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LWR secures more shares in Pod

-Press release

Thursday 9th August 2007

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Textile and apparel company LWR Manufacturing Limited (LWR) is pleased to advise that the Accident Compensation Corporation and Salvus Strategic Investments Limited have accepted LWR's offer to buy all of their shares in Pod Limited.

The acceptance will take LWR's shareholding in Pod to approximately 65%. LWR chairman Ken Anderson says the institutional shareholders' acceptance is extremely pleasing.

"Clearly the acceptance of small shareholders is required and it's pleasing that the major institutional shareholders have accepted in time to allow others to follow their lead. For this reason LWR have decided to extend their offer a further 7 days to 30 August 2007."

LWR is offering 50 cents per share for all the shares in Pod, with the offer conditional on LWR receiving acceptances for 90% of Pod shares.

"This latest development is a turning point in the takeover process," Anderson says. "We expect the leadership shown by these key shareholders to have a positive influence on remaining shareholders. We are confident our offer will be successful."

Other significant shareholders that have also accepted LWR's offer include Gould Holdings Limited, Pod Directors Murray Clarke and Kevin Arscott, prominent South Canterbury businessman Allan Hubbard and South Island sharebroker Kerry Porter.

In a letter to shareholders dated 3 August 2007, the Pod Independent Committee of Directors reiterated its recommendation that shareholders accept LWR's offer. "This is based on the Ferrier Hodgson independent adviser's report and our views of the current performance of and future prospects for Pod," the letter stated.

Anderson encouraged remaining shareholders to accept LWR's offer before the closing date which was today extended to 30 August 2007.

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