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Pacific Retail Group no longer involved in Farmers sales process

Friday 25th July 2003

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NZX release

As reported in the media in recent times, Pacific Retail Group (PRG) has been investigating the possible acquisition of Farmers.

PRG chief executive Peter Halkett says "we have been advised that other parties place a higher value on Farmers than we do. Accordingly, effective yesterday we were no longer involved in the sales process."

"We wish the Board of FAL well in the process."

"Our investigation has proved to be an expensive exercise. This has included direct costs of the investigation and indirect costs. Indirect costs include the interest associated with the proceeds of our previous sercured capital notes issue which, in recent times, have been earmarked for the completion of the transaction."

"We will continue to look for other investment opportunities."

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