Shotover Jet - Takeovers Panel Appoints Independent Expert

16 March 2004

The Takeovers Panel has appointed Horwath Porter Wigglesworth Limited as independent expert under rule 57 of the Code in respect of the compulsory acquisition of shares in Shotover Jet Limited by Ngai Tahu Holdings Corporation Limited.

Horwath Porter Wigglesworth is required to make a determination of the fair and reasonable value of the Shotover shares being compulsorily acquired.

Horwath Porter Wigglesworth must make its determination by 13 April 2004.

The Panel had received six applications from prospective independent experts in response to its request for expressions of interest from persons wishing to be considered for appointment as the independent expert under rule 57.