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LWR receives more than 80% of Pod

-Press release

Thursday 16th August 2007

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Textile manufacturer LWR is pleased to announce that the largest remaining Shareholder in Pod Limited, Hemat Patel, today accepted its offer at 50 cents per share taking total acceptances to 82.6%.

Hemat Patel held 6.5% of Pod Limited. All large shareholders and institutional holders have now accepted the offer which gives LWR confidence it will reach its target of 90% acceptances.

For this reason, and in the interests of Pod and its shareholders of bringing finality to a protracted process, LWR has decided not to extend further the current offer period which closes in 14 days on 30 August.

LWR is aware of a number of shareholders waiting until LWR had more than 80% of Pod before accepting its offer. "We have now reached that threshold and look forward to receiving acceptances from the remaining shareholders," LWR chairman Ken Anderson says.

"This is shareholders last chance to realise their investment in Pod. We urge shareholders to send in their acceptance forms before the offer closes," Anderson says. "The success of the offer will bring certainty to Pod shareholders but can only be achieved if the 90% acceptance level is obtained. If this level is not reached, the offer will fail."

In such event, Pod is likely to change significantly as the status quo model of Pod is acknowledged by the Independent Directors as not being the best model for the future.

In the next two weeks LWR will encourage remaining shareholders to accept its offer so it does not lapse.

"To fall short, for the want of a small number of shares, would be extremely disappointing for existing shareholders who have made the decision to sell their shares and are looking forward to the Offer becoming unconditional and receiving payment," Anderson says.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


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