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UPDATED: St Laurence seeks 19.9% of Rural Equities

Wednesday 2nd June 2004

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St Laurence group has upped the stakes in the battle for Rural Equities by making a stand in the market for 19.9% of the company.

It says this offer is better than one put up by H&G Limited, which is associated with Sir Selwyn Cushing.

St Laurence Equities is offering shareholders $1.50 cash per share.

"Offers from shareholders to sell their shares will be accepted on a first in, first accepted basis up to 19.9% or a lesser percentage as we may decide," St Laurence says.

"We believe that the proposed acquisition of up to a 19.9% shareholding in Rural Equities Limited provides shareholders with an opportunity to sell all their shares immediately, with no scaling and at a fair and reasonable price.

"The proposed acquisition is also not conditional on gaining a minimum shareholding or on any favourable shareholder vote," the company says.

Rural Equities shareholders have also been $1.25 from H&G Limited, a company owned by Sir Selwyn and David Cushing.

St Laurence says its stand in the market is separate from and in addition to the formal takeover offer.

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