Austron makes partial takeover offer for Wakefield Health

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Austron Limited announces partial takeover offer for 50.01 per cent of Wakefield Health Limited

Austron Limited (Austron), a joint venture entity owned by the two principal shareholders of Wakefield Health Limited (Wakefield), has today sent to the Directors of the private healthcare provider a notice of partial takeover offer for 50.01 per cent of the voting securities at $6.00 per share.

The all-cash offer represents a premium of 25 per cent to the closing price on the NZX on 24 July 2012 of Wakefield’s shares.

Austron is a company equally controlled by Royston Hospital Trust Board and Medusa Limited, a subsidiary of Masthead Holdings Limited.

Royston and Medusa have already agreed to accept Austron’s offer for their respective 19.99 per cent holdings in Wakefield. In addition, AMP Capital Investors (New Zealand) Limited (AMP) has agreed to procure the acceptance of the offer in respect of 862,988 shares in Wakefield (approximately 5 per cent) plus sufficient further shares to ensure the partial offer is successful. AMP currently controls 15.71 per cent of Wakefield’s shares.

Austron’s agreements with Royston, Medusa and AMP will provide that the minimum acceptance condition is met once the formal offer is put to shareholders.

The certainty that the offer will succeed will not preclude all other shareholders from participating.

All shareholders who tender up to 50.01% of their shares will have those shares accepted under the offer.

All shareholders who tender more than 50.01% of their shares may, depending upon the total number of shares tendered, be scaled down, but they will always have a minimum of 50.01% of their shares accepted.

The partial takeover offer will be despatched to all Wakefield shareholders in accordance with the Takeovers Code, ie the earliest the offer can be sent is 9 August 2012.

Austron has no present intention to make any material changes to the business of Wakefield or its subsidiaries.

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