Sanford ACQUISITION OF simunovich fisheries' fishing assets

Sanford Limited has today reached agreement with Simunovich Fisheries Limited to purchase most of its fishing assets, comprising fishing and scampi quota, vessels, equipment, workshop facilities, and other operational assets, for a purchase price of $137 million.

Acquisition of some of the fishing and scampi quota is subject to obtaining approvals under the Fisheries Act, and Commerce Act clearance. Applications for those approvals and clearances are anticipated to be made during next week.

Those assets able to be transferred legally on 1 October 2004 will be settled immediately in cash. Financial settlement for the remaining fishing assets will be made progressively by further cash payments as the necessary legal approvals are obtained to transfer these assets. In the meantime, Sanford will be able to fish the annual catch entitlement from these remaining fishing assets during the 2004/2005 year.