UK company buys into Canterbury seed company

Peter Cates Ltd

Press release

October 14, 2002

UK company buys into Canterbury seed company

Germinal Holdings Limited, a United Kingdom grain and seed company, have acquired a 20% interest in Peter Cates Ltd, an Ashburton privately owned grain and seed company.

The managing director of Peter Cates Ltd, Brian Wilson, said the agreement would mean access to higher technology and added business opportunities for the company¹s grower clients.

He said the directors were delighted to have attracted a company with the standing of Germinal, and see the association being of great benefit.

³The financial strength, larger business expertise, and international market access coming from Germinal¹s 170 years of trading will be extremely positive for the Peter Cates Ltd business.

³It will provide a base for an exciting and secure future for the shareholders of both companies, clients and staff alike.²

Peter Cates Ltd was established in 1973 and has its headquarters in Ashburton, the centre of New Zealand¹s grain and small seed producing heartland. They service farmers throughout Mid and North Canterbury and have forged an excellent reputation based on first-class customer service and fair dealing. Peter Cates Ltd staff work in partnership with hundreds of farming families throughout Canterbury.

Over the past 10 years the company have been producing for re-export many of the Aber varieties of white clovers from Canterbury growers and more recently have commenced trials for both seed production and forage quality on ryegrass varieties.

Germinal Holdings have been working with Peter Cates for several years and expect the investment in the company to cement relationships, and provide mutual benefits for both companies and their customers. Benefits include better access to Southern Hemisphere markets for Germinal and access to IGER varieties for Peter Cates Ltd. Peter Cates also hope to increase their contract production for European and other overseas markets.

Germinal Holdings started in Northern Ireland in 1825. Subsidiary companies include British Seed Houses Ltd, Lincoln and Bristol, England; Samuel McCausland Ltd, Banbridge, Northern Ireland; Germinal Ireland Ltd, Horse & Jockey ,Republic of Ireland and David Bell Ltd, Scotland. Germinal Holdings Ltd is a private company controlled by descendants of the founder.

Germinal Holdings have the exclusive world rights for all new varieties of grass and clovers produced by IGER (The Institute of Grassland and Environmental Research). IGER is possibly the largest grassland research institute in Western Europe. Grass and clover seed breeding includes ryegrass, fescues, cocksfoot, agrostis species, and white and red clovers.

ENDS

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