fund unit at close of business Wednesday 05 May 2004 was $1.08468. The value of the NZSX10 Capital Index at the close was 1084.68. KINGFISH LIMITED The un-audited net asset value per ordinary share of the Company as at 5 May 2004 was $0.9841. The diluted net asset value per ordinary share as at 30 April 2004 was $0.9841. The diluted net asset value describes the effect of all option holders exercising their options when the share price is over the strike price of $1.00. LAKES OIL NO LIABILITY Lakes Oil No Liability has provided the following: TRIFON TIGHT GAS PROJECT, PEP 157, ONSHORE GIPPSLAND BASIN, VICTORIA. Lakes Oil ("LKO") advises that at 6:00 AM today the Trifon 2 well was at a depth of 315 metres and rigging up in preparation to run 244 mm casing. The Trifon 2 well is located approximately 50 metres from the site of the original Trifon 1 well drilled in December 2000. The Trifon 2 well is located in PEP 157. An overriding royalty of 5% of the wellhead value of any hydrocarbon production is payable to Roma Petroleum N.L. a former permit holder. THE NEWS CORPORATION LIMITED Notification Of Share Allotments, PERIOD: 29 April 2004 to 5 May 2004 ORDINARY SHARES: ISIN AU000000NCP0 1. Reason for Issue: Dividend Reinvestment Plan (a) Number of Shares Issued: 1,173,061 (b) Nominal and Paid Up Value: N/A (c) Issue Price: $10.42 (d) Payment in Cash: Yes (e) Percentage of Total Class: 0.06% Page 851 (f) Authority for Issue: Company Constitution (g) Number of Shares on Issue: 2,099,788,431 PREFERRED LIMITED VOTING SHARES: ISIN AU0000NCPDP0 1. Reason for Issue: Dividend Reinvestment Plan (a) Number of Shares Issued: 3,514,550 (b) Nominal and Paid Up Value: N/A (c) Issue Price: $9.17 (d) Payment in Cash: Yes (e) Percentage of Total Class: 0.09% (f) Authority for Issue: Company Constitution (g) Number of Shares on Issue: 3,865,928,666 2. Reason for Issue: Executive Share Option Plan Exercise (a) Number of Shares Issued: 62,300 (b) Nominal and Paid Up Value: N/A (c) Issue Price: $8.02 - 19,900 shares, $8.08 - 4,500 shares, $10.46 - 37,900 shares (d) Payment in Cash: Yes (e) Percentage of Total Class: 0.00% (f) Authority for Issue: In accordance with plan rules approved by Special Resolution of Shareholders (g) Number of Shares on Issue: 3,865,990,966 AUSTRALIAN 20 LEADERS INDEX FUND (NS) The NTA of the TORTIS-OZZY fund as at the close of business (Sydney) 5/05/04 was $2.2199 THE NEWS CORPORATION LIMITED Final Director's Interest Notice. Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public. Introduced 30/9/2001. We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act. Name of director: Graham John Kraehe. Date of last notice: 16 October 2002. Date that director ceased to be director: 16 April 2004. Number & class of securities: 5,129 Ordinary shares, 24,000 Options over Preferred Limited Voting Ordinary shares. THE NEWS CORPORATION LIMITED Change of Director's Interest Notices: Name of Director: Kenneth Edward Cowley. Date of last notice: 16 October 2003. Direct or indirect interest: Direct. Date of change: 30 April 2004. No. of securities held prior to change: 51,037. Class: Preferred Limited Voting Ordinary shares. Number acquired: 209. Number disposed: -. Value/Consideration: $9.17. No. of securities held after change: 51,246. Nature of change: Dividend Reinvestment Plan. Name of Director: Keith Rupert Murdoch. Change of Director's Interest Notice. Name of Director: Lachlan Keith Murdoch. Date of last notice: 16 October 2003. Direct or indirect interest: Direct. Date of change: 30 April 2004. No. of securities held prior to change: 11,709; 906. Class: Ordinary shares; Preferred Limited Voting Ordinary shares. Number acquired: 2; Value/Consideration: $10.42; $9.17. No. of securities held after change: 11,711; 909. Nature of change: Dividend Reinvestment Plan; Dividend Reinvestment Plan. CERTIFIED ORGANICS LIMITED Statement made by David Warrick, Managing Director, Certified Organics Limited. The South Australian State Government has given the go-ahead to a new product developed by Certified Organics to eliminate the world's most destructive weed, branched broomrape, which is contaminating large tracts of the State's dry country farmland. The State Government has placed an initial order with Certified Organics for its Interceptor(TM) Seed Eradicator, specially formulated to kill seeds lying dormant within soil. The initial package is worth some $0.25million to the company. This initial order will allow for the full field testing of this exciting new product. If this large scale testing of application methods is successful, the project could be worth many millions of dollars in revenue a year to Certified Organics for the next 10 to 15 years. This new product represents a major commercial breakthrough for the company. To date, we have been building sales of our pine based weed killer in New Zealand, and have made limited sales to Australia and some Asian countries, while we work our way through the process of obtaining the necessary regulatory consents to sell our products in our key overseas markets. The South Australian State Government has commissioned a programme