NZX Announcement - Clarification of Offer Document Statement

The directors have been asked by a major shareholder for clarification in respect of a statement made in the April 2010 Combined Investment Statement and Short Form Prospectus.

The statement referred to is:

" Alternatively, selling the project to a buyer with a wider asset portfolio may provide higher value for shareholders. The first step however is to complete Te Rere Hau and get it generating positive returns - success with this capital raising will achieve this."

The directors have been asked whether this statement would preclude the directors considering an offer made for the Te Rere Hau project prior to its completion.

The directors wish to advise that they would consider an offer if one was to be received prior to the completion of the project and do not consider that the statement precludes such consideration.

Acceptance of an offer for the project would require approval of shareholders by special resolution.

At this time, the directors have not received any offer or received any indication that an offer is imminent.

ENDS

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