Proposed Acquisition of Wrightson Ltd Shares

Guinness Peat Group PLC 2 November 1999 Guinness Peat Group plc ('GPG') and its subsidiary companies announce that they have filed under the New Zealand 'Notice and Pause' regulations for authority to acquire up to 30% of the issued share capital of Wrightson Ltd ('Wrightson'). GPG has indicated that initially it is standing in the market to acquire up to 19.99% of Wrightson's shares. The consideration will be met from existing resources. Wrightson is a New Zealand company operating in the agricultural industry, with activities including the manufacture and marketing of seeds, grains and supplements along with livestock; wool procurement, warehousing, marketing and export; rural merchandising and farm consultancy services. Wrightson's net assets were NZ$102.5 million in the year to 30 June 1999; it made a net loss in the year of NZ$9.2 million. The acquisition is being made for general investment purposes.


Coats Group (COA)
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