that over the next two months will see our Seed Eradicator sprayed over a trial site of contaminated farmland. This programme follows 18 months of laboratory and small scale field trials conducted by the University of South Australia in Adelaide that have demonstrated the killing power of our specially-developed pine extract. Some 2000 sq kilometres of South Australia (an area similar in size to Stewart Island) is believed to be under threat to broomrape. The weed survives by living off and eventually killing host plants and it makes contaminated areas unusable for many forms of arable farming and pastoral farming. Seeds can lie dormant in the soil for up to 15 years, and substantial areas of infestation have been quarantined to stop the spread of the weed. Sales of crops grown in affected areas are severely restricted. The hard outer shells of broomrape seeds have proved resistant to the actions of other herbicides. The alternative to Interceptor(TM) Seed Eradicator is the gas methyl bromide. Extremely hazardous, toxic to all forms of animal life, methyl bromide is also an ozone depleting gas which is progressively being banned worldwide. As well as being effective, Interceptor(TM) Seed Eradicator is made from natural ingredients. It is benign on the environment and has organic certification. The State Government is committed to eliminating broomrape, and it is estimated that a 15 year spraying programme will be necessary to achieve this. Large scale treatment is likely to commence in the autumn of 2005. Broomrape is a worldwide problem and is estimated to cause damage valued at billions of dollars in America, Europe and Asia. 42 BELOW LIMITED Name of Listed Issuer: 42 BELOW LIMITED For Full Year Ended: 31 March 2004 (Audited) TOTAL REVENUE: $5.899M ($0.504) + 1070% OPERATING REVENUE: $4.410M ($0.504M) + 775% NET DEFICIT: $1.125M ($0.589M) - 91% EARNINGS PER SHARE: -.0093 (-5,887.2) No dividend. 42 Below Limited (FTB) announce result for the financial year to 31 March 2004 - 42 Below Limited (FTB) announced today a its audited result for the financial year to 31 March 2004. Sales have exceeded projections provided by the company when it listed in October 2003. Total revenue was $5.899m. Sales of vodka and gin were $4.41m, an increase of $3.9m (775%) over the 11 months to 31 March 2003. Sales in the first half of the year were $1.09m and grew to $3.32m in the second half. Sales growth was achieved in all markets through increased sales by existing sales channels and the addition of new distributors in international markets. The Page 852 deficit of $1.125m was in line with the directors' expectations. The capital raised in the October Initial Public Offering is being used to fund the continued expansion of the business into new markets and to develop new products. The company raised $13.8m after expenses from listing on the New Zealand stock exchange in October 2003. At 31 March 2004 the company had cash of $10.68m. Cash utilised from October to March 2004 was $3.12m. Of this amount $1.84 was used to fund operating losses and $1.28m to fund inventory and debtors. 42 Below successfully launched SOUTH Gin and its Manuka honey flavoured vodka during the year. The signing of a sales and distribution agreement with Foster's Brewing International (FBI) covering the Australian and Pacific Duty Free channels as well as potentially Foster's other International sales regions in Asia should help the business continue to expand quickly. Following its entry into the US export market with 42 BELOW Pure, the company gained approval to distribute 42 BELOW Passionfruit Vodka and 42 BELOW Feijoa Vodka by the U.S. Alcohol and Tobacco Tax and Trade Bureau in early 2004. The first container of 1,000 cases of Flavour to the US was sold prior to landing in the USA. 42 BELOW also expanded its US distribution arrangements with the appointment of Pearl Beverages as its new exclusive importer. Together, these initiatives provide an excellent platform for growth into the world's largest vodka market. Over 4500 accounts have been secured worldwide due to the unique sales approach of the company that includes partnerships, education and incentives for leading bar owners and managers. The sales force is successfully targeting new account customers and have recently won The Ritz in London and DFS Galleria in Singapore, part of the world's largest duty free group, who placed an initial order of 500 cases. The sales force is focussed on reorder business as well as securing new outlets. The majority of account customers that are steadily increasing reorder volumes are evidence of the success of the direct sales model that we use in our export markets. For further information please contact Grant Baker on 021 729 800 or Geoff Ross on 021 42 42 19. AUSTRAL PACIFIC ENERGY LTD Oil and Gas Explorer Austral Pacific to Flow Test Cheal-A3X . Wellington, New Zealand - May 6, 2004 -- /PRNewswire/--Austral Pacific Energy Ltd. (TSXV and NZSX: APX; OTCBB: APXYF). Austral Pacific Energy Ltd advises that electric logging of the Cheal-A3X well has been completed and the results reviewed. The decision has been taken