Ann: TAKEOVER: NZE: RANGATIRA GIVES TAKEOVER NOTI

• Release Date: 30/11/12 18:47
• Summary: TAKEOVER: NZE: RANGATIRA GIVES TAKEOVER NOTICE
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NZE
30/11/2012 16:47
TAKEOVER

REL: 1647 HRS New Zealand Experience Limited

TAKEOVER: NZE: RANGATIRA GIVES TAKEOVER NOTICE

30 November 2012
RANGATIRA GIVES TAKEOVER NOTICE

On 26 November 2012, the Committee of Independent Directors of New Zealand
Experience Limited (NZSX: NZE) announced that Rangatira Limited had agreed to
make a full takeover offer for NZE and that the Trustees of the Estate of
George Ryerson Gardiner, the owners of 74.86% of the NZE shares, had agreed
to accept that offer for their entire shareholding.*

The Committee advises that Rangatira has today given formal notice of its
intention to make a full takeover offer for NZE under the Takeovers Code.
Rangatira must wait at least 14 days before it can make the offer itself.

Rangatira's takeover notice sets out the proposed terms and conditions of its
offer, key aspects of which include:

Rangatira will offer 36 cents per NZE share in cash.
The offer is for all of the shares in NZE.
The offer, once made, will be open for at least 30 days.
The offer will be conditional on Rangatira receiving acceptances for at least
74.86% of the NZE shares. As the Trustees have agreed to accept the offer for
all of their shares within 2 business days after the offer is made, the
Committee expects that this minimum acceptance condition will be satisfied
early during the offer period.
The offer will be conditional on certain other matters, including that NZE's
business is carried on in the ordinary course. Importantly, Rangatira must
declare its offer unconditional within 1 business day after the minimum
acceptance condition is satisfied (unless Rangatira considers an offer
condition has been breached prior to then or considers an expert
determination is required in respect of a potential condition breach).
Acceptances, once given, cannot be withdrawn.

The Committee re-iterates its advice that shareholders take no action to
accept Rangatira's offer until they have received, and carefully considered,
the Committee's response to the offer (a target company statement and
independent adviser's report). The Committee is planning to provide a
response to shareholders on the date that Rangatira makes its formal offer,
or within a few days thereafter. If this timing changes, the Committee will
update shareholders accordingly.

NZE shares remain tradeable through the NZSX market prior to, and during, the
offer period.

Shareholders who wish to deal with their NZE shares prior to receipt of NZE's
response to Rangatira's offer are encouraged to seek financial advice.

* The Trustees' shares in NZE are held in the name of Garlow Management Inc.

For further information, please contact:
Rodney Walshe?Chairman of the Board and of the Independent Committee?021 630
777
End CA:00230530 For:NZE    Type:TAKEOVER   Time:2012-11-30 16:47:02