GENERAL: PGW: PWF confirms the extension of its Secured Bonds

16 Aug 2010 8:30 am

PGW 16/08/2010 GENERAL

REL: 0830 HRS PGG Wrightson Limited

GENERAL: PGW: PWF confirms the extension of its Secured Bonds

16th August 2010

PGG Wrightson Finance confirms the extension of its Secured Bonds. (PWF030 changing to PWF040)

PGG Wrightson Finance has confirmed today that following Bondholder approval received on 12th August 2010 for amendments of its Bond Trust Deed, it will extend the maturity date of the PWF030 Secured Bonds for a further year. This is in line with earlier indications of the intention to exercise this option, if available.

The new maturity date will be 8th October 2011 with the coupon interest rate unchanged at 8.25% per annum.

The NZX stock code reference will now change to 'PWF040'.

CEO Mark Darrow commented "Having a listed bond program will continue to be an important part of our diversified funding. We appreciate the strong ongoing support of investors through both our listed bond and debenture programmes."

Forsyth Barr was retained as Lead Manager for the extension of the Secured Bonds.

A notice of the exercise of the Term Extension Option will be mailed to Bondholders today and is available to view as a related attachment.

Regulatory Statements

The Secured Bonds are listed and tradable on the NZDX, being a securities market operated by NZX Limited. NZX Limited is a registered exchange.

A copy of the Prospectus relating to the proposal to amend the Bond Trust Deed and the conditions of the Secured Bonds can be obtained by contacting PGG Wrightson Finance's Investment Manager, by telephone on 0800 744 346 or by email at andrewcleland@pggwrightson.co.nz

The Secured Bonds are secured by stock which has the benefit of a first ranking security interest over all assets of PGG Wrightson Finance, subject to prior charges (currently none) , claims preferred by law and any unpaid Trustee's fees and expenses.

PGG Wrightson Finance has a guarantee under the Crown Retail Deposit Guarantee Scheme, being a guarantee which expires on 31 December 2011.

PGG Wrightson Finance has a Standard & Poor's credit rating of BB (Stable Outlook).

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For further information, please contact

Mark Darrow CEO, PGG Wrightson Finance 021 88 88 58 End CA:00198356 For:PGW Type:GENERAL Time:2010-08-16:08:30:31

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