to case the well in preparation for production testing; and casing running operations are now underway. Two separate zones will be flow- tested in the well. Urenui sandstones over an interval of some 40m (120 feet) below 1400m (4600 feet) along hole, are similar to, but more extensive than, those already tested in the nearby Cheal-1 well which flowed at rates of around 50 barrels per day. Mt Messenger sandstones over an interval of some 45m (150 feet) below 1760m (5,800 feet) along hole, are similar to less extensive sands in Cheal-1 which also had log indications of oil charge, but weren't tested. The Mt Messenger sandstones in Cheal-A3X appear to be of similar quality and extent to typical Mt Messenger producer wells in the Ngatoro and Kaimiro oil fields. Testing operations are scheduled to commence within two weeks, after onsite pipe-work installation has been completed. The wellheads of all three wells, Cheal-1, Cheal-2 and Cheal-A3X are on the same site, and a common oil separator system on site serves all three wells. LEND LEASE CORPORATION LIMITED We enclose under subsection 671B Notice of Ceasing to be a Substantial Holder in Ronin Property Trust. This notice is given by Lend Lease Corporation Limited and each of its subsidiaries named in Annexure 1 to this notice. NEW ZEALAND EXCHANGE LIMITED 2004 Inaugural NZX Annual Meeting Addresses - 6 May 2004 - New Zealand Exchange Limited (NZX) has provided the Chairman and CEO's addresses to the 2004 Inaugural NZX Annual Meeting prior to the Annual Meeting commencing at 3pm on 6 May 2004. Chairman's Address: 2003 was an important year for NZX. It was our first year as not only a demutualised organisation but as a publicly listed company. When I look back on it, I feel deeply satisfied with all that has been achieved. Our securities markets are in better shape than they have been for years, due in part to the great results from listed companies, a healthy economy and greater liquidity from trading, as well as a renewed sense of confidence about our ability to succeed. This sense of confidence has been reflected in our share price, which, as shareholders, I am sure you will agree, has benefited from NZX's achievements over the past year. From an issue price of $3.60 when we listed on June 4 to more than $9 today - an increase of more than 150%. Throughout this period, the Board and management team of NZX has taken a vastly different approach to market development from the past. It is an approach that has enabled and encouraged a wider contribution from the market and its participants. We are now actively engaging with stakeholders to ensure the greatest possible input and best possible outcome for our markets. It is an approach that recognises and embraces the very diverse range of market participants now entering our markets and has proven highly successful. I would like to take this opportunity to thank all those who have contributed to the process to date. They have freely given of their time and expertise throughout a relatively tight timeframe and we are truly appreciative. Going forward, we believe that this intensely consultative approach will create an even more robust environment where investors, both domestic and international, have greater confidence in our markets, boosting liquidity and providing greater returns for shareholders. It is also now a market where businesses can more efficiently access capital at competitive costs. Each step taken over the past 18 months has reminded me how close we nearly came to giving our markets over to the ASX. Much to our dismay, this has re-emerged as a topic of conversation in some circles. And I can categorically tell you that it is not on the cards. The performance of the New Zealand market, the performance of NZX and the recent wealth creation opportunities for investors, all reinforce the veracity of the decision made not to merge with ASX. To be clear, at the time it was not a merger discussion. It was very clearly a 'buy and close' strategy which would have had disastrous consequences for New Zealand's securities markets. We can all be proud of the achievements made since in growing this market in this country for all New Zealand businesses and New Zealand investors. I would like to say a few words about our Balance sheet at this point. The very nature of an exchange requires that it must keep a reasonable cash buffer at all times, especially for clearing and settlement liabilities. At the time of listing NZX raised additional cash for several key reasons. We wanted to provide liquidity for its shares, to establish a diversified group of shareholders, to achieve critical mass in our balance sheet and to establish the resultant financial credibility as a regulator. The Board is conscious of these cash reserves and, as previously disclosed in our prospectus, we are also looking for growth opportunities that will enhance and increase shareholder value, including potential acquisitions. This continues to be our policy. Similarly, the Board has determined that the dividend policy will remain unchanged from that laid out in the June 2003 Prospectus, where we indicated