Compulsory acquisition notice to be sent

16 August 2005

Compulsory acquisition notice to be sent to remaining NGC shareholders tomorrow

Vector today confirmed that a compulsory acquisition notice and share transfer forms will be sent to the approximately 3,000 remaining NGC shareholders tomorrow - Wednesday 17 August.

Last week Vector became the dominant owner of NGC under the takeover offer it made on 11 July 2005.

The company is commencing compulsory acquisition under the Takeovers Code, requiring that all the remaining NGC shareholders transfer their shares to Vector by 5:00pm on Tuesday 6 September.

Remaining NGC shareholders will receive $3.40 for each NGC share, which will be satisfied by:

- Vector issuing fully paid ordinary shares having an aggregate issue price of $2.62 to NGC shareholders with an address on NGC’s share register in New Zealand or making a cash payment of the net proceeds of the sale of such shares (which will be allotted to a nominee for sale) to NGC shareholders with an address on NGC’s share register outside New Zealand; plus

- A cash payment of $0.78.

This consideration is the same as the consideration payable under the takeover offer made on 11 July 2005.

Those remaining shareholders who complete and return their share transfer form by Tuesday 6 September will be sent the consideration (as above) within seven days of receipt of the transfer by Vector.

Those who do not do so will have their shares compulsorily acquired by Vector within seven days after Tuesday 6 September 2005. Consideration for these shares will then be held by NGC until claimed.

ENDS

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