GENERAL: WFD: Norfolk Investments Limited

10 Mar 2010 3:57 pm

WFD 10/03/2010 GENERAL

REL: 1557 HRS Wakefield Health Limited

GENERAL: WFD: Norfolk Investments Limited

Wakefield Health Limited (NZSX: WFD) advises that it has entered into arrangements to acquire a controlling shareholding in Norfolk Investments Limited ("Norfolk"). The Norfolk group holds a 60 percent interest in the Grace Hospital in Tauranga, with the balance of 40 percent held indirectly by Southern Cross Hospitals Limited.

Norfolk will provide Wakefield with an expanded geographical footprint with coverage of the Bay of Plenty region.

Wakefield has received commitments to sell in respect of more than 51 percent of the Norfolk shares (including from interests associated with our Chairman, John Calder, which hold shares in Norfolk) and has agreed that, subject to the fulfillment of certain pre-conditions, it will make a full cash takeover offer for Norfolk which values Norfolk at $22.55 million. The offer will be subject to a number of conditions of a standard nature.

Wakefield looks forward to the continuation of what has been a successful partnership between Norfolk and Southern Cross.

For further information, please contact:

Andrew Blair, CEO Wakefield Health Limited 021 477 635

- ends - End CA:00192323 For:WFD Type:GENERAL Time:2010-03-10:15:57:03

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