Toll Holdings Limited acquires Gluck Pty

10 June 2008

Toll Holdings Limited acquires Gluck Pty

On 30 May International Forwarding Limited, in which Direct Capital holds a 57% stake, sold its interests in Gluck Pty Limited to Toll Holdings Limited.  Under the terms of the sale agreement the price cannot be disclosed, however the return to Direct Capital significantly exceeds our target annualised return of 20%.

The shareholders of Gluck, including IFL, have retained Gluck’s New Zealand business on a pro-rata basis. IFL has also retained its holding in the Australian warehouse and distribution business.

For further information contact:

Mark Hutton
Direct Capital Limited
+64 9 307 2562