Panel To Meet On Trans Tasman Properties

News Release

13 May 2004

Panel To Meet On Trans Tasman Properties In Response To Request

The Takeovers Panel has decided to convene a meeting in response to a request received on 13 May 2004 from Latimer Holdings Limited, a shareholder of Trans Tasman Properties Limited.

The meeting is being held in relation to aspects of the target company statement issued by Trans Tasman Properties on 30 April 2004 in response to an offer by SEA Holdings New Zealand Limited dated 20 April 2004 for all the voting securities of Trans Tasman Properties it did not already hold or control.

Latimer Holdings has alleged that Trans Tasman Properties is in breach of its obligations under clause 20 of Schedule 2 of the Code by failing to release on request copies of the independent valuations of its commercial properties.

The Panel will hold a meeting for the purposes of determining whether to exercise its powers under section 32 of the Takeovers Act 1993 in relation to the allegations. The meeting will be held on Thursday 20 May 2004 in Wellington. The meeting will be a private meeting.

A formal notice of the meeting is available on the Panel’s website at www.takeovers.govt.nz

Attention is drawn to section 31V of the Takeovers Act 1993.

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