PPCS takeover offer for Richmond Limited

News Release
24 January 2003

Takeovers Panel to meet on PPCS takeover offer for
Richmond Limited

The Takeovers Panel met today to consider a request from Richmond Limited to hold a meeting under section 32 of the Takeovers Act 1993 regarding certain aspects of the recent takeover offer made by PPCS for Richmond which Richmond alleges may not comply with the Code.

Richmond asked the Panel to hold a meeting in relation to the minimum acceptance condition and to the exclusion of one class of securities from the offer.

The Panel decided to convene a meeting to determine whether to exercise its powers under section 32 of the Takeovers Act 1993.

PPCS has given undertakings to the Panel that it will not declare its offer unconditional for ten working days from 24 January 2003 nor waive any conditions to the offer during that period. The Panel has accepted these undertakings.

The meeting will be held at 10.00 a.m. on Thursday 30 January 2003 in Auckland. The meeting will be a private meeting.
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