Sale of Express Logistics Investment to Toll Group

23 October 2009

SALE OF EXPRESS LOGISTICS INVESTMENT

The Board of Pohutukawa is pleased to report that portfolio company Express Logistics today announced that it had signed a conditional agreement to sell its business to Toll Group, the Asian region’s leading provider of integrated logistics.

This is a very successful outcome for us with Pohutukawa’s investment in Express of $2.8million likely to produce over the investment period up to $9.5million in gross dividends and capital returns.

Settlement is scheduled for 30 October 2009.

The gross proceeds of this investment, which equates to approximately 17.0 cents per Pohutukawa share, are expected to be returned to Pohutukawa shareholders in stages over the next twelve months as the winding up of the entity and all warranties are finalised.

The actual date of the first distribution of proceeds to Pohutukawa shareholders and the amount will be advised in the week ending 6 November 2009. 

This sale of Express is a very positive result for Pohutukawa and reinforces the business case and the ongoing attractiveness of Pohutukawa as a means of accessing private equity investments. 

JOHN MCDONALD

For:  Pohutukawa Private Equity Ltd Directors