that a dividend would not be paid for the first 2 years. You will note from the Notice of Meeting sent to all shareholders that the Board has not proposed an increase in Directors' fees nor any entitlement to retirement allowances. On the issue of Directors' fees, these will remain unchanged however, they may need to be assessed in future based on further growth in scale of the role and increased workload. Clearly, this would need to be brought to shareholders for approval at that time. On the issue of director retirement entitlements, there is currently no such existing entitlement for directors and there is no intention that they be introduced. I would like to take this opportunity to thank the long and outstanding contribution made by my fellow director Mr Bill Trotter who retires from the NZX Board today after 8 years. Bill has served the Board diligently and passionately, and his insight and expertise in the financial markets has been highly valued. We wish Bill all the very best for his future. And as I say goodbye to Bill, I also have the pleasure of welcoming Nigel Williams. As a board we are very fortunate to have Nigel agree to join us. He brings an extraordinary depth of expertise in the clearing, settlements and payments infrastructure areas as well as the debt and wholesale capital markets and I am confident he will make an invaluable contribution on behalf of all our shareholders. Before handing over to Mark, on behalf of the Board, I would like to congratulate him and his team at NZX for their enormous efforts and the results delivered for all stakeholders. I would now like to hand over to Mark Weldon, our Chief Executive Officer. Chief Executive Officer's Address: Thank you, Simon. The last 18 months have seen a lot of very positive action in our securities markets. We have seen a 30% increase in number of trades, more listings, more money being spent on infrastructure and more on market and investor education. We've also seen good growth figures from our listed companies and a concurrent rise in our benchmark index, the NZSX 50, of more than 35%. All these factors have helped create a more vibrant market and greater participation, which has led to higher values per trade for brokers - who remain our largest shareholder group. This growth in the markets has been met with an ambitious restructuring plan to enhance their structure and efficiency. First and foremost in this plan was the complete review of the structure of the markets; from trading platform and market microstructure to rules and regulations. This review led to a complete overhaul of the way participants interact with NZX and its markets, Page 853 along with a restructuring of the legal and regulatory environment in which we all operate. Throughout this evolution, we have been conscious of the need to balance the cost of compliance with the need for investor protection, market efficiency and market integrity. We think we've got a good balance, but only due to enormous input from market participants in the last 18 months. We are very appreciative of the time and effort this consultation, and the subsequent implementation of rule changes, have taken. Demutualisation drove a radical rethink of the business model for NZX. Our mandate was no longer to be the lowest cost operator but to grow shareholder wealth and grow our securities markets. To do this in any meaningful way meant charging for the services and value provided. The model we chose is not an expensive one - we are still approximately 20% cheaper than the ASX on most measures. From a financial perspective, 2003 was a good year for NZX - we're endeavouring to make 2004 an even better one. Last year saw NZX record an after tax profit of $2.943 million, based on revenues of $13.69 million. This compared with a $0.515 million deficit for the 12 months ended June 2002. The encouraging performance of the New Zealand share market over the period resulted in a substantial increase in our underlying core business and, along with a pricing realignment that took effect in June of last year, contributed to positive revenue and earnings growth over the last 15 months. This has been combined with a deliberate change in business model and a concerted focus on keeping expenditure in check which has resulted in an EBITDA of $3.749 million for the 2003 year. The results for the first quarter of 2004 continue this positive trend. We recorded an after tax profit of $869k with revenues of $3,751k, representing a 53.6% increase on the same quarter in 2003. In addition, NZX is working on a number of new initiatives that we believe will deliver increased revenue opportunities for our shareholders. We anticipate futures and options, branded NZFOX products, will begin trading in July after an extensive development effort by the Sydney Futures Exchange, NZX and market participants on both sides of the Tasman. We will also be looking to grow our range of exchange traded funds, or ETFs, over the next 12 months, with a view to making these as widely understood and popular in this market as they are in overseas markets. We are already seeing good growth from our