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Bids sought for Kerifresh shares

by ABN AMRO Craigs

Thursday 17th January 2008

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1.6 million shares in private company Kerifresh will be auctioned by ABN AMRO Craigs starting on Friday 18 January 2008.

The shares represent 21.19% of the total shares in the company.

The Takeovers Panel has appointed ABN AMRO Craigs to undertake the auction of shares, which the Panel found had been acquired in breach of the Takeovers Code by various entities. ABN AMRO Craigs notes, as set out in the Panel's release dated 24/12/07, that these shareholders do not accept the correctness of the Panel's findings against them.

"The aim of the auction is to achieve the best possible price for the shares," said Greg Batkin, Director, Investment Banking for ABN AMRO Craigs.

ABN AMRO Craigs is asking people to register their interest in taking part in the auction. People who register will be sent the auction rules and a bidding form. Further, all registered parties will be notified as to bid details.

"The auction will be an open process, registered parties will be informed of bids that are made," Greg Batkin said. "The auction will continue until midday on Wednesday 23 January 2008."

The shares make up more than 20% of the voting rights in Kerifresh, so if one person buys them all they will then have to make a full takeover offer for the company under the Takeovers Code.

However, anyone can bid in the auction for any number of shares they wish to acquire. There is no need to bid for all the shares on offer. ABN AMRO Craigs can enter into pre-bid agreements with participants.

If a person acquires 20% or more of the shares in the auction, and makes a takeover offer for Kerifresh, and the takeover offer fails, the person will have the right to retain or buy the number shares that it can legally hold under the Code.

ABN AMRO Craigs will pay the proceeds of auction to the previous owners of the shares.

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