Panel Permits Rural Portfolio Investments Limited to Withdraw its Complaint Against Wrightson Limited


23 June 2004

The Panel has decided to cancel the meeting called under section 32(1) of the Takeovers Act 1993 relating to certain actions taken by the directors of Wrightson Limited which are allegedly defensive tactics. The meeting had been scheduled for 28 June 2004.

The Panel had decided to convene the meeting in response to a formal request from Rural Portfolio Investments Limited. However, after RPI's announcement that it had received the minimum number of acceptances to its partial takeover offer for Wrightson, RPI sought the Panel's permission to withdraw its request for a meeting.

In view of the fact that the meeting was convened in response to a request from RPI and that RPI's offer had reached the minimum acceptance level, the Panel has agreed to RPI's request and cancelled the meeting.