data products team and we view further development in this area as critical to growing revenues as well as providing valuable and timely information to the market. Finally, we have recently announced our intention to develop a New Zealand registry business. We see real opportunities to improve competitive tension in the registry business in this market by providing a modern, cost efficient alternative that will benefit listed companies both domestically and offshore. And, we believe there is a great deal of scope for improving customer outcomes by bringing competitive pressure to bear on the two current providers, Computershare New Zealand Limited and BK Registries Limited. We intend this to be a stand alone business unit, built from the ground up, and separated entirely from NZX's duties as market operator and regulator. What's more, we expect it would be treated in exactly the same manner as other registry businesses in the New Zealand market. I think it's important to make clear here that our intention to move into the registry space is from a purely commercial growth perspective. It is not in response to market integrity issues which I would also like to address here. The issues with market outages last year have forced us to think differently about how our markets actually work. The first step in this thinking was to upgrade our network infrastructure to ensure NZX was providing the most robust and reliable platform available for all market participants. This upgrade is underway and we anticipate it will be completed shortly. To further strengthen our markets infrastructure, we are proposing the establishment of a Central Clearing House Facility which will reduce the reliance of our markets on third party providers. We believe this is the best way to safeguard against further market outages and better protect New Zealand's reputation as an international destination for capital. To ensure we create the best possible solution for New Zealand, we have asked market participants and other interested parties to contribute to its development. We have recently completed the public submission period on the Central Clearing House proposal and are working through the considerable feedback. We anticipate a final proposal will be ready for submission to the Minister of Commerce by mid May. Finally, we are all very aware of the place NZX holds at the heart of our securities markets. It is a crucially important role that, if leveraged correctly, could become a driving force for change in the fabric of New Zealand business. But if we are to play any real part in growing this economy, then we must continue to scrutinise every aspect of this business and focus on creating a framework for our markets that is more relevant, more tailored to New Zealand's economic landscape and more capable of driving growth. We are highly appreciative of the support we have had from our shareholders to date. You have given us the freedom and scope to think creatively about what might be possible for a national exchange in a small, and quite unique, economy. We look forward to your continued support in all of our future endeavours. BLIS TECHNOLOGIES LIMITED BLIS Technologies today announced that following consultation with the Ministry of Health it was recalling batches of BLIS K12 Throat Guard held by pharmacies, wholesalers and consumers in the South Island and Wellington area. The company had been advised by the Ministry of Health that the mouthwash in a unit of BLIS K12 Throat Guard purchased in Christchurch appeared to have been deliberately tampered with, and further testing had found four other contaminated units. Contaminants had been used which could potentially cause severe irritation when coming in contact with the mucous membranes in the mouth. Batches being recalled were labelled batch number: 2367, 2368, 2436, 2437, 3322 and 3324. The company would be issuing consumer recall notices in the parts of the country affected and would be advising consumers to stop using the BLIS K12 Throat Guard mouthwash and return the product to the pharmacy they purchased it from for a full refund. Also that anyone who had been using the mouthwash and had experienced severe irritation, was asked to contact their doctor in the first instance, and then to contact the police who were investigating this spate of recent product tampering. "While the contamination has only been found to date in the Christchurch area, the company in consultation with the Ministry of Health has taken the decision to recall and replace all current stock of BLIS K12 Throat over the whole of the South Island and Wellington as a precaution," Mr Moffatt the company's chief executive said. RENAISSANCE CORPORATION LIMITED Renaissance Corporation Limited has provided the following notice of issue of shares: (a) Ordinary shares issued, ISIN: NZTMPE0001S8 (b) Number issued: 50,000 (c) Value: $0.51 per share (d) Payment in cash (e) Paid in full (f) Percentage of the total Class of Securities issued: 0.13% (g) Reason for issue: Exercise of unlisted employee options (h) Specific authority for the issue: As approved by the Shareholders in