New Zealand Exchange Limited
P.O. Box 2959
29 April 2011
Widespread Portfolios Net Asset Backing
We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today is 61.3 cents.
Effect of Proposed Restructure
As previously advised, the re-arrangement of assets held by Widespread Portfolios and associate company Chatham Rock Phosphate has, combined with the independently supported revaluation of the Chatham Rise project, had a marked beneficial effect on the value of Chatham Rock Phosphate shares and options. This has translated into a significant increase in the asset backing of Widespread Portfolios.
Diluted Net Assets per share
The fully diluted NTA per WID share is $1.01 assuming the listed warrants are exercised @ $2.982 and the unlisted director-held warrants are exercised @ $3.282. All warrants expire on 30 June 2012.
For and on behalf of the Board,
Chris D Castle
Wellington, 29 April 2011