NZ Windfarms share offer closes fully subscribed

NZ Windfarms Limited – Media Release
Wednesday 6 June 2007
NZ Windfarms share offer closes fully subscribed

NZ Windfarms advises that its offer of approximately 68.2 million shares to the public to raise $75 million closed on 1 June 2006. The Firm Allocation Pool of approximately 63.2 million shares closed fully subscribed. The Shareholder Priority Pool of 5 million shares closed over-subscribed by 84%.

NZ Windfarms Chairman, Derek Walker, said "We are extremely pleased with the interest shown in the NZ Windfarms offer, and take this opportunity to welcome new investors to the company and acknowledge the strong support from our existing shareholders. The market’s response to the offer is an endorsement of the NZ Windfarms strategy and an endorsement for the future of renewable energy in New Zealand. We are now looking forward to continuing our development plans with the Te Rere Hau wind farm and new wind farm projects.”

He added that the company was very excited to be graduating to the main board of the NZX following the very successful capital raising. “It signals a major step in NZ Windfarms development at a time when there is unprecedented interest in renewable generation development as a tool to limit carbon emissions and combat climate change."

Due to the level of excess demand for shares from the Shareholder Priority Pool, priority applications have needed to be scaled. All shareholders who applied for new shares in NZ Windfarms in the Shareholder Priority Pool have been allocated shares on the following basis:

i. the lesser of the number of shares for which they applied or the number of existing shares held as at 11 May 2007; and
ii. for applicants whose applications have not been filled under (i) above, the company has allocated up to a further 4,100 shares per applicant (or a lesser number so that an allocation does not exceed the amount applied for) with all applications rounded up to the nearest 100 shares.

Application monies relating to the portion of Shareholder Priority Pool applications that will not be allotted due to scaling will be returned to the shareholder. Holding statements and refunded application monies are expected to be sent by Friday 8 June 2007. NZ Windfarms recommends that applicants should not trade in the shares until such time as they have received confirmation of their actual holdings. Prior to receiving their holding statement, an applicants may confirm their holding by contacting the Registrar, Link Market Services Limited, on 0800 377 388.

Following the allocation of shares described above, NZ Windfarms will proceed with allotment of shares in order for trading to commence on the NZSX today (Wednesday 6 June 2007).

The offer involved the issue of 68,181,819 new shares at $1.10 per share, of which Vector Limited has subscribed for 15,704,000 shares resulting in a 19.99% cornerstone shareholding, and transferring the company’s listing from the NZAX market to the NZSX. ABN AMRO Rothschild and ABN AMRO Craigs were joint lead managers to the offer.

ENDS

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