General Meeting held 19 April 2000 (i) Nil (j) Total number shares on issue: 37,654,084 (k) Not applicable (l) Date of issue: 6 May 2004 KIDICORP GROUP LIMITED The directors of Kidicorp Group Limited have announced a downgrade of the expected earnings before interest, tax, depreciation and amortisation (EBITDA) to $1.4 million for the 12 months to March 31, 2004. This compares to the projected EBITDA advised to the NZX and shareholders at the Annual General Meeting in August 2003 of being in the vicinity of $2 million. The year to March 2004 represents the first year of trading for the group as Kidicorp Group Limited. The 12 months to March 31, 2004 has seen a rapid expansion in the size of the company, primarily through the acquisition of existing Early Childhood Education centres in Auckland and Wellington. The assimilation of these new acquisitions into, and the development of the infrastructure of, the group has taken longer than originally expected and has resulted in a lower than projected turnover for the period. The largest expense being that of employment costs, which would normally be expected to vary with revenue and numbers of children enrolled, has been maintained at levels associated with the higher anticipated activity. This has been a necessary approach in the face of the current shortage of qualified early learning teachers and in order to meet the upturn in enrolments the group is now experiencing. The number of children Page 854 enrolled at centres owned by the group in April is in line with budget for the period and at the highest level recorded by the group to date. The directors believe that with the development of staff and infrastructure, the group is well positioned for the 2004/05 financial year. LEND LEASE CORPORATION LIMITED We enclose under subsection 671B Notice of Ceasing to be a Substantial Holder in Mirvac Group. This notice is given by Lend Lease Corporation Limited and each of its subsidiaries named in Annexure 1 to this notice. AMP INVESTMENTS' WORLD INDEX FUND (NS) No. of units on issue as at close: 373,173,536. Net Asset Value as at close 06-May-04: $1.17824. WESTPAC BANKING CORPORATION 2004 Interim Financial Report attached. These represent the statutory accounts. Profit announcement with this information released earlier today. A copy can be requested from email@example.com. NEW ZEALAND EXCHANGE LIMITED Results of 2004 Inaugural NZX Annual Meeting 6 May 2004 - New Zealand Exchange Limited (NZX) would like to confirm that shareholders at the 2004 Inaugural NZX Annual Meeting passed the following resolutions: -Resolution 1 - authorising the directors of NZX to fix the auditor's remuneration for the ensuing year. -Resolution 2 - the re-election of Simon Allen as a Director. -Resolution 3 - the election of Nigel Williams as a Director. -Resolution 4 - the amendments to the Constitution to make it consistent with changes to the NZX Listing Rules effective 29 October 2003. -Resolution 5 - the amendments to the Constitution based on changes to the NZX Listing Rules effective 3 May 2004. NZX would like to thank all shareholders for their continued support. WESTPAC BANKING CORPORATION Westpac Banking Corporation 2004 Interim Ordinary Dividend - Payment Date and Record Date. The Board of Westpac Banking Corporation has determined to pay an interim ordinary dividend for the year ended 30 September 2004 of 42 cents per fully paid ordinary share in Australian currency on 2 July 2004. This dividend will be a dividend franked to the extent of 100%. The dividend will be paid to all Westpac Banking Corporation shareholders who are registered on the share register as at the record date of 5.00 pm on 10 June 2004 (5.00 pm on 9 June 2004 in New York). WRIGHTSON LIMITED Rural Portfolio Investments Limited gives notice in accordance with rule 45 of the Takeovers Code that the offer document and accompanying documentation relating to its partial offer to purchase such number of ordinary shares in Wrightson Limited representing 42.5794% of the ordinary shares in Wrightson Limited not held by Rural Portfolio Investments Limited, have been sent to the offerees. Copies of this letter and the accompanying documentation have been sent to NZX, the Registrar of Companies and the Takeovers Panel as required by the Takeovers Code. WESTPAC BANKING CORPORATION Presentation pack used for 2004 Interim Profits presentations. Full copy also available on Westpac website and ASX website. NEW ZEALAND EXCHANGE LIMITED A summary of the disclosure notices received today, 6 May 2004, for the Disclosure of Directors' and Officers' Relevant Interests under Section 19T, Securities Markets Act 1988, will be posted on the NZX website tomorrow morning, Friday 7May. This is due to the high level of notices received today and the extra time needed to process the large volume. A further announcement by NZXR will be released tomorrow morning advising the URL for all 6 May 2004 Disclosure Notices.For further information please contact Geoff Brown, Market Development & Customer Relations Manager. Email: firstname.lastname@example.org.
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