Enza offer unconditional

GPG is offering $1.20 per share for the company and already had a commitment from FRP Orchards for its 19.99% stake. At the start of the takeover GPG also held 19.99%.

Enza's independent directors have recommended that shareholders accept GPG's offer, which they describe as fair.

The $1.20 being offered falls within an appraisal report valuation of between $1.17 and $1.53 per share.

Financial budgets within the report forecast a profit of $4.18 million for Enza for the year ended September 2002 on net operating revenue of $472.5 million. Last year the company lost $20.4 million.

GPG's offer closes on May 6.

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