Pod independent directors unanimously recommend LWR offer

The reasons recorded by the Independent Directors in making this recommendation include the pricing, which at 50 cents falls within the value range assessed by Ferrier Hodgson (of between $0.48 and $0.54 per share), and their view that the status quo model of Pod is not the best model for the future.

Shareholders who have already accepted the LWR offer include Gould Holdings Limited, the Arscott family interests and Hubbard Churcher Trust Management Limited (representing the interests of prominent South Island businessman, Allan Hubbard).

Pod Director, Murray Clarke, and Pod Chief Executive, Malcolm Walkinshaw, who both hold interests in Pod shares have advised Pod that they intend to accept the LWR Offer.

LWR Chairman Ken Anderson says: "The acceptance by these shareholders speaks for itself. Pod shareholders have two alternatives - they can either accept LWR's cash offer, or retain an interest in a company with an uncertain future. We encourage Pod shareholders to follow the recommendation of their Independent Directors and accept the LWR Offer."

Pod shareholders who have not yet accepted the LWR Offer remain able to do so until the closing date of 26 July 2007, by returning their acceptance forms in accordance with the LWR Offer pack mailed out to each shareholder on 26 June 